Homeownership counseling networks in Michigan and nationwide are bringing significant relief to over a million families struggling to avoid foreclosure, Michigan State Housing Development Authority Executive Director Gary Heidel announced today.
MSHDA is part of a national effort through the National Foreclosure Mitigation Counseling (NFMC) program bringing major counseling assistance to over a million families.
A report prepared by the Urban Institute on the impact of the NFMC program cited “the remarkable success” NFMC counseling has brought to participating families when compared to similar homeowners who did not receive counseling.
The NFMC Program was created by Congress to address the nationwide foreclosure crisis by dramatically increasing the availability of free counseling for families at risk of foreclosure. Congress named NeighborWorks America as administrator of the program in 2008.
As of December 15, 2010, the program has provided 1.12 million struggling homeowners with foreclosure prevention counseling across the nation. MSHDA, through its nonprofit housing counseling network, is a provider of NFMC counseling to families in Michigan; having counseled over 17,000 homeowners since the program's inception.
"With foreclosure filings reaching record numbers in this housing-led recession, it is refreshing to know that free counseling assistance is available to help families stay in their homes," said Heidel. "Stable homeowners make stable neighborhoods and that leads to a stronger Michigan and thriving, vibrant communities."
