Today NeighborWorks® America, the administrator of the National Foreclosure Mitigation Counseling (NFMC) Program, announced that more than half (54 percent) of homeowners who received foreclosure counseling through the NFMC Program reported the primary reason they were facing foreclosure was reduced or loss of income. This finding was reported in NeighborWorks’ fourth Congressional report, which reported on NFMC Program activity through August 18, 2009.
Over the course of the NFMC program, which began January 1, 2008, the percentage of homeowners who cited reduced or loss of income as the top reason they were facing foreclosure has steadily increased. In the June 2009 Congressional report, 49 percent of NFMC counseled-homeowners reported reduction or loss of income as the primary reason; 45 percent cited this reason in the February 2009 report; as did 41 percent in the October 2008 report. This parallels the nation’s unemployment rate, which until the November 2009 employment report, had steadily increased since October 2008.
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