Foreclosure Prevention Program Helped 1.5 Million Homeowners
By James A. Browning, MRE REOCertified(R) SSCertified
(Browning Real Estate School/REO Institute)
Foreclosure Prevention Program Helped 1.5 Million Homeowners By Evan Nemeroff Local nonprofits, national intermediaries and state housing financing agencies that participate in the National Foreclosure Mitigation Counseling program have helped 1.5 million homeowners avoid losing their properties, according to NeighborWorks America. Additionally, the program has helped save local governments, lenders and homeowners approximately $920 million. NeighborWorks America said NFMC clients who received a mortgage modification lowered their monthly mortgage payment, on average, $176 more per month than non-NFMC clients. For the year, this represents $372 million in savings to NFMC-counseled homeowners. With more fixed-rate mortgages and lower interest rates, mortgage terms are becoming more favor...
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