RCAC Home Page >
California homeowners benefit from foreclosure counseling
Housing Project Highlight
Where: California
Problem: Foreclosure crisis
Solution: RCAC provides housing counseling
The foreclosure crisis hit California hard and RCAC responded. RCAC teamed with California Housing Finance Agency (CalHFA) to bring foreclosure prevention counseling to homeowners in crisis. RCAC wrote proposals for the National Foreclosure Mitigation Counseling (NFMC) program bringing more than $18.8 million into California for these critical services. Additionally, the funds provided new job opportunities for housing counselors, many of whom had lost jobs in the real estate and mortgage industries.
Housing counseling peer-to-peer network training
RCAC’s housing counseling team is the contract administrator on behalf of CalHFA, ensuring that foreclosure counseling is current in the shifting foreclosure market, in compliance with federal regulations and standards and operating in the best interest of homeowners in peril of losing their homes.
A NeighborWorks America Congressional update on activity through January 2010 shows that the NFMC program is effective at helping homeowners. During the first year, counseled homeowners were about 1.6 times as likely to avoid foreclosure than they would have been had they not received NFMC counseling.
The 25 agencies delivering services locally had counseled more than 57,841 families by the end of 2010.
View a complete list of RCAC Rural Stories…