Money Management International (MMI), the nation’s largest nonprofit credit and debt counseling and education agency, today announced the official launch of their foreclosure prevention program, which has grown from a successful pilot program started in July 2007. With receipt of its second $1 million grant from HSBC-North America, MMI is able to expand its Preserving Homeownership and Savings Education Strategy (PHASES) program.
Utilizing the HSBC funds, the PHASES program provides grants for up to $7,500—an increase from from $5,000 during the pilot phase—to qualified homeowners who are striving to recover from a temporary financial setback. As part of the program, the PHASES team provides one-on-one financial counseling sessions to help keep families in their homes and effectively manage their personal finances.
During the pilot phase of the program, MMI and HSBC helped hundreds of homeowners become current on outstanding mortgage payments and have provided vital financial planning skills to keep consumers on the road to financial stability. The pilot program’s success is evidenced by its receipt of the NeighborWorks America’s 2008 Innovations in Homeownership Contest, for its innovative post-purchase strategy for consumers.
“HSBC is delighted to continue this partnership with MMI to provide the resources families need to keep their homes, and feel more confident about their future path, ” said Tom Detelich, president, Consumer and Mortgage Lending for HSBC Finance Corporation. “We are committed to working with MMI and other top national and local community organizations to provide practical tools to help families make an immediate difference and help plan for the future.”
MMI President and CEO Ivan Hand added, “In its pilot phase, the MMI PHASES program helped more than 200 consumers keep their homes and build stronger financial futures. With HSBC’s support, and the work of our housing counselors, the program was a great success and we’re glad to announce our expanded support for American homeowners.”
The PHASES program is currently available to homeowners in Arizona, California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania, Texas, and Virginia. To learn more about the MMI PHASES program, call 888-589-6959 or visit www.MMIPHASES.com.
About Money Management International
Money Management International (MMI) is a national HUD-approved housing counseling agency and nonprofit credit and debt counseling firm. MMI has been helping consumers trim their expenses, develop a spending plan, and repay debts since 1958. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish.