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~.. <br />~ ~-~ ~ ~ <br />Contact: <br />Ed Nelson, Marketing & Communications Manager <br />Minnesota Homeownership Center <br />651-659-9336 x 104 - ed@hocmn.org <br />Foreclosure Prevention Counseling <br />Saved Minnesota Over $260 Million in 2011 <br />More than 3,700 Foreclosures Prevented Last Year <br />St. Paul, Minn. (May 24, 2012) -More than 3,700 foreclosures were prevented in Minnesota last year, <br />saving homeowners, lenders, neighborhoods and local governments more than $260 million, according <br />to a study released today by the Minnesota Homeownership Center. The report, titled "2011 <br />Foreclosure Counseling Program Report," analyzed information collected from homeowners seeking <br />foreclosure counseling and outcomes from the Homeownership Advisors Network, Minnesota's <br />statewide network of housing counselors. <br />Last year more than 10,000 Minnesota families received free foreclosure prevention services from a <br />Homeownership Advisor. Of the closed cases where outcomes are known, 60% of these households <br />were able to avoid foreclosure. <br />"The best advice we can give a homeowner that is struggling with mortgage payments is to speak with a <br />Homeownership Advisor as quickly as possible. These professionals are providing meaningful outcomes <br />for Minnesota homeowners, their communities, lenders and local governments," said Julie Gugin, <br />Executive Director of the Minnesota Homeownership Center. "We know that foreclosure counseling <br />works, and are proud to announce that more than 3,700 Minnesota families remain in their homes <br />today because of our counselors' work." <br />Information from the National Foreclosure Mitigation Counseling Program has shown that consumers <br />receiving a loan modification from their lender while working with a homeownership advisor paid on <br />average $176 a month less than non-counseled clients. In Minnesota, this translates to over $175,000 in <br />additional direct savings to struggling Minnesota families. <br />Data from the Minnesota Homeownership Center is showing that the state is slowly recovering from the <br />foreclosure crisis. In 2011, the number of households receiving a preforeclosure notice declined by <br />almost 24% from 2010, the number of completed foreclosures (Sheriffs Sales) declined by 17% and the <br />number of households requesting foreclosure counseling also declined, although by a smaller margin of <br />16%. <br />CONTINUES <br />