In an effort to help families prevent foreclosures and find solutions to the housing crisis, the Obama Administration announced over $70 million in housing counseling grants. Consolidated Credit received over $76,000, one of the largest grant amounts in the state of Florida. As a result of the housing counseling grant, thousands of households will have a greater opportunity to keep their homes.
Foreclosure prevention counseling helps homeowners facing payment delinquency or default employ strategies, including expense reduction, negotiation with lenders and loan servicers, and loss mitigation to avoid foreclosure. “We have been on the front lines helping families who are desperate to remain in their homes,” said Gary Herman, president of Consolidated Credit. “Today, more than ever, it”s critical to conduct one-on-one housing counseling to help struggling families find best solution for their situation.”
Consolidated Credit not only provides housing counseling, but also offers financial literacy training to individuals and families. “This grant will help Consolidated Credit to continue counseling families facing foreclosure as well as provide more resources that will enable families to make informed decisions when purchasing a home,” says Joseph Cvelbar, director of Consolidated Credit’s housing division. “With foreclosures at critical levels nationwide, these housing counseling services are more important than ever,” continued Cvelbar.
South Florida has one of the nation’s largest foreclosure rates and this grant will allow Consolidated Credit to expand their existing housing counseling efforts. A portion of the grant monies will also be allocated to assisting senior citizens seeking reverse mortgages or Home Equity Conversion Mortgages (HECM). This will allow for free counseling to the rapidly growing number of elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, and other living expenses.