Fort Lauderdale, FL (PRWEB) January 03, 2012
National Foreclosure Mitigation Counseling (NFMC) in a report issued by NeighborWorks America reported that homeowners who received NFMC counseling were nearly twice as likely to obtain a mortgage modification. Those homeowners also received a new payment that averaged $176 lower than before. Even more important, the report found that 67 percent of the homeowners were more likely to remain current on their mortgage nine months after receiving the modification states A New Horizon Credit Counseling Services, a nonprofit credit counseling organization that has been helping consumers since 1978.
Stephen Marcus, President of A New Horizon Credit Counseling Services said, “The program also provides the homeowners with more long-term sustainability. Not because of the payment reduction, but because of the financial counseling that is a part of foreclosure prevention and helping homeowners improve their financial management skills”.
The study was conducted to compare the counseling provided by NFMC with mortgage modification applications from individuals without assistance.
A New Horizon provides credit counseling, financial education and debt management assistance for distressed consumers. “A well planned debt management program, in conjunction with proper financial skill training and assistance through a mortgage modification is a powerful solution to the anguish caused by foreclosure,” added Marcus.
If a homeowner is faced with difficulty paying their mortgage, experts advise that they don’t avoid the problem, instead take action immediately. The further behind you fall on your mortgage payments, the more difficult it is to cure the defaults and the more likely you are to lose the home. Contact your lender who can suggest options to help the borrower and be prepared to explain your financial hardship. Consult with a Certified Credit Counselor at a reputable credit counseling organization and consider a debt management plan to assist with your other finances.
A New Horizon Credit Counseling Services is a nonprofit debt consolidation organization that has been helping consumers since 1978. For more information about their programs, contact 1-800-556-1548.