SOURCE: National Foundation for Credit Counseling

December 12, 2008 09:00 ET

National Foundation for Credit Counseling: Avoiding the Fear of Foreclosure

SILVER SPRING, MD--(Marketwire - December 12, 2008) - According to current housing statistics, more than two million homeowners could find themselves facing foreclosure in the coming months. Of course, the best foreclosure prevention tool is making an educated and informed decision before buying a home. However, once it is evident that homeowners can no longer keep up with their loan payments, it is critical for them to reach out for help right away. There is nothing to be gained by delaying. Housing issues are complicated, with the terms short sale, forbearance agreement, deed-in-lieu, and loan modification foreign to most homeowners. It is important for homeowners facing foreclosure to know that there is free help available to them from a trusted resource. With the largest number of certified housing counselors in the nation, the National Foundation for Credit Counseling (NFCC) is considered the expert, and stands ready to provide the advice the homeowner needs during this crises. To find the housing counselor closest to you, call (866) 687-6322, or go online to www.MortgageHelpNow.org.

NFCC housing counselors understand that foreclosures can happen for many reasons, some of which are beyond the borrower's control:

-- Economic hardship related to job loss, reduced hours at work, medical issues or divorce;

-- Unaffordable payments when a loan resets to a higher annual percentage rate;

-- Buying a house that was more costly than the borrower's income could reasonably support long-term; and

-- Increased cost of living, which places more demands on consumers' budgets, forcing them to make hard choices about which debts to pay.

Regardless of the reason, understand that you do not have to go through this alone. The NFCC's experienced counselors are available to find the best solution to your situation.

The National Foundation for Credit Counseling (NFCC) was founded in 1951, and is the nation's largest and longest-serving national 501(c)(3) nonprofit credit counseling organization. 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 more than 850 community-based offices nationwide.

Contact Information

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