NeighborWorks America helps people who are struggling to pay their mortgages by offering foreclosure assistance. If you are struggling to make your mortgage payments, or have already missed a payment, these organizations can help you. Homeowners who are in danger of foreclosure can receive counseling and assistance from the NFMC program, which is funded by the government.
The programs available help families who are at risk of foreclosure by providing them with guidance, information, and assistance. No one who applies to the organization will be rejected. They try to help families solve the foreclosure problem and stop it from happening.
They recently released a report with good news concerning the housing crisis. The report found that 9 out of 10 homeowners who got help from a foreclosure counselor were still in their homes by last year. Around 18 percent of families had to go through the foreclosure process. Six percent of the families who received counseling ended up having a foreclosure completed on their home, while another 3 percent were able to pay off their mortgage through a short sale, refinance, or deed-in-lieu.
The report said that people with low incomes are more likely to lose their homes than people with high incomes. This is not surprising. It means that it’s a good idea to seek out advice from a housing counselor if you’re not sure where to start with finding a place to live.
One of the main things that decides if a foreclosure will start is if the homeowners who are struggling financially go to get help from a professional. If you are proactive in asking for help from people, it can often prevent a lender from beginning the process.
If homeowners seek help from programs like the National Foreclosure Mitigation Counseling before they are delinquent on their mortgage, they will come out better than those who seek assistance at a later date. This means that almost 30% of homeowners who were only 3-4 months behind on their mortgage payments ended up in foreclosure. Those who waited even longer before seeking aid had worse health outcomes. Over 60% of clients that were more than 4 months late on their mortgage before asking for help had a foreclosure started or completed.
If you need help, don’t wait to ask for it. The sooner you get help, the better your chances are of saving your home. Organizations such as the NFMC can help homeowners avoid foreclosure by providing long-term assistance.
What is NeighborWorks America?
They are a non-profit organization that helps with housing and creates opportunities for people to strengthen their communities. They are dedicated to helping their clients by giving them a place to live and own. They also offer affordable and safe rental housing in many communities across the country.
Since 1990, they have been helping lower to moderate income individuals and families with their housing needs. They have helped over 1.2 million people so far. NeighborWorks America is a organization that provides affordable housing and community development professionals with training and resources. The phone number is (202) 220-2300.
How do they provide mortgage help?
The success is because of the NeighborWorks network. The network is made up of more than 230 organizations that help with community development. The company has offices in more than 4,400 cities, suburban areas, and rural communities in the United States, Puerto Rico, and the District of Columbia, and provides assistance in all of them. The network will offer many different options and resources to homeowners who are struggling, including mediation, mortgage and housing counseling, and other advice. They sit down with the homeowner and go over all the possible choices that could help them.