Neighborworks America Claims Counseling Success

The non-profit organization NeighborWorks America has announced that more than two million homeowners facing foreclosure received financial counseling through its congressionally-funded National Foreclosure Mitigation Counseling (NFMC) Program.

In a statement released by the organization, Neighborworks America stated that its counseled homeowners were “nearly twice as likely to receive a cure for their serious delinquency or foreclosure as non-NFMC counseled homeowners.” The group also stated that counseled homeowners receiving a modification saw their annual payment cut by an average of $4,980, while all participating homeowners receiving modifications experienced annual savings of more than $500 million.

“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.