The National Foundation for Credit Counseling (NFCC), headquartered in Silver Spring, Md., says that 81% of respondents who used the Mortgage Reality Check diagnostic tool at the organization's Web site have indicated they are worried about not being able to make their mortgage payments once their interest rates adjust.
The 12-question self-diagnostic tool assesses a homeowner's risk of foreclosure according to his or her answers, and then sorts him or her into the appropriate risk category. The red category indicates that immediate advice or counseling assistance is recommended. Yellow suggests that the consumer review the responsibilities of homeownership, and green signifies that the consumer is not currently at risk for foreclosure, NFCC explains.
Seventy-one percent of those taking the quiz fell into the red category – an increase of 4% over October 2007. The Mortgage Reality Check quiz is available at www.HousingHelpNow.org, or in Spanish at www.nopierdastuhogar.org.
