The NFMC recently announced the list of grantees. In total, $73.8M was awarded to 126 organizations across the country. This is the sixth round of NFMC funding. Southwest Solutions has received $825,000 in total from all these rounds.
“The NFMC funding is critical to help families facing foreclosure keep their homes or work out appropriate alternatives,” said Hector Hernandez, head of our Housing Opportunity (HOC), where our foreclosure counseling program is based. “This money enables us to provide free and professional services to families who otherwise can’t afford quality assistance.”
Last year, our HOC provided foreclosure counseling to 1829 families, enabling 957 families to keep their homes. Our program works with families in the tri-county area, statewide, and even nationally.
The National Foreclosure Mitigation Counseling (NFMC) Program was launched in December 2007 with funds appropriated by Congress to address the nationwide foreclosure crisis. NeighborWorks America distributes funds to competitively selected grantee organizations.
Recent data shows that homeowners who received professional foreclosure counseling were twice as likely to obtain a mortgage modification. Those who received a modification are 67 percent more likely to remain current on their mortgage. The average modification saved homeowners about $2,100 a year.