NeighborWorks America reports that $44.8 million has been awarded to 25 state housing finance agencies, 18 U.S. Department of Housing and Urban Development-approved housing counseling intermediaries and 68 community-based NeighborWorks organizations to provide counseling for families and individuals facing the threat of foreclosure.
The funding will be distributed through the National Foreclosure Mitigation Counseling (NFMC) program to nonprofit counseling agencies and local NeighborWorks organizations across the country, NeighborWorks says in a release.
These groups, in turn, will help nearly 130,000 families avoid foreclosure and keep their homes by helping them determine their eligibility for the various state and federal foreclosure-prevention assistance programs.
In addition, these groups help homeowners understand the complex foreclosure process.
NeighborWorks will use a portion of the funding to train about 1,600 counselors.