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Home | Tag Archives: NeighborWorks America

Tag Archives: NeighborWorks America

Survey Finds a Lack of Savings for Many Americans

Survey Finds a Lack of Savings for Many Americans

Nearly 70 million adults have no emergency savings, while nearly one in four would run out of money in 30 days, according to a new survey put out by NeighborWorks America. The survey found that 22 percent of adults, or roughly 53 million adults, have only enough saved for one month.

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$63.1 Million Awarded to Stave Off Foreclosures

$63.1 Million Awarded to Stave Off Foreclosures

NeighborWorks America announced Tuesday in a press release that $63.1 million had been awarded to 29 state housing finance agencies, 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations. The money, provided through the National Foreclosure Mitigation Counseling (NFMC) program, is earmarked for counseling to families and individuals facing the threat of foreclosure.

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Unemployment, High Rates Still Obstacles for Many Facing Foreclosure

Unemployment, High Rates Still Obstacles for Many Facing Foreclosure

The National Foreclosure Mitigation Counseling (NFMC) program has provided counseling to almost 1.6 million homeowners across the country since the program started in 2008. According to an NFMC congressional report released this week, common attributes of struggling homeowners include unemployment or underemployment and high mortgage rates. The report also indicates a homeowner who seeks counseling is 97 percent more likely to obtain a loan modification and avoid foreclosure.

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NeighborWorks Announces $70.1M Award for Foreclosure Counseling

NeighborWorks Announces $70.1M Award for Foreclosure Counseling

Housing organizations across the country will be able to receive funds through a $70.1 million award through the National Foreclosure Mitigation Counseling (NFMC) Program, NeighborWorks America announced Tuesday. According to a release, the funds will go to 30 state housing finance agencies (HFAs), 17 HUD-approved housing counseling intermediaries, and 72 community-based NeighborWorks organizations.

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White House Announces New Foreclosure Prevention Efforts

White House Announces New Foreclosure Prevention Efforts

In order to further assist homeowners with its Making Home Affordable programs, the Obama administration announced the launch of three new housing initiatives designed to direct struggling homeowners to programs aimed at foreclosure prevention. In the first of the three initiatives, Treasury will work with NeighborWorks America to raise awareness about Making Home Affordable and assist homeowners in applying for assistance through its programs.

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Study: Role of Nonprofits in the Home Repair Industry

Study: Role of Nonprofits in the Home Repair Industry

Nonprofits such as Rebuilding Together, Habitat for Humanity, NeighborWorks America and others play a critical role in the home improvement and repair industry, according to a study from the Harvard Joint Center for Housing Studies. The report found that while the private sector spends about $300 billion a year to improve and repair homes, nonprofits support the home remodeling industry by fulfilling a need unmet by the private sector. By maintaining and improving homes for vulnerable populations, nonprofits help groups such as the elderly and disabled by creating a safer residence for those who may not be able to undertake crucial home repair projects.

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NeighborWorks: Counseling Reduces Delinquencies By One-Third

NeighborWorks: Counseling Reduces Delinquencies By One-Third

NeighborWorks America announced Thursday that borrowers who receive pre-purchase mortgage counseling and education from the organization are about one-third less likely to become seriously delinquent within the first two years of obtaining their mortgage loan compared to borrowers who do not receive counseling. Analysis from Neil Mayer and Associates and Experian found the probability of a homeowner becoming seriously delinquent within the first two years of their mortgage loan declined by about one-third for those who received pre-purchase counseling, with almost no difference between first-time and repeat buyers.

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