A greater number of residential homeowners are seeking counseling for help on their foreclosure situations. These homeowners hope to improve their situations in order to maintain their credit scores and stay eligible for loans in the future.
The National Foreclosure Mitigation Counseling (NFMC) program is administered by NeighborWorks America and provides counseling for homeowners on the foreclosure process.
"The NFMC program is a remarkable success, helping more than 1.3 million homeowners," said NeighborWorks America CEO Eileen Fitzgerald.
Through these resources many consumers can avoid foreclosure through government-sponsored aid or lending programs that help them to modify their loan terms or refinance at rates that give them greater ability to pay.
This counseling and increased awareness is good for the industry because it helps to reduce the number of foreclosures and keeps housing prices higher. It also helps homeowners maintain better credit so that they can qualify for better future rates and help to improve the housing market through future purchase abilities.
Additionally counseling resources are also available through other housing professionals in the industry as well. The U.S. Housing and Urban Development Department also provides a training program equipping housing professionals with HUD-approved housing certifications that provide local counseling services.