Section Highlights


View the impact of NFMC Round 8 >>

Report Documents NFMC Successes

Homeowners counseled through the National Foreclosure Mitigation Counseling Program were nearly twice as likely to obtain a mortgage modification and at least 67 percent more likely to remain current on their mortgages nine months after receiving one.

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National Foreclosure Mitigation Counseling Program

The National Foreclosure Mitigation Counseling (NFMC) Program was launched in December 2007 with funds appropriated by Congress to address the nationwide foreclosure crisis by dramatically increasing the availability of housing counseling for families at risk of foreclosure. NeighborWorks America distributes funds to competitively selected grantee organizations, which in turn provide the counseling services, either directly or through sub-grantee organizations. Grants are also being made to fund legal assistance to homeowners and to train foreclosure counselors. More than 1,700 counseling agencies operate under the program.

Announcements

  • NEW! NFMC Announces an Eighth Round of Funding for Foreclosure Counseling
    On March 18, 2014, NeighborWorks America announced that $63.1 million has been awarded to 29 state housing finance agencies (HFAs), 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. Just eight weeks after the eighth round of National Foreclosure Mitigation Counseling (NFMC) Program funds were appropriated, communities across our country will be able to put the funds to immediate use. For more information, see the Round 8 webpage.
  • NFMC Released Ninth Congressional Report (October 22, 2013)
    On October 22, NeighborWorks America released its ninth report to Congress on NFMC program activity. For additional information and to access the report, go to NFMC Congressional Reports.
  • A report prepared by the Urban Institute shows that homeowners who received NFMC counseling were nearly twice as likely to obtain a mortgage modification and at least 67 percent more likely to remain current on their mortgage nine months after receiving one. The report also shows that homeowners received, on average, a mortgage modification that lowered their payment by $176 more per month, than homeowners who didn’t work with an NFMC counselor – a savings of close to $2,100 a year. Learn more.

Foreclosure Counseling Training

NFMC Funds are being used to build mortgage foreclosure and default mitigation counseling capacity of counseling organizations. NeighborWorks is providing:

  • Scholarships to attend NeighborWorks Training Institutes
  • Regional, multi-course Place Based Trainings sponsored and hosted by
    NeighborWorks America
  • Place-Based Trainings sponsored by NeighborWorks America and
    hosted by HUD Intermediaries and/or state Housing Finance Agencies
  • Three on-line foreclosure counseling/program courses

For information about accessing these opportunities, go to the NeighborWorks Center for Homeownership Education and Counseling (NCHEC) Foreclosure Counseling Training Program.

For more information about the National Foreclosure Mitigation Counseling Program, call 202-683-6664, or email nfmc@nw.org.
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