NEW: RI Housing Receives Funds To Aid Foreclosure Prevention

NEW: RI Housing Receives Funds To Aid Foreclosure Prevention

Rhode Island Housing has received $629,221 to support Rhode Island foreclosure prevention counseling efforts. The funds will enable Rhode Island Housing to provide much-needed counseling to area homeowners in danger of foreclosure.

“This grant allows our experienced HUD-approved counselors to continue to provide guidance to Rhode Island residents who are struggling to make mortgage payments or facing other mortgage challenges,” said Rhode Island Housing Executive Director Richard Godfrey. “Since November 2007, when we opened the HelpCenter, counselors helped more than 4,000 Rhode Island homeowners retain their homes.”

RI Housing's HelpCenter

The HelpCenter’s services are free, and at the earliest sign of difficulty, homeowners should contact the HelpCenter at 401-457-1130 for an appointment to discuss options which may be available from their lender.

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The grant to support Rhode Island Housing’s foreclosure prevention counseling efforts was provided by funds from the National Foreclosure Mitigation Counseling Program. The National Foreclosure Mitigation Counseling Program is administered through a competitive application process by NeighborWorks® America, within guidelines defined by Congressional legislation.

Although much has been written in recent months about a rebound in the housing market, the truth is not all communities are bouncing back at the same rate. Of all the New England states, Rhode Island has the highest rate of seriously delinquent loans (90+ days). At 3.97%, it is tied for fifth nationwide. A primary contributor to this figure is the state’s 9.1% unemployment rate – 1.5 percentage points above the national rate for the month of March.