The U.S. Treasury, Department of Housing and Urban Development and Ad Council launched the third and final phase of their Foreclosure Prevention Assistance ad campaign on Wednesday.
The third phase is intended to increase awareness among struggling homeowners of the Making Home Affordable Program’s free resources and assistance to prevent foreclosure, HousingWire reports.
Data revealed that approximately one in 14 American homeowners has fallen behind on their mortgage payments. The MHAP has been extended through December 13, and the eligibility criteria has been expanded to include homeowners with rental properties and homeowners facing a negative change in finances.
“While communities across the country are beginning to recover from an unprecedented housing crisis, too many families are still struggling with their mortgage payments and are unsure of where to turn for help,” Mary Miller, the Treasury’s undersecretary for domestic finance, said, according to RealEstateRama. “Millions of homeowners have gotten help to avoid foreclosure since 2009. We want to make sure struggling homeowners know today that there are free government resources available to help homeowners avoid foreclosure.”
Research from the Ad Council revealed that many struggling homeowners put off conversations regarding mortgage concerns because they feel confused about where to go for help.
The Chicago-based advertising firm Schafer Condon Carter designed the new print, radio, internet and outdoor public service ads, which are available in both English and Spanish, to remind homeowners that resources are available to them.
“Even as the housing market continues to strengthen and stabilize, it is more important than ever that we provide the one-on-one counseling services HUD-approved housing agencies give to families who are still struggling to make ends meet and are in danger of losing their homes,” Carol Galante, the acting commissioner of the Federal Housing Administration, said, RealEstateRama reports. “Thanks to the Ad Council’s efforts, more families will be able to take advantage of this free service and receive unbiased advice from trained experts who will help them better understand their options.”