Foreclosure Intervention Workshops
Foreclosure workshops cover tips for avoiding foreclosure, communication with lenders, and prioritizing debts. NHSSV counselors can assist struggling homeowners with compiling the documentation needed to seek a loan modification. View calendar of upcoming Financial Literacy Workshops
Click Here for information on Loan Modification Scam Alert National Foreclosure Mitigation Counseling (NFMC) News - The
Urban Institute recently completed its evaluation of Rounds 1 and 2 of the
NFMC program. The final
report, released 12/19/2011, demonstrates significant positive effects for NFMC
participants: counseled homeowners were more likely to receive better
loan modifications, cure a serious delinquency or foreclosure and stay current,
and avoid a foreclosure completion altogether. Key Findings: · Counseling greatly increased the ability of homeowners to stay current
once they cured a serious delinquency or foreclosure. Counseled
homeowners were at least 67 percent more likely to remain current on their
mortgage nine months after receiving a loan modification cure. A small part of this effect is attributable to the impact of counseling on the size of monthly payment reductions. However, a significant part is attributable to other positive impacts of counseling, such as helping homeowners improve their financial management skills and assisting them in managing relationships with servicers. · NFMC counseling made
it more likely that homeowners would receive a modification cure in the first
place - nearly doubling the odds of modification cures for counseled homeowners compared to non-counseled ones. HAMP amplified this positive effect. In the period before HAMP, 8% of homeowners receiving counseling assistance had modification cures, compared to 5% who did not receive counseling. Post-HAMP, 17% of homeowners receiving counseling assistance had modification cures, compared to 9% without. · Counseled modification homeowners received loan modifications resulting in a monthly payment that was $176 less, on average, than non-counseled borrowers - a savings of close to $2,100 a year. This savings was achieved on loans modified either before or after HAMP was implemented. Overall, the Urban Institute evaluation demonstrates that the NFMA program is having its intended effect of helping homeowners facing loss of their homes through foreclosure. The positive effects demonstrated in the final report are strong and consistent with those found in prior analyses of Rounds 1 and 2. For more information, a copy of the Executive Summary can be found here.
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