For nearly Colorado homeowners, the receiving of free foreclosure prevention is a godsend. Since 2008, that is exactly what has happened for 19,000 Colorado residence, according to the NeighborWorks America report.
The homeowners accessed the counseling for such services through National Foreclosure Mitigation Counseling program authorized during 2007 by Congress.
The Colorado Housing and Finance Authority was awarded over $7 million since 2008 thanks to the NFMC. The funds were dispersed by nonprofit NeighborWorks America, which is a network comprised of over 200 community development programs, as well as affordable housing programs.
CHFA is in charge of distributing the NFCM funds to the network of agencies set to help out those in need, and allows them to provide free counseling for the homeowners in need. Many homeowners in the state are having trouble paying loans and are sometimes dealing with the looming threat of such an unfortunate future.
“According to data from the Colorado Foreclosure Hotline, three out of four people who meet with a counselor avoid foreclosure,” said Jerilynn Martinez, spokeswoman for CHFA.
Martinez noted that the homeowners not all who are able to avoid foreclosure do not get to stay within their homes, however. There are situation that arise such as shortsale that make it impossible.
According to reports, 1.5 million homeowners nationwide receive free counseling through the program.
An independent survey handled by the Urban Institute noted that homeowners who received NFMC counseling were 200% more likely to obtain a mortgage modification, while 67% were considered likely to remain on their mortgage following a loan restructuring.
“Although the economy is improving, there are still many homeowners in need of foreclosure prevention counseling and the NFMC program continues to be an important resource,” said Cris White, CHFA executive director and CEO.
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