March 19th, 2012 By Sara Gilbert The number of foreclosure filings are on the increase in many areas in the country. Some mortgage lenders may have held off on the filing of a foreclosure, and just now they seem to be taking action to begin the foreclosure process with more homeowners. The good news is many of those [...]
November 30th, 2011 Mortgage investors and servicers can avoid hundreds of millions of dollars in losses by providing borrowers with counseling that lowers monthly spending and frees up cash New research by the noted STRATMOR Group reveals that providing holistic financial counseling to borrowers who are at risk of default and foreclosure can not only prevent foreclosure, [...]
October 20th, 2011 The NFCC has received a grant of $250,000 from Wells Fargo & Company to support the delivery of foreclosure-prevention counseling. The NFCC appreciates Wells Fargo & Company for recognizing the continued need for nonprofit foreclosure-prevention counseling, and supporting it through this grant to the NFCC and its member agency network. “Wells Fargo’s commitment to funding nonprofit [...]
July 21st, 2011 Tomorrow is the last day to qualify for up to $50,000 in mortgage assistance! If you are at least 90 days late on your mortgage payment you could qualify for the US Department of Housing and Urban Development (HUD)’s Emergency Homeowners’ Loan Program (EHLP). You could receive a zero interest, forgivable bridge loan. Eligible homeowners [...]
July 20th, 2011 Back in 1981, a band known as The Clash recorded their only number-one hit, “Should I Stay or Should I Go?” Unfortunately, that is an all too familiar refrain among homeowners facing foreclosure. “Getting into the house of your dreams is just the first step. The long-term objective is staying there,” said Gail Cunningham, spokesperson [...]
July 12th, 2011 Time is running out to qualify for up to $50,000 in mortgage assistance. If you are at least 90 days late on your mortgage payment you could qualify for the US Department of Housing and Urban Development (HUD)’s Emergency Homeowners’ Loan Program (EHLP). You could receive a zero interest, forgivable bridge loan. Eligible homeowners must [...]
May 6th, 2011 Even though the nation’s economic condition is slowly improving, many remain financially distressed and in need of legitimate help to resolve their situation. To better assist these consumers, the National Foundation for Credit Counseling (NFCC) revamped and retooled its online counseling request mechanism. The new system gets to the heart of the matter quickly and [...]
May 5th, 2011 This morning Secretary Donovan testified before the Senate Banking Committee about HUD’s FY12 budget request. In both his testimony and during the Question and Answer portion of the hearing, Secretary Donovan strongly supported restoring funding for the Housing Counseling program. In his oral testimony, the Secretary referenced the cuts to the HUD Counseling Program by [...]
April 12th, 2011 The National Foundation for Credit Counseling (NFCC) is the recipient of a Housing and Urban Development (HUD) program grant to assist seniors who have taken out a Home Equity Conversion Mortgage (HECM) and who are delinquent on their property charges, such as taxes and insurance, thus putting their home in danger of foreclosure. The HECM [...]
March 14th, 2011 A couple of weeks ago we addressed the downside to loan modifications. The other fairly common method for getting out of a bad mortgage is the short sale. Much like loan modifications, short sales are a relatively new phenomenon brought on by the mortgage crisis. And, unfortunately, they are the root cause of an enormous [...]