Silver Spring, Md. -
As more and more families find themselves caught in the squeeze of variable rate mortgages with rising costs, they are quickly realizing that they simply cannot afford the mortgage payments.
The number of foreclosed homes in the first six months of 2007 surged by 58 percent, putting approximately 573,000 homes at risk. And there may be more bad news ahead because another 2.2 million mortgages will reset over the next 18 months.
Many homeowners with financial problems, especially those who are at imminent risk of losing their homes, are often overcome with fear or in denial. Fifty-percent of borrowers do not even contact their lender informing them that they are falling behind. In many situations, recognizing the warning signs, facing the reality, and taking action can make the difference, enabling them to stay in their homes and protect their families.
Meeting the need, the NFCC created the Homeowner Crisis Resource CenterSM at www.HousingHelpNow.org where consumers will find the following:
* Direct access to certified housing counselors through either a toll-free hotline (866) 557-2227, or an online locator;
* A self-diagnostic tool called the Mortgage Reality CheckSM designed to help homeowners assess their situation and provide steps if it shows that they may be at risk; and
* An abundance of homeowner information and financial tools.
For info: www.nfcc.org
