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Financial Counseling among Foreclosure Victims: Predictors of Help-Seeking Behaviors and Outcomes of Counseling

Since 2005, foreclosures have displaced more than 90,000 Minnesotans from their homes, with more people still likely to go through foreclosure. For these homeowners, financial counseling may prevent actual foreclosure. Seeking counseling, of course, is voluntary; research has shown individuals of certain demographic backgrounds are more likely to seek help than others. Partnering with LSS Financial Counseling Service, the largest provider of foreclosure prevention counseling in Minnesota and whose mission is to "help people achieve financial peace of mind," Alexandra Luong (Psychology, U of M Duluth) will use telephone-based interviews and surveys to differentiate characteristics of potential foreclosure victims who seek financial counseling from those who do not. Such information will help financial agencies reach out to individuals who normally would not seek help. Luong will also evaluate the outcomes of financial counseling by comparing the financial situations of clients versus nonclients.

Project Award Date: 
Community organization or agency: 
LSS Financial Counseling Service
Sponsoring CURA Program: 
CURA Contact: 
Edward Goetz Director, CURA (612) 624-8737

CURA Research Areas: