According to NeighborWorks America, 1.5 million homeowners have received foreclosure prevention counseling by local non-profits, national intermediaries and state housing finance agencies participating in the National Foreclosure Mitigation Counseling (NFMC) program administered by NeighborWorks America. The latest report on the NFMC program also found the program has helped save local governments, lenders, and homeowners approximately $920 million.
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 eight 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.
On Dec. 13, NeighborWorks America and the NFMC program will sponsor 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 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 Tarzil—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
►Rose Marie Roberts—Utica Neighborhood Housing Services NeighborWorks HomeOwnership Center (NY) for the Counselor Perseverance Award.
"The NFMC program hits an important milestone with the announcement of 1.5 million served," said NeighborWorks America CEO Eileen Fitzgerald. "A homeowner who receives help from the NFMC program saves significant money and time and, importantly, is able to remain in their home. The NFMC program has provided counseling in every state, the District of Columbia and Puerto Rico. We're proud to spotlight the excellence and perseverance of homeownership counselors in helping people to stay in their homes."