An Overview of the Nonprofit Foreclosure Counseling Industry in Philadelphia

Abstract: The collapse of the housing market in the second half of the last decade created increased demand for counseling services to assist homeowners dealing with foreclosure. In Philadelphia, the nonprofit agencies that provide free housing counseling dealt with this surge in demand at the same time that funding became increasingly hard to secure. This paper provides a high-level overview of the state of the nonprofit foreclosure counseling industry in Philadelphia in the wake of the housing crash. The report includes information on the industry?s funding levels and sources, details what agencies must do to access the available funding, and summarizes the results of a survey on the challenges that counseling agencies face. Areas for further research on the subject are also identified.

Keywords: foreclosures; housing counseling; low-income; housing;

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Cascade Focus

Publication Date: 2013-01

Order Number: 2