GreenPath Financial Wellness Receives Grant From Wells Fargo to Expand Services to Homeowners and Renters Seeking Guidance on Payment Options
FARMINGTON HILLS, Michigan – (BUSINESS WIRE) – GreenPath Financial Wellness, a national not-for-profit providing financial advice, has received a generous grant from Wells Fargo to assist households through the 995Hope hotline, a nationally known and trusted source for housing advice. The grant expands access to tenants and homeowners looking to avoid foreclosure or eviction amid uncertainties about extending COVID-related mortgage and tenant assistance programs.
“Having a safe, healthy and affordable place to call home is important, and this grant is part of our commitment to helping nonprofits like GreenPath provide urgent housing services to populations in need,” said Eileen Fitzgerald. Head of Affordable Housing Philanthropy at Wells Fargo. “The economic fallout from COVID-19 has created housing instability for far too many people, and Wells Fargo believes supporting housing counseling is an important step in helping people accommodate.”
During a global pandemic that caused widespread loss of income, unemployment and illness, many were unable to pay mortgage payments or rent on time. Non-profit housing counselors have helped homeowners and tenants find the state and government housing assistance available while providing independent advice on foreclosure prevention, credit issues, debt management, and long-term financial health. The work of housing advisors also helps address systemic inequalities related to housing to fill the housing security gap.
Research shows that low- to middle-income homeowners, and black and Hispanic households, are disproportionately more likely to face greater hardship. A significant portion of these funds will be used to help communities of color and low-income people access trusted advice that covers a household’s entire financial condition, including the importance of balancing housing costs and debts and coping with unforeseen hardships. HUD certified counselors are ready to assist callers with forbearance advice, loan modification assistance, and other housing advice focused on keeping people in their homes.
“Vulnerable households with housing problems can be confused by fluctuating deadlines for mortgage and rental protection,” said Kristen Holt, President and CEO of GreenPath Financial Wellness. “We’re here to help them understand their options for staying in their homes. The Wells Fargo grant strengthens our ability to meet increased demand, particularly in underserved communities where these services are most needed. ”
“As a trusted national non-profit organization, our organization has a long history of providing housing advice. We have helped nine million borrowers since the 2008 real estate crisis, ”added Holt. “Our 995HOPE hotline has much-needed guidance to help people understand their options and stay in their homes when forbearance and eviction moratoriums end.”
HUD-certified consultants, specially trained in home construction programs, will look at a household’s overall financial condition, document steps to collect and maintain their home payments, help them understand their mortgage terms and interest rates, and avoid potential scams.
Notes Holt, “The sooner people prepare to resume mortgage or rent payments, the greater the chance of reducing financial stress and worry. Experience has shown us that those who act early have more options and are more likely to achieve their goals. We encourage anyone who is concerned or stressed about making their home payments to get in touch now to help out during these challenging times.
About GreenPath Financial Wellbeing
As one of the largest financial advisory agencies in the country, GreenPath Financial Wellness has served millions of people with debt and credit management, student loans, home ownership, and foreclosure prevention. GreenPath is headquartered in Michigan and works directly with individuals, banks, credit unions, and employer partners in the United States from more than 33 locations, through phone access and online tools. GreenPath is a member of the National Foundation for Credit Counseling, Michigan Diversity Council, Texas Diversity Council, and is accredited by the Council on Accreditation. To learn more, visit www.greenpath.org, www.995Hope.org, or call 888-995-4673. Follow the nonprofit on Facebook and Instagram @greenpathfinancial and on Twitter @GreenPath.