October 8, 2008: Kaptur Announces Federal Funds For Local Agency To Help Fight Foreclosures
October 8, 2008
TheToledo-based Northwest Ohio Development Agency (NODA) has received afederal award of $35,313 to provide housing counseling service,according to Representative Marcy Kaptur.
NODA, which provides financial support and advice to people andorganizations in Lucas County, will us the funds for homeownershipcounseling, including foreclosure prevention.
“It is crucial that families have the best informationavailable as they buy a home or try to avoid foreclosure,” saidCongresswoman Kaptur. “The first step for any local family facingforeclosure to is get counseling.”
Counseling agencies such as NODA help homebuyers andhomeowners realistically evaluate their readiness for a home purchase,understand their financing and down payment options, and nagivate whatcan be an extremely confusing and difficult process.
Grantees also help combat predatory lending by helping unwaryborrowers avoid unreasonably high interest rates, inflated appraisals,unaffordable repayment terms, and other conditions that can result in aloss of equity, increased debt, default, and even foreclosure.
Likewise, foreclosure prevention counseling helps homeownersfacing delinquency or default employ strategies, including expensereduction, negotiation with lenders and loan servicers, and lossmitigation. With foreclosures on the rise nationwide, these servicesare more important than ever.
HUD awards annual grants under the housing counseling programthrough a competitive process. Organizations that apply for grants mustbe HUD-approved and are subject to biennial performance reviews tomaintain their HUD-approved status.
NODA, which provides financial support and advice to people andorganizations in Lucas County, will us the funds for homeownershipcounseling, including foreclosure prevention.
“It is crucial that families have the best informationavailable as they buy a home or try to avoid foreclosure,” saidCongresswoman Kaptur. “The first step for any local family facingforeclosure to is get counseling.”
Counseling agencies such as NODA help homebuyers andhomeowners realistically evaluate their readiness for a home purchase,understand their financing and down payment options, and nagivate whatcan be an extremely confusing and difficult process.
Grantees also help combat predatory lending by helping unwaryborrowers avoid unreasonably high interest rates, inflated appraisals,unaffordable repayment terms, and other conditions that can result in aloss of equity, increased debt, default, and even foreclosure.
Likewise, foreclosure prevention counseling helps homeownersfacing delinquency or default employ strategies, including expensereduction, negotiation with lenders and loan servicers, and lossmitigation. With foreclosures on the rise nationwide, these servicesare more important than ever.
HUD awards annual grants under the housing counseling programthrough a competitive process. Organizations that apply for grants mustbe HUD-approved and are subject to biennial performance reviews tomaintain their HUD-approved status.