Foreclosure Counseling Program Reaches Milestone

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Over 1.8 million Americans have sought help keeping their homes from the National Foreclosure Mitigation Counseling Program, according to NeighborWorks, the community development corporation that administers it.

"The rate of home foreclosure is down dramatically from its peak across the country, but there still are hundreds of thousands of homeowners in the hardest-hit parts of the country who would benefit from working with nonprofit housing counselors to find the best solution to their mortgage troubles," said Chuck Wehrwein, acting CEO for NeighborWorks America, in a press release.

Those who receive NFMC counseling are about three times more likely to successfully modify their home loan to prevent foreclosure, according to a study by the Urban Institute, a think tank for urban policy research.

 

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