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