BCL of Texas Awarded $64,980 in Latest Round of National Foreclosure Mitigation Counseling Funding
Austin, Texas – Business & Community Lenders (BCL) of Texas announced today that it received $64,980 to help it provide important foreclosure counseling work throughout the State of Texas. The funding comes from the latest round of foreclosure counseling support provided by Congress through the National Foreclosure Mitigation Counseling program, administered by NeighborWorks America. BCL of Texas has provided foreclosure prevention counseling to 965 homeowners since it first began participating in the NFMC Program in 2006.
“BCL of Texas provides free and professional services to families who otherwise can’t afford quality assistance, and this funding is critical to allow these services to continue,” said Rosa Rios Valdez, CEO. “With the increasing number of foreclosure prevention scams out there, it’s essential that reputable organizations have the resources to provide real help.”
According to a report by the Urban Institute on the NFMC program prepared for NeighborWorks America, homeowners in foreclosure who receive the type of counseling done by BCL of Texas benefit in two significant ways. First, a homeowner in the NFMC program is twice as likely to obtain a mortgage modification (saving an average of $176 more per month) than someone who does not see a counselor, and second, is approximately 67 percent more likely not to fall behind again on their mortgages. In short, seeing an NFMC organization when faced with foreclosure is far better than not.
More information about the nationwide reach of the National Foreclosure Mitigation Counseling program can be found at www.nw.org/nfmc. Homeowners seeking assistance can call (888) 385-1975 for direct service, or find more information on the web at www.bclhomeownershipcenter.org.