Citi Awards $50,000 To Foreclosure Prevention Effort

Posted by Orb Staff on November 25, 2008 No Comments
Categories : Residential Mortgage

Citi's Office of Homeownership Preservation has awarded the Chicago-based nonprofit Spanish Coalition for Housing $50,000 to support foreclosure prevention counseling services.

As part of its foreclosure prevention program, Citi's Office of Homeownership Preservation is partnering with local nonprofit counseling organizations in 25 cities across the country to address foreclosure prevention through counseling and training programs. Grants totaling more than $1 million will help local organizations provide distressed borrowers with broad-based financial education and free, on-demand nonprofit counseling. The goal of these early intervention and education programs is to help reduce the number of foreclosures in cities across the country and will help borrowers stay in their homes.

"This is a meaningful contribution to our organization," said Ophelia Navarro, executive director of the Spanish Coalition for Housing. "Our research shows that approximately 60% of our clients can avoid foreclosure if they approach us for help shortly after they become delinquent. Citi's support allows us to continue and expand this critical work and preserve communities throughout the Chicago metro area."

SOURCES: Citi, Spanish Coalition for Housing

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