Foreclosure Intervention

Are you receiving the assistance for foreclosure intervention as intended through the Hope for Homeowners program?  Is the agency providing "start to finish" work or is the homeowner being left to finish the job?

There have been 77,000 new foreclosures in 2009 thus far.  It is projected by the Center for Responsible Lending that there will be 2.4 million foreclosures by the end of 2009 and 9 million within the next 4 years.  In a Subcommittee hearing on ‘The Role of NeighborWorks and Housing Counseling Intermediaries in Preventing Foreclosures' held May 13, 2009, Representative Emanuel Cleaver (MO) stated that this is the "most significantly depressed moment in US history - financially - since October 1929.  This is the great recession."  He also pointed out that with the rising unemployment, foreclosures will continue to be a problem. 

The subcommittee Chair Representative Maxine Waters' (CA) opening statements highlighted the HUD approved Housing Counselors' challenges with the Neighborhood Reinvestment Corporation's current practices.

For instance:

• Servicers' response issues
  
  
  • Can take 45 to 60 days to respond
  • Are understaffed and overworked
  • Are instances of lost documents
  • Providing inconsistent information to counselors
    
    
• Consistency of Agency services
  
  
  • Gathering information and providing financial analysis only; then referring to another agency
    
    vs.
    
    
  • Complete start-to-finish resolution counseling

Representative Waters found that there appeared "to be something here that we need to correct".  She said that the committee was "committed to strengthening counseling" and move away from being "just a referral agency". 

There are in fact some non-profit agencies that provide the complete "start-to-finish" resolution counseling.  CCCS of North Central Texas is such an agency.  Our Certified Housing counselors assist our clients from beginning to end providing financial analysis, determining the next steps to take, being the liaison with the servicers, and offering the option of on-going assistance with personal budgetary issues.  As the subcommittee is committed to strengthening counseling as a whole, CCCS of North Central Texas is committed to strengthening our clients' ability to change their financial situation, not only for the moment, but for the future as well.

CCCS is a member of the nation's largest and longest-serving national nonprofit credit counseling organization, the National Foundation for Credit Counseling, Inc. (NFCC).  Our collective mission is to provide services to consumers to help them achieve financial wellness through financial management counseling, financial education and when appropriate, debt reduction services through debt management plans. Be informed; Knowing the Difference Can Make All the Difference is assurance provided through CCCS and the NFCC. As a condition of membership, CCCS is required to maintain high quality services through standards set by The Council on Accreditation and the NFCC, along with Credit Counseling Consumer Protection Standards.  To read more about these guidelines visit www.nfcc.org or you may call 1-866-600-CCCS (2227) for pre-recorded information.  For direct access to CCCS locally, call 1-800-856-0257 for a confidential appointment with a certified credit counselor or to learn more about educational seminars and workshops provided by CCCS.  Visit us online at www.golddude.org.

About the NFCC

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation's largest and longest serving national nonprofit credit counseling organization. The NFCC's mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC members annually help more than two million consumers through close to 900 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC member, call1-800-388-2227, (en Español 1-800-682-9832) or visit www.nfcc.org.