NeighborWorks Provides $68 Million To Fund Foreclosure Counseling

NeighborWorks Provides $68 Million To Fund Foreclosure Counseling.

The Housing Wire (6/9, Prior) reports NeighborWorks America “gave $67.7 million to provide counseling for borrowers on the verge of foreclosure,” providing the funds to 37 different state housing agencies, 17 HUD-approved counseling providers, and 84 NeighborWorks-affiliated groups. NeighborWorks estimates the money “will help more than 1,400 nonprofit organizations provide foreclosure counseling to an estimated 184,000 families.” In the absence of HUD’s counseling programs, applicants requested a combined $212 million from NeighborWorks in its fifth round of funding. According to a report from the MBA, “research on counseling effectiveness remains largely inconclusive,” but “Researchers for the trade group did find some programs reduced any form of mortgage default by as much as 34%.”