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Penquis Receives $25,020 to Support Foreclosure Prevention Counseling Efforts

Grant provides much-needed boost to Maine homeowners in danger of foreclosure

March 28, 2015

Penquis has received $25,020 to support Maine foreclosure prevention counseling efforts.  The much-needed funding will enable MaineStream Finance, a subsidiary of Penquis to provide more foreclosure counseling to area homeowners in danger of foreclosure. A recent NeighborWorks America study prepared by the Urban Institute looked at the effectiveness of the National Foreclosure Mitigation Counselling programs found that homeowners who work counselors such as MaineStream Finance were nearly twice as likely to cure a serious delinquency or foreclosure, and nearly three times as likely to receive a modification cure.

“These funds will enable us to provide free foreclosure prevention to families in need across Maine.” says MaineStream Finance CEO Jayne Giles. “This essential service is not possible without the support of organizations like NeighborWorks America.”

While the pace of home foreclosure has lessened nationally, many homeowners in our community/state continue to face serious mortgage payment issues.  As of January 2015, 4.5% of all mortgages in Maine were in foreclosure. MaineStream Finance continues to offer free one-on-one counseling services for those who are facing foreclosure.  They also provide a first time homebuyer education class that helps Maine families prepare for home ownership and empower them to make informed decisions about buying a home.

For more information about the grant and how it will impact MaineStream Finance’s foreclosure prevention efforts, please contact MaineStream Finance at 207-973-3500 or 1-800-215-4942

MaineStream Finance is a non-profit organization dedicated to economic development by providing credit, capital and financial services that are often unavailable from traditional financial institutions.

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