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More Options Coming for Underwater Homeowners

23.05.12

Riverside, CA (PRWEB) December 06, 2011

In comeback to recent enhancements to the federal Home Affordable Refinance Program (HARP), Springboard Nonprofit Consumer Recognition Management, Inc. (Springboard) is advising homeowners that confidential, 24-hour online aid is available to borrowers wanting to determine if they meet the certain criteria to refinance their underwater home mortgage at today’s low rates. Springboard’s Mortgage Succour Advisor(SM) is available through HomeOwnership.org, the agency’s web portal that provides consumers with the latest facts on homeowner assistance programs, including refinance and loan modification options. HomeOwnership.org is a trusted resource for consumers nationwide. The Mortgage Succour Advisor(SM) is a virtual tool that may be accessed 24-hours a day, 7 days a week. This serving is provided by Springboard – a HUD approved housing counseling agency that has been ration people since 1974. Springboard has helped almost 250,000 homeowners since the financial catastrophe began in 2007.

“We know that distressed homeowners often don’t know where to turn for the latest communication on mortgage payment relief,” said Aaron Horvath, president of HomeOwnership.org, a classification of Springboard. “The Mortgage Assistance Advisor is an easy-to-use online service that will adviser homeowners to possible options and solutions for them,” said Horvath.

First, either the Federal Resident Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) must own the loan. Eligible homeowners can refinance at today’s low rates, even if they are brutally underwater. The revitalized program features some recent enhancements designed to reopen the program and help underwater mortgage owners take advantage of today’s low mortgage rates to drop their monthly payments.

New program enhancements address several other key aspects of HARP including:

•The program formerly only allowed the home to be underwater by 125 percent loan-to-value. That loan-to-value cap has been lifted allowing more homeowners to be suitable; •Extends the date for HARP until Dec. 31, 2013 for loans originally sold to Freddie Mae and Freddie Mac on or before May 31, 2009.

Homeowners are encouraged to call in http://www.HomeOwnership.org to find out the latest information on home preservation and foreclosure prevention, including late enhancements to the HARP program. The Mortgage Assistance Advisor(SM) is simple to use. Once the homeowner completes a failing questionnaire, the Mortgage Assistance Advisor(SM) will provide a list of potential program solutions. The homeowner will also have the selection of speaking directly with a Springboard financial counselor who will answer any question kindred to specific mortgage relief programs. The counselor will be able to use the data from HomeOwnership.org to journey and discuss the different options available to the homeowner. If need be, the counselor will fight in a conference call with the homeowner and the mortgage servicer to begin the work-out process.

Here is how it works:

Movement 1: Visit http://www.HomeOwnership.org and click Mortgage Assistance Advisor(SM) SPRINGBOARD® Nonprofit Consumer Accept Management is a 501(c)(3) nonprofit personal financial education and counseling design founded in 1974. Springboard is a HUD-approved housing counseling agency and a colleague of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies, and a associate of the Association of Independent Credit Counseling Agencies. The agency offers offensive financial education and assistance with credit counseling, housing counseling, in financial difficulty and money management through educational programs and confidential counseling. Springboard is accredited by the Committee on Accreditation, signifying the highest standards for agency governance, fiscal togetherness, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor training as mandated by the bankruptcy reform law. The agency offers nationwide phone counseling services and has locations in California, Arizona, Nevada, New Mexico and Texas for in-herself counseling sessions. Not all types of counseling are available in-person at all locations, please call for details. For more data on Springboard, call 800-449-9818 or visit their web site at http://www.credit.org .

Source: PR Web (press release)

The National Mortgage Complaint Center Offers Smart Tips for Anyone in the ...

23.05.12

Out of interest that many would be home buyers, and or homeowners wishing to refinance might get overcharged, or gouged with unnecessary mortgage fees, or get stuck with swelled-headed interest rates, the National Mortgage Complaint Center is offering tips for anyone looking at getting a adequate deal on a mortgage. The National Mortgage Complaint Center says, "For starters anyone with child to get the absolute best mortgage interest rates, needs to have good, to great credit. If your faithfulness score is under 740, you will not get the absolute best mortgage interest rates. We are also urging both potential home buyers, or homeowners wishing to subsidize or refinance to steer clear of Internet ads, or mortgage companies advertising on the radio mortgage with interest rates that noise too good to be true-such as a 2% mortgage. While these products might exist, they are adjustable rate mortgages, which also means the 2% interest rate will not last for extended. We are also warning all homeowners, or potential homeowners to be on the lookout for excessive fees, for their mortgage action. Typical junk mortgage fees we see include Administration Fee, excessive Underwriting Fees, Chronicle Preparation Fees, and inflated Credit Report Fees." http://NationalMortgageComplaintCenter.Com

(PRWEB) December 05, 2011

The Country-wide Mortgage Complaint Center says, "After the Dodd Frank Consumer Protection Act, one would over recall everything would be better for US homeowners. In our opinion the Dodd Frank legislation with respect to the mortgage earnestness did nothing. As an example the new Good Faith Estimate designed by the US Department of Housing and Urban Expansion looks like something that the IRS came up with. The new Good Faith Estimate is too complicated, it leaves too much advice out, and the old one page Good Faith Estimate was much easier to read, and to understand." http://NationalMortgageComplaintCenter.Com

The Citizen Mortgage Complaint Center says, "At this moment we have some of the lowest interest rates ever. However, we want to create sure every homeowner, or home buyer understands what they are getting. First we want to cover the no aspect mortgage, versus the regular fees included mortgage transaction. The no point mortgage is only a good choice, if you do not have the money, or equity in your home to actually do the transaction. With the no point, or zero closing expenditure mortgage you will pay a higher interest rate, and monthly payment. When it comes to deciding if you want a traditional mortgage where you pay the costs, versus a no closing sell for mortgage, simply ask the mortgage lender, or the bank, what are the best rates for a traditional mortgage-where you pay the costs up front, versus a non old mortgage where the lender pays all allowable closing costs. We want anyone looking at buying, or refinancing a home to remember this information, and we want everyone to at least look at both options." http://NationalMortgageComplaintCenter.Com

The National Mortgage Grievance Center suggests the following fees are junk mortgage fees: Administrative Fee Outrageous Underwriting Fee Document Preparation Fee on the mortgage, or in association with title insurance Credit Article Fees that are over $30 are excessive

Who does the National Mortgage Complaint Center suggest as the best lenders in the United States?

American Interbanc (California, Washington, Oregon, Idaho, Massachusetts, New Jersey, Pennsylvania, Utah only) The Governmental Mortgage Complaint Center & its parent group Americas Watchdog has endorsed American Interbanc for five years in a row, as the trounce mortgage lender in the United States. http://AmericanInterbanc.Com

Bank of America-According to the Subject Mortgage Complaint Center, "Believe it or not we actually like Bank of America's mortgage products, and of all notable US banks, Bank of America would be the only lender to receive our endorsement. However, there is a catch. We like Bank of Americas mortgage products offered at a department, where the consumer, or homeowner can actually see the loan officer, or branch manager, and it is a branch in your courtyard." http://BankofAmerica.Com

For FHA, or VA Mortgages the National Mortgage Complaint Center continues to okay, and recommend the James B Nutter Company. The James B Nutter company is a nationalistic mortgage lender based in Kansas City, Missouri, they are family owned, and they are the gold type for honest FHA, or VA mortgage lenders. http://JamesBNutter.Com

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For the original version on PRWeb sojourn: www.prweb.com/releases/prweb2011/12/prweb9004043.htm

Source: San Francisco Chronicle (press release)