GMAC Funds Foreclosure Prevention Effort
A nonprofit organization funded by GMAC is working on providing options and relief to homeowners facing foreclosure.
The Minneapolis-based Homeownership Preservation Foundation is dedicating $1.5 million in 2005 to provide financial and other related counseling services to homeowners threatened with home mortgage delinquency and foreclosure. The counseling sessions will be provided at no cost to the homeowner.
HPF will provide its telephone counseling services through three nonprofit credit agencies: Auriton Solutions, NovaDebt and Springboard. These services will be nationally publicized.
At the local level, HPF will work with cities and states that implement programs to address home mortgage delinquency and foreclosure to homeowners.
"Home foreclosure is still a taboo topic," said Walt Fricke, the foundation's president and executive director. "It's difficult to ask for help when we face financial difficulties."
Mr. Fricke added that HPF's focus is to make it convenient for homeowners to find help during financial crises as well as to help homeowners know that they have people to call for helping save their homes.
The foundation partners with city, county and state governments, federal government agencies, community-based nonprofit organizations and mortgage lenders and servicers to offer alternatives to foreclosure.
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