ATLANTA, May 1, 2013 (GLOBE NEWSWIRE) -- CredAbility has received more than $4 million from two separate federal grants to provide free foreclosure prevention counseling to homeowners seeking to modify their home mortgage loans or take other action to avoid foreclosure.
The Atlanta-based nonprofit organization has received a $3.55 million grant from NeighborWorks to provide foreclosure prevention counseling. Of the $70 million in grants provided by NeighborWorks as part of the Round 7 National Foreclosure Mitigation Counseling (NFMC) program, only one other counseling organization in the nation received a larger amount than CredAbility.
CredAbility has also received $473,400 to provide housing counseling as part of the U.S. Treasury Department's Making Home Affordable (MHA) Outreach and Intake Project. The grant covers the cost of providing counseling to homeowners seeking to avoid foreclosure that have lost a job or experienced a significant loss of household income.
Counselors will help homeowners determine if they qualify for a loan modification that will lower monthly payments and interest rates under MHA. Counselors will also help people who own homes that are valued at less money than their mortgage, and have been unable to refinance their mortgage loans, by exploring the possibility of a principal reduction.
"Throughout the foreclosure crisis, our counselors have helped many homeowners qualify for loan modifications and find other solutions to keep their home," said CredAbility Chief Executive Officer Phil Baldwin. "These grants will enable us to continue to provide free, objective counseling to homeowners nationwide and help them work with their mortgage companies to avoid foreclosure,"
CredAbility, based in Atlanta, is approved by the U.S. Department of Housing and Urban Development (HUD) as a housing counseling agency. Homeowners can reach CredAbility 24/7 by visiting www.CredAbility.org or calling 800.251.2227.
About CredAbility
Founded in 1964, CredAbility is one of the leading nonprofit credit counseling and education agencies in the United States, serving clients in all 50 states plus the District of Columbia, Guam, Puerto Rico and the US Virgin Islands, in both English and Spanish. In addition, the organization provides in-person counseling through its branch network in five states in the Southeast. Service is provided 24/7 by phone at 800.251.2227 and online at www.CredAbility.org.