Foreclosure Counseling Helps Owners of Foreclosed homes in Macon, GA- By: Rudson Tren
The number of foreclosed homes in Macon, GA rises. The same goes for the volume of foreclosed homes in McDonough, GA and in many other cities and counties in Georgia, even in other states. Experts believe that proper counseling could further guide homeowners to avoid possible foreclosure.
The National Mitigation Counseling or NFMC Program is more effective in helping homeowners facing foreclosures to prevent losing their homes. This was announced by NeighborWorks America, an administrator appointed by no less than the US Congress to manage NFMC. This assertion was based on an analysis of the program in 2009. According to the same analysis, the program helps homeowners avoid foreclosures by up to 1.7 times higher than how homeowners who are not guided by the program could do so.
It was also noted that homeowners who get a mortgage modification through the program could generate an average of $555 savings each month through discounted and lower payments. In comparison, homeowners who are not guided by NFMC could possibly save just an average of $288. This was applied to foreclosed homes in Jackson, MI as well as in other areas.
Other interesting highlights of the report were underlined. About 64% of NFMC clients tend to stay away from foreclosure or serious delinquency at least after eight months. In comparison, just 51% of non-NFMC clients could avoid getting seriously delinquent or could enter foreclosure again in the same period. Owners of foreclosed homes in Macon, GA assert that this holds truth, especially in their cases.
NFMC was founded by the US Congress to specifically address the worsening nationwide foreclosure crisis. The program aims to dramatically increase availability of foreclosure counseling for households that are facing the risk of foreclosure. Legislators have appropriated about $475 million for the program. There are currently up to 1,700 counseling agencies and organizations that operate under the umbrella of NFMC.
The analysis was conducted and released by the Urban Institute for NeighborWorks America. It covers 2008 and 2009. The administrator said the analysis emphasizes the importance of proper counseling in preventing and resolving problems of foreclosures. It added that troubled households and families could really benefit from taking necessary and helpful counseling services.
According to the same report, households that have sought and received counseling about foreclosures are provided with helpful assistance, guidance, and information about all the risks and chances of foreclosures. Thus, such homeowners find better solutions for their problems regarding foreclosure. Such foreclosure solutions are aimed at sustaining neighborhood and family stability to generally support the national housing market. Owners of foreclosed homes in McDonough, GA and in other areas surely benefit from proper counseling.
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Original post: http://www.foreclosureconnections.com/blog/article/2071/foreclosure-counseling-foreclosed-homes-macon-ga on ForeclosureConnections.com, your source of real estate foreclosures.