Y R N Partners with H L P

HLP (HLP.org) has announced it will soon begin offering a wide range of free financial counseling and education services for more than 30,000 military service members and veterans who are part of the Yellow Ribbon Network. The agreement with the Yellow Ribbon Network (YRN) will provide national financial and housing counseling for military service members and veterans.

The new agreement calls for HLP to connect service members and veterans with free access to HUD-approved housing counselors to provide the following services:

• -Prepare them to purchase a home, as well as counseling after they’ve bought their first home to help sustain homeownership;
• -Counseling to help to avoid a housing crisis, including foreclosure prevention and eviction from rental properties;
• -Financial education to improve a member’s credit;
• -Access for members of the Yellow Ribbon Network to MyLoanHelp.me is a central source of information about aid programs nationwide, including state and federal government programs as well as private charitable resources.

“Many service members and veterans often face the loss of their home or teeter on the edge of bankruptcy because they don’t have access to the right resources,” said John Pickens III, YRN’s executive director. “Our new agreement with HLP will help connect veterans with a new level of financial expertise to help them find solutions before it’s too late.”

The Yellow Ribbon Network is online tool that service members and veterans simplify their search for financial support and other needs. The network connects one request with multiple nonprofit organizations across the country that are positioned to help them.  Pickens estimates that 20 percent of these people will need more extensive assistance with issues such as mortgage loan modifications, debt management plans and bankruptcy counseling that HLP and its counseling partners can provide. Estimates suggest that many military families struggle financially to make ends meet. According to surveys, one in four military families report more than $10,000 in credit card debt; 21 percent have used high-cost loans, such as payday or title loans in the past five years and only 50 percent have a “rainy day” fund for emergencies.

“HLP and its network of housing counselors have plenty of experience finding solutions to the unique financial problems facing our active service members and veterans,” said Mark Cole, HLP’s chief executive officer. “We stand ready to help each and every one of them get the financial help they need and deserve.”

HLP has partnerships with other military service organizations to provide housing assistance. Working with Soldier On, it helped create the “Homes for Veterans” program, whereby foreclosed homes are renovated and given to military veterans at a reduced price. To help these veterans understand the financial obligations of homeownership, HLP provides them with free financial counseling from a HUD-approved counseling organization.