SOURCE: National Foundation for Credit Counseling

December 01, 2008 09:00 ET

National Foundation for Credit Counseling: According to Current Housing Statistics, One Child in Every Classroom in America Is at Risk of Losing His or Her Home Because Their Parents are Unable to Pay the Family’s Mortgage

SILVER SPRING, MD--(Marketwire - December 1, 2008) - Owning a home is part of the American Dream. People go to work every day striving to achieve that dream for themselves and their families. However, in recent years, that dream has become a nightmare for many. Homeowners all over the country are facing rising mortgage costs and are under tremendous stress, knowing that they may be at risk of foreclosure. Many homeowners with financial problems often feel lost and simply do not know where to turn to for help. Even if foreclosure seems inevitable, it is important for them to know that there is free help available to them from a trusted resource. The National Foundation for Credit Counseling created the Web site www.MortgageHelpNow.org to help people who may be facing these financial hardships.

Did you know that...

-- Every three months, 250,000 new families enter into foreclosure.

-- Six in 10 homeowners wish they understood the terms and details of their mortgage better.

-- One foreclosure can result in as much as an additional $220,000 in reduced property value and home equity for nearby homes.

-- Homeowners fail to contact their lender because they are embarrassed, don't believe the lender can help, and/or believe it would cause them to lose their home more quickly.

-- 90% of homeowners say they would feel scared, depressed, angry, or embarrassed if foreclosure were likely to happen to them.

-- Nearly 80% of respondents indicated trouble sleeping because of their financial situation, including the possibility of losing their home.

The National Foundation for Credit Counseling (NFCC) is a 501(c)(3) nonprofit founded in 1951, and is the nation's largest and longest-serving national nonprofit credit counseling organization. In order to help offer education and support during the ongoing mortgage crisis, the NFCC has developed a new public service campaign with important information on foreclosure prevention. The NFCC's mission is to promote the national agenda for financially responsible behavior and build capacity for its more than 100 members to deliver the highest quality financial education and counseling services. Setting the national standard for quality credit counseling, debt reduction services and education for financial wellness, NFCC members annually help more than two million consumers through nearly 900 community-based offices nationwide.

Contact Information

  • Contact:
    Gail Cunningham
    National Foundation for Credit Counseling
    (940) 691-6322
    gcunningham@nfcc.org