Blogging for Change

Foreclosure prevention program update

I am pleased to report that Money Management International (MMI) announced the official launch of their foreclosure prevention program, which has grown from a successful pilot program started in July 2007. With receipt of its second $1 million grant from HSBC-North America, MMI is able to expand its Preserving Homeownership and Savings Education Strategy (PHASES) program.

Utilizing the HSBC funds, the PHASES program provides grants for up to $7,500—an increase from from $5,000 during the pilot phase—to qualified homeowners who are striving to recover from a temporary financial setback. As part of the program, the PHASES team provides one-on-one financial counseling sessions to help keep families in their homes and effectively manage their personal finances.

During the pilot phase of the program, MMI and HSBC helped hundreds of homeowners become current on outstanding mortgage payments and have provided vital financial planning skills to keep consumers on the road to financial stability. The pilot program’s success is evidenced by its receipt of the NeighborWorks America’s 2008 Innovations in Homeownership Contest, for its innovative post-purchase strategy for consumers.

The PHASES program is currently available to homeowners in Arizona, California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania, Texas, and Virginia. To learn more about the MMI PHASES program, call 888-589-6959 or visit www.MMIPHASES.com.

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