Poughkeepsie - Hudson River Housing, Inc. has announced that it has provided services to 1,500 Hudson Valley homeowners since 2008 through Hudson Valley Foreclosure Prevention Services, thanks in part to funding from the National Foreclosure Mitigation Counseling (NFMC) Program. Earlier this month, the NFMC Program announced that more than 1,000,000 homeowners across the nation have received foreclosure intervention counseling from more than 1,700 nonprofit counseling organizations funded by the program.
As the number of local homeowners facing foreclosure soars, Hudson River Housing recognized this milestone in their efforts to help homeowners with "Foreclosure Prevention: The Current Local and National Perspective," during which the agency presented their experience assisting homeowners facing foreclosure and the changes the housing market has experienced, along with their predictions of future trends. Mary Linge, Hudson River Housing’s Director of HomeOwnership & Education, stated that 66% of homeowners currently cite unemployment and reduced income as the primary reasons they are facing foreclosure. "The foreclosure crisis is now largely being driven by economic pressures, not bad mortgage products," said Ms. Linge.
In 2008, Hudson River Housing was one of the first NFMC grantees in the nation, and has received three subsequent grants, totaling $308,602. 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. For homeowners in danger of foreclosure, foreclosure intervention counseling provided by Hudson River Housing and other NFMC Program-funded nonprofit housing counseling organizations is helping Hudson Valley homeowners find a solution to foreclosure and receive indispensable information and guidance.
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. On average, NFMC Program clients saved $454 more on their monthly mortgage payments per month.
Homeowners who would like to receive free foreclosure counseling from Hudson Valley Foreclosure Prevention Services, a NFMC Program-funded counseling organization, can contact 1-888-377-7713 or visit www.nw.org/nfmc.
