White House spokeswoman Dana Perino announced that President Bush will visit a nonprofit credit counseling organization in Freehold, NJ. Originally known as Garden State Credit Counseling, Novadebt has provided credit and housing counseling services nationally as well as in New Jersey.
The purpose of the President’s visit is to discuss the current housing crisis that is gripping the nation’s financial markets. Novadebt is one agency that provides housing counseling services to financially distressed homeowners.
Novadebt is one of several housing counseling agencies that field calls from the national Hope Now hotline. Homeowners trying to cure a delinquency or prevent foreclosure should call 888-995-HOPE to speak with a housing counselor.
The President’s visit on Friday March 28 should cause a spike in call volume that may extend wait times for callers. This happened during a previous press event.
Housing counselors can discuss a number of potential remedies to mortgage delinquency. These can include:
- Keep the Home:
- Special Forbearance
- Loan Modification
- Partial Claim
- Give up the Home:
- Pre-foreclosure Sale
- Deed In Lieu
The worst thing you can do when facing a delinquent mortgage is to ignore the lender. Calling the lender at the first sign of trouble is crucial to getting the help you need to avoid default.
Lenders want to help you avoid foreclosure. The costs associated with foreclosure are so high that lenders would much rather help you keep the home if you can afford it.
Tags: Bush visit, housing counseling, Novadebt