2020 Financial Capability and Foreclosure Program Impacts
January 12, 2023
By the numbers
- Homeownership clients: 1668
- Number of programs: 405
- Money Management clients: 1593
- Number of programs: 125
- Foreclosure clients: 654
Financial capability impacts
2020 brought new challenges due to the Covid-19 pandemic. The FHE team was able to pivot and offer all our classes virtually. We developed new workshops and refreshed others to bring up to date information that applied to the current environment. In addition, we continued to provide one-on-one counseling via phone and Zoom sessions. One notable change in our financial capability workshops was a shift from series to one-time programs. Traditionally we have only assessed program impact with our series participants, utilizing Pre and Post surveys.
Since our one-time presentation offerings have increased due to the pandemic, we will consider incorporating an evaluation strategy for these as well in 2021.
Whether it’s handling credit card debt, investing for retirement or college funds, purchasing a new home, avoiding foreclosure, or simply wishing to have more control over personal finances, MSU Extension has expert educators located across the state that help Michigan residents in all aspects of money management. They assist individuals, households, organizations and communities to become more sustainable spenders through education focused on financial capability. MI Money Health is a website that provides Michigan residents with access to non-commercial, easily accessible, and reliable personal financial information.
We offered 125 programs in 2020, using evidence-based curriculum including Dollar Works II and Money Smart money management courses. Topics cover setting financial goals, creating a spending plan, using credit wisely, pumping-up savings, keeping spending records, and protecting against identity theft. Money Smart topics include making money decisions, credit use, paying off debt, spending plans, keeping records, and money issues. In addition, we provided a new workshop entitled Cash Crunch due to Covid-19 and expanded our offering of The Informed Renter.
One of our new initiatives was collaborating with the CYI Educators on an Adulting 101 curriculum, adapted from our current programs. These workshops were offered to students aged 16 – adults and through a partnership with Michigan Department of Health and Human Services serving foster youth throughout the state.
- White: 51.8% (825)
- Black: 33.6% (535)
- Hispanic: 6.2% (99)
- Other: 8.4% (134)
- Female: 64.8% (1,035)
- Male: 35.1% (557)
Foreclosure prevention impacts
Michigan State University Extension’s Financial and Homeownership Education team delivers foreclosure prevention triage and counseling by Department of Housing and Urban Development (HUD) certified housing counselors. These counselors work directly with Michigan residents, providing free and unbiased information about the foreclosure process, options and resources to prevent foreclosure, and strategies to regain housing sustainability. Counseling notes and outcomes are reported for full foreclosure clients in CounselorMax, an online client management system.
During 2020, seven FHE counselors assisted clients in 19 Michigan counties to resolve mortgage and property tax delinquency issues. From those counties, 654 individuals received Foreclosure Prevention Triage/Intake by either phone or in-person or through group instruction. Many times, clients only have a few questions and need a quick answer regarding their property. When a client needs more assistance, we meet with them individually to help them resolve their issues regarding the delinquency on their home. There were 120 clients who required full foreclosure counseling out of the 654 as they were at an increased risk of losing their home due to foreclosure.
Participating Counties: Macomb (n=186); Montcalm (n=41); Ionia (n=103); Clare (n=116); Osceola (n=10); Isabella (n=38); Barry (n=5); Wayne (n=74); Gladwin (n=4), Gratiot (n=4); Mason (n=4); Saginaw (n=2); Kent (n=56); Genesee (n=10).