The National Foreclosure Mitigation Counseling (NFMC) program – an important source of funding for foreclosure prevention services across the country – is celebrating a major milestone. Thanks to funds available through the NFMC program over 2 million American households have received free foreclosure prevention assistance.
Money Management International (MMI) is proud to have participated in the NFMC program every year since its inception in 2007.
“Grant funds received through the National Foreclosure Mitigation program have allowed MMI to provide critical housing counseling to nearly 300,000 struggling homeowners in the past 9 years,” said Jeanine Lipka, MMI Vice President of Housing Counseling. “Almost a full quarter of all the foreclosure mitigation counseling we’ve been able to provide during this period has been funded through the NFMC program.”
The National Foreclosure Mitigation Counseling program was initially intended as a one-time measure, created during the height of the housing crisis to help homeowners more clearly understand what options are available to prevent foreclosure. As there is still a great need for foreclosure mitigation counseling services, however, funding for the program has been renewed every year since. A tenth round of funding will be completed later this year.
Grants are provided to selected agencies on a competitive basis. MMI is proud to have been one of the top ten grant recipients every year these funds have been available.
“What sets MMI apart from other foreclosure counseling providers is the wide array of additional financial counseling services we can provide consumers,” said Lipka. “When an individual or family is facing foreclosure there are almost always some other financial factors at play. Whether it’s overwhelming credit card debt, an unsustainable budget, or out of control student loan payments, those areas of financial distress become apparent while reviewing the homeowner’s mortgage concerns and discussing applicable options to prevent foreclosure from occurring. Thanks to our diverse collection of services, we’re able to take a holistic approach to the homeowner’s situation and provide assistance in all of these areas.”
MMI’s foreclosure prevention counseling is available by telephone and in-person in select markets. To learn more about MMI’s many financial counseling programs visit MoneyManagement.org/Services.