NeighborWorks America today, announced this week that its National Foreclosure Mitigation Counseling (NFMC) Program has counseled more than 2 million homeowners since the program began in December 2007.
NeighborWorks collaborates with a variety of private and government partners to raise awareness about loan-modification scams, help homeowners avoid or mitigate foreclosure through a network of HUD-certified counselors, and work to revitalize distressed communities using a holistic approach. Today, more than 1,700 nonprofit counseling agencies and local NeighborWorks organizations across the nation have helped millions of people to understand and help them with their foreclosure assistance options.
“At a time when the foreclosure crisis has moved from the top of the news, it’s important to remember that tens of thousands of homeowners across the United States of all incomes, but especially low-income, continue to need help preventing foreclosure,” said Nicole Harmon, vice president of the NFMC Program.
Research from the Urban Institute found that:
- Counseled homeowners were nearly twice as likely to receive a cure for their serious delinquency or foreclosure as non-NFMC counseled homeowners
- NFMC-counseled homeowners who received a modification had their annual payment reduced by an average of $4,980.
- Annual savings of homeowners who have received an NFMC supported mortgage modification exceed $500 million annually.
To locate a HUD housing counselor near you, please visit www.findaforeclosurecounselor.org.