1.5 million
homeowners have received foreclosure prevention counseling by local
nonprofits, national intermediaries and state housing finance agencies
participating in the National Foreclosure Mitigation Counseling (NFMC)
program administered by NeighborWorks America, one of the nation’s
largest community development corporations. The latest report on the
NFMC program also found the program has helped save local governments,
lenders, and homeowners approximately $920 million.
Watch this inspirational video
about the compassionate NFMC-backed foreclosure counselors who are making a
difference in the lives of individuals and families.
Also notable in the report, NFMC
clients who received a mortgage modification lowered their monthly
mortgage payment, on average, $176 more per month than non-NFMC clients
which represents $372 million in annual savings to NFMC-counseled
homeowners. With more fixed-rate mortgages and lower interest rates,
mortgage terms are becoming more favorable for homeowners. The
percentage of clients that reported having fixed-rate mortgages with
interest rates at or below 8 percent increased from 30 percent in
October 2008 to 57 percent in August 2012. Nearly 69 percent of NFMC
program clients report holding fixed-rate mortgages.
Jane Sokolowski Receives
Counselor of the Year Award from Chuck Wehrwein, NeighborWorks America COO
On December 13 NeighborWorks
America and the NFMC program sponsored the inaugural NeighborWorks
National Foreclosure Mitigation Counseling (NFMC) Program Counselor
Awards, which recognize the contributions of counselors whose tireless
efforts help homeowners maintain homeownership and transition to
suitable housing. The winners are the following: Jane Sokolowski -
Catholic Charities (NY) for the Counselor of the Year Award; Betsy
Carvajal - CredAbility (GA) for the Excellence in Counseling Award; Ali
Tarzi - Community HousingWorks (CA) for the Excellence in Outreach &
Professional Development Award; Amanda Diaz and Diego Tapia – Hispanic
Association of Contractors and Enterprises (HACE) (PA) for the
Excellence in Personal Achievement Award; and Rose Marie Roberts – Utica
Neighborhood Housing Services NeighborWorks HomeOwnership Center (NY)
for the Counselor Perseverance Award. More information about the award
winners is available here.
