Did you know foreclosure rates rose 81% in 2008, making the housing crisis one of the top issues facing our economy today? Foreclosure can do a number on your credit report and potentially ruin your credit score for years.
There’s a lot of information out there if you’re facing foreclosure — much of it is bad and is designed to pad the pockets of scammers. That’s why, when it comes to facing a foreclosure or other problems arising from debt, I recommend using The National Federation of Credit Counseling. That’s who I used about 12 years ago to help me get control of my debt.
The main problem concerning the current housing and foreclosure crisis is most homeowners don’t seek help until it’s too late. But if you’re in that boat, the key to saving your credit and your sanity is to get reliable advice as early as possible. Sadly, many people don’t realize that trustworthy help is available and what may seem like a dire financial situation can actually be organized, itemized, and prioritized by a NFCC certified credit counselor.
ONLY use a NFCC certified credit counselor.
If you or a friend is facing forclosure action, the NFCC is offering a free DVD called Avoiding Foreclosure. Regardless of the reasons you may be in this situation (job loss, interest rate reset, healthcare costs), the most important step you can take is to reach out and ask for help from someone who is willing and able to put your interests first.