WASHINGTON, D.C. – (RealEstateRama) — NeighborWorks America today announced that more than 2 million homeowners facing foreclosure have received much-needed counseling thanks to the Congressionally-funded National Foreclosure Mitigation Counseling (NFMC) Program.
“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.
Few programs have been shown to be as effective at assisting homeowners as has 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 find a NFMC Program counselor, visit www.findaforeclosurecounselor.org.
About NeighborWorks America
For more than 35 years, NeighborWorks America, a national, nonpartisan nonprofit, has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $24.5 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.