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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 Subgrantee organizations. Grants are also being made to fund legal assistance to homeowners, and to train foreclosure counselors. Upwards of 1,700 counseling agencies operate under the program.

Announcements

APPLICATIONS FOR NFMC ROUND 7
Applications for the seventh round of National Foreclosure Mitigation Counseling Funds were due on Wednesday, December 19, 2012. In total, 121 organizations requested over $105 million. Although the government is still operating under a Continuing Resolution for Fiscal Year 2013, NeighborWorks America will move forward with the application review process for the seventh round of the NFMC Program so it can begin once the appropriations bills pass and the NFMC Program funding becomes law. For more information, see the Round 7 page of this website.
NFMC Releases Eighth Congressional Report (December 10, 2012)
On December 10, NeighborWorks America released its eighth report to Congress on NFMC program activity. For additional information and access to 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 202-220-6314, or email nfmc@nw.org.

1325 G St., NW, Suite 800, Washington, DC 20005-3100
Phone: (202) 220-2300 | Fax: (202) 376-2600

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Report Documents NFMC Successes

Resources

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National Foreclosure Mitigation Counseling Program

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