On September 23, NHC Leadership Circle member NeighborWorks(R) America released its latest National Foreclosure Counseling Mitigation (NFMC) program report. The NFMC program was launched in December 2007, as part of a federal response to dramatically increase the availability of foreclosure counseling nationwide. The report outlines the NFMC program and demonstrates the real human impacts of foreclosure mitigation through over 50 case studies across all 50 states, plus the District of Columbia and Puerto Rico.The report outlines the NFMC program results as of May 2016, including:
- Foreclosure counseling services provided to more than two million homeowners.
- More than $802 million in grants awarded to 204 housing counseling, state housing finance and NeighborWorks(R) organizations across the U.S.
- 15,227 scholarships provided for housing counselor and foreclosure mitigation training.
In just over eight and a half years, NeighborWorks America and the NFMC program have helped to keep thousands of homeowners in their homes, reducing foreclosures nationwide and helping to shepherd in a sustainable homeownership market. But there is still much to be done to ensure equitable recovery and drive policy changes to prevent future housing crises.
“A lot has improved since the foreclosure crisis spiked a decade ago,” foreclosure mitigation vice president at NeighborWorks(R) America, Nicole Harmon, said in a press release. “Servicers are more responsive, but can do more.”
Like NeighborWorks(R) America, NHC has been actively involved in foreclosure recovery since the collapse of the housing finance market and advent of the foreclosure crisis in 2008. Our Restoring Neighborhoods Task Force lifts up research, policy changes and best practices for comprehensive community development to help neighborhoods still struggling to recover, while our Housing Mortgage Working Group focuses specifically on policy recommendations for rejuvenating the housing financial market and encouraging sustainable homeownership. Watch task force meeting recordings and read working group reports on our website, or email Policy and Research Associate Kaitlyn Snyder at ksnyder@nhc.org to get involved.
To learn more about the human impact of foreclosure mitigation counseling, read the full National Foreclosure Mitigation Counseling Program report by NeighborWorks(R) America.