NCL Launches 'MortgageTown' Website
The National Consumers League is assisting consumers concerned about financing in today's market with MortgageTown, a new website designed to help buyers understand their mortgage and avoid both fraud and foreclosure.
The site was also designed to help homeowners who are facing the prospect of foreclosure.
"The most pressing question for homeowners going through foreclosure is who to go to for help in working out their payments in order to keep their home," said National Consumers League executive director Sally Greenberg. "There is only one entity who can work out a plan for them and that is the mortgage company handling their loan. Homeowners may be able to prevent foreclosure by contacting their mortgage company early and working out a plan."
One of the benefits the site offers users and homeowners in distress, she added, is that it provides a quick and free way to find out the identity of their mortgage company through MERS Servicer ID.
A preventive approach to foreclosure is, however, the best strategy. "Many consumers are understandably confused about the mortgage process and what it takes to buy and keep a home," Ms. Greenberg said. "With millions of homeowners rightfully concerned about predatory lenders, fraud and foreclosure, it's critically important that both current and future homeowners are educated, prepared and protected."
Perspective homebuyers can learn online about the benefits and risks associated with the lending process through various Internet links. It includes direct connections "to credible sources that can help to explain inspection, closing, fraud prevention, loan options and many other important aspects of home financing." It also provides access to national databases where consumers can find lenders and servicers.
"MortgageTown is a user friendly and reliable resource where consumers can become better versed in the process of getting a mortgage and what pitfalls to avoid as they head down that road," she said. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/