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Neighborhood Housing Services of Greater Cleveland
Welcomes Senator Sherrod Brown & Others to recognize the success of the
National Foreclosure Mitigation Counseling Program
Cleveland, Ohio – Today Neighborhood Housing Services of Greater Cleveland announced that it has provided counseling to approximately 4,500 homeowners in a 5 county area since 2008 with funding from the National Foreclosure Mitigation Counseling (NFMC) Program. Just a few weeks ago, the NFMC Program announced that more than 1,000,000 homeowners across the nation have sought and received foreclosure intervention counseling from more than 1,700 nonprofit counseling organizations funded by the program, including Neighborhood Housing Services of Greater Cleveland. NHS of Greater Cleveland will be recognized for their efforts to help homeowners in danger of foreclosure during a brief press conference and visit by Senator Sherrod Brown on Friday, September 10th at 9:30 a.m to NHS of Greater Cleveland’s offices located at 5700 Broadway Avenue.
Individuals and families assisted by the NFMC Program will be on hand to share their experiences and various community leaders will also attend to celebrate the success of this important program.
“The foreclosure crisis continues to negatively affect our communities,” said Lou Tisler, executive director of Neighborhood Housing Services of Greater Cleveland, “this funding has significantly impacted our ability to keep people in their homes.”
While more than 1,000,000 homeowners have received counseling since the NFMC Program began in 2008, there are potentially millions more homeowners nationwide who will face foreclosure in 2010 alone. According to a recent NFMC report, 58% of homeowners facing foreclosure report the primary reason as reduction in or loss of income. For homeowners in danger of foreclosure, foreclosure intervention counseling provided by Neighborhood Housing Services of Greater Cleveland and other NFMC Program-funded nonprofit housing counseling organizations is helping northeast Ohio homeowners and homeowners across the country find a solution to foreclosure and receive indispensable information and guidance.
“The NFMC program has been an important national program for all agencies addressing foreclosure prevention across the nation with the NFMC Program at NHS of Greater Cleveland having helped approximately 4,500 of people,” said Tisler. “We are proud of our success and to be part of this national effort.”
Simply put: counseling works. According to an independent evaluation of the NFMC Program by the Urban Institute, homeowners who received counseling through the Program were 60% more likely to avoid losing their home to foreclosure than homeowners who do not seek counseling. NFMC Program clients were more likely to receive a loan modification, and on average, saved $454 more on their monthly mortgage payments per month, than homeowners who received modifications but did not work with a counselor.
“Senator Brown continues to be a national leader in focusing attention to the crisis of foreclosure,” said Tisler. “So it’s an honor to have him recognize our work.”
Homeowners who would like to receive free foreclosure counseling from Neighborhood Housing Services of Greater Cleveland, a NFMC Program-funded counseling organization, can contact 216.458.HOME (4663).
For more information about the NFMC Program, visit www.nw.org/nfmc.
