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Tag Archives: Housing Counseling

BofA to Double Outreach Staff but Fixing Legacy Issues to Take 3 Years

Bank of America said Tuesday that it is stepping up efforts to help distressed homeowners before they fall into foreclosure, with plans to double its borrower outreach staff in 2011, open new regional homeowner assistance centers, and increase collaboration with nonprofit housing counselors. But company officials warned shareholders that same morning that BofA's $1 trillion portfolio of problem assets -- loans that are already delinquent and those risky home lending products that the company has taken off the shelf -- will take three years to work through.

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Homeownership Preservation Foundation Adds Board Member

The Homeownership Preservation Foundation (HPF), which administers the Homeowner's HOPE Hotline (1-888-995-HOPE) to provide free, financial education and confidential foreclosure prevention counseling, has named Bruce Gottschall to its board of directors. Gottschall is one of the original founders of Neighborhood Housing Services (NHS) of Chicago. Under his leadership, NHS of Chicago partnered with the city to establish the Home Ownership Preservation Initiative to prevent foreclosures.

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Ohio Agency to Turn Away Distressed Homeowners Due to Budget Cuts

According to Empowering and Strengthening Ohio's People, a non-profit foreclosure prevention counseling agency, the Ohio Housing Finance Agency's failure to distribute funding - in addition to federal budget cuts - means turning away some homeowners. Starting Tuesday, the agency says it will be forced to stop taking in homeowners referred from the National Foreclosure Mitigation Counseling program.

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Homeownership Preservation Foundation Adds to Board of Directors

Dr. Christopher Herbert, research director at the Joint Center for Housing Studies at Harvard University, has been named to the board of directors of the Homeownership Preservation Foundation (HPF). Herbert spent the last two decades conducting research related to housing policy, housing markets, housing finance, and urban development. He also promotes and maintains homeownership for low-income and minority families.

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Economic Recovery Fails to Ease Financial Stress on U.S. Households

A rise in stock prices has helped to grow consumers' net worth, but financial duress related to housing and a weak job market are weighing heavy on U.S. households and overshadowing any assurances that an economic recovery is underway. The nonprofit credit counseling agency CredAbility has released its Consumer Distress Index results for the fourth quarter of 2010. The organization found that the health of household budgets has fallen to its lowest level since the first quarter of 2009, causing many homeowners to miss mortgage payments.

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Homeownership Preservation Foundation Receives $1M HUD Grant

The Homeownership Preservation Foundation (HPF) is the sole recipient of a $1 million Mortgage Modification and Mortgage Scam Assistance (MMSA) grant from HUD. The grant will enable HPF to continue as the primary ""call to action"" for HUD's anti-scam campaign to assist victims as well as educate and warn distressed homeowners about foreclosure prevention and loan modification scammers.

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Obama’s 2012 Budget Aims to Reduce Deficit by More Than $1 Trillion

The budget proposal released Monday by the Obama administration calls for more than $3.7 trillion in spending for fiscal year 2012, and cuts of more than $1 trillion. The budget is centered around a theme of tough decisions that must be made, and the president says there must be efforts to cut or consolidate a number of programs. The proposal says the administration is committed to presenting a framework of principles that will build a new housing finance system that minimizes taxpayer exposure to financial risk.

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Rural Communities in Virginia Facing Highest Rates of Foreclosure

A Virginia housing advocacy group released data this week that shows the housing circumstances in rural Virginia are arguably some of the direst in the nation. Key findings of the report say that the largest increase in foreclosure filings last year occurred in rural Virginia, easing only slightly when banks began moratoriums to review their foreclosure processes.

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Wells Fargo Offers Foreclosure-Avoidance Counseling in Brooklyn

Wells Fargo will provide one-on-one consultation sessions for customers facing financial hardships January 25 and 26 in Brooklyn. Thousands of area homeowners are invited to the event, which will focus on avoiding foreclosure. The company says it is committed to helping people stay in their homes, and this workshop is another way for it to reach out to homeowners and provide answers on the options available for them.

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Michigan Housing Authority Sees Success in Foreclosure Counseling

The Michigan State Housing Development Authority (MSHDA) has provided free foreclosure counseling assistance to more than 17,000 families through the National Foreclosure Mitigation Counseling (NFMC) program over the last two years. Created by Congress in January 2008 to address the nationwide foreclosure crisis by increasing the availability of free counseling for families at risk, the NFMC program has provided 1.12 million struggling homeowners with foreclosure prevention counseling across the nation.

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