NFCC Steps
Up Consumer Counceling
To Address Rising Homeowner Foreclosure Crisis:
Immediate Assistance Through Hotline
Recent Government Data Shows, Among
Counseling Sessions with Known Outcomes, more than 93 Percent of
NFCC Clients Receiving Assistance Avoid Foreclosure*
Silver Spring, MD - The National Foundation for Credit
Counseling (NFCC) has stepped up its counseling and education
efforts in communities across the country to assist homeowners who
are in danger of losing their homes. The NFCC network of nonprofit,
community-based agencies has nearly 1,000 offices and more than
1,200 certified housing counselors who are ready to assist consumers
avoid foreclosure now. Consumers can receive immediate assistance
by calling (866) 557-2227, an NFCC toll-free hotline that
will connect them with an NFCC-certified housing counselor.
Individuals in need can also receive assistance by finding an NFCC
counselor online. Recent data from the U.S. Department of
Housing and Urban Development (HUD) shows that counseling is an
extremely effective way to help consumers facing foreclosure and
improve communication between consumers and lenders. In FY 2006,
93.1 percent of NFCC clients within the HUD Intermediary who
received housing counseling and for whom the NFCC has confirmed
outcomes, avoided foreclosure. "For many years, our
network of trained and certified counselors has helped consumers
avoid foreclosure," said Susan C. Keating, president and CEO of the
NFCC. "In this country's current housing crisis, we are prepared to
stand by consumers to provide assistance and do everything possible
to keep them in their homes." Facts about the current
situation:
Americans owe close to $13 trillion in
mortgage debt. The number of foreclosed homes in the
first six months of 2007 surged by 58 percent. That equals
approximately 573,397 homes in danger. Most analysts predict that the condition
will worsen through the end of the year, with 2.5 million first
mortgages defaulting in 2007. - Close to 50 percent of consumers whose homes face foreclosure
never speak to their lender prior to foreclosure.
For more than 50 years the NFCC has provided consumers with
sound financial advice as the recognized leader in financial
education and counseling services, assisting more than two million
consumers a year. Housing counseling is a core service of nearly
all NFCC member agencies and most are HUD-approved housing
counseling services. The NFCC Board of Trustees convened
this past week to initiate a plan that will further mobilize its
membership to expand services for consumers in need while bringing
together representatives from the private and public sectors to
directly address the crisis and create a long-term housing
strategy. The National Foundation for Credit
Counseling (NFCC), founded in 1951, is the nation's
largest and longest serving national nonprofit credit counseling
organization. The NFCC's mission is to promote the national agenda
for financially responsible behavior and build capacity for its
members to deliver the highest quality financial education and
counseling services. NFCC members annually help two million
consumers through nearly 1,000 community-based offices nationwide.
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