Springboard Awarded $2.6 Million to Provide Foreclosure Prevention Counseling

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Housing grant provides much-needed boost to homeownership preservation.

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While the pace of home foreclosure has lessened nationally, many homeowners still face serious mortgage payment issues...

Today, Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) announced that it has received more than $2.6 million in federal dollars awarded through the Congressionally funded National Foreclosure Mitigation Counseling (NFMC) Program. The much-needed funding will enable Springboard to provide free counseling to homeowners in danger of foreclosure. The NFMC Program is administered through a competitive application process by NeighborWorks America, within guidelines defined by Congressional legislation.

A recent NeighborWorks America study prepared by the Urban Institute looked at the effectiveness of the NFMC Program and found that homeowners who work with NFMC counseling agencies were nearly twice as likely to cure a serious delinquency or foreclosure, and nearly three times as likely to receive a modification workout.

“While the pace of home foreclosure has lessened nationally, many homeowners still face serious mortgage payment issues, and the need for the NFMC funding is critical,” said Springboard president and CEO Todd Emerson. “The majority of Springboard clients report unemployment or underemployment as the primary reason they are facing foreclosure. This funding will help Springboard fulfill its mission to improve lives through stable homeownership and a healthy economy,” added Emerson.

The free counseling assistance from Springboard will be available to homeowners who have either fallen behind or are in danger of falling behind on their mortgages. “Due to the generosity of programs such as NFMC, financially struggling homeowners will get the financial guidance they so desperately need,” said Emerson.

Borrowers who need help saving their home from foreclosure are encouraged to contact Springboard by calling (800) 431-8456, or may find a certified housing counselor online by visiting http://www.homeownership.org.

About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974 with the mission of improving the financial well-being of individuals and families. Springboard is a U.S. Department of Housing and Urban Development-approved housing counseling agency and a member of the Association of Independent Consumer Credit Counseling Agencies and the National Foundation for Credit Counseling, the nation’s longest serving nonprofit financial counseling organization. Springboard is also a proud member of the Hope Now Alliance, a cooperative effort between the U.S. government and mortgage market participants to help struggling homeowners. Springboard offers personal financial education and assistance in credit counseling, housing counseling, reverse mortgage, debt and money management, pre-bankruptcy counseling and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Nevada, New Mexico, Texas, Massachusetts, South Carolina, Florida and Maryland. For more information on Springboard, please call 800-449-9818 or visit their web site at http://www.Springboard.org.

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