The need for these funds is critical at a time when foreclosures continue to rise and the challenges of increasing unemployment rates and falling home values are not abating. Demand for these funds far exceeded the amount of funds available; eligible applicants requested over $195 million in grant funds. A cap was placed on the amount of funds any one applicant could request; without this cap, the requested amount would have been much higher.
In total, more than 1,300 nonprofit counseling agencies and local NeighborWorks organizations across the country are expected to be engaged in the NFMC Program as a result of these awards. These organizations provide invaluable, free assistance to families at risk of losing their homes, screen clients for eligibility for the Making Home Affordable programs, help clients understand the complex foreclosure process and identify possible courses of action so they can make informed decisions and take action.
More details on this announcement can be found in the NeighborWorks Newsroom.