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Washington,
D.C. --
Consumers concerned about financing a new home in today’s
uncertain housing market should start with a trip to
MortgageTown, a new Web site (www.mortgagetown.org)
launched today by the National Consumers League to help
prospective buyers better understand the benefits and risks of
homeownership.
“Many
consumers are understandably confused about the mortgage process
and what it takes to buy – and keep - a home,” said Sally
Greenberg, Executive Director of the National Consumers League (NCL).
“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. 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.”
MortgageTown walks
consumers through nine essential steps to financing a home.
Aspiring homeowners learn how to choose the right loan, close on
a home, protect themselves from fraud and predatory lenders, and
prevent foreclosure. In addition to translating certain
technical real estate jargon into consumer-friendly language,
MortgageTown also
provides direct Web links to credible sources that can help to
explain inspection, closing, fraud prevention, loan options, and
many other important aspects of home financing. The site also
provides access to a national database where homeowners can find
and track the identity of the mortgage company servicing their
loan.
Mortgage Town also is
a place for homeowners 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,” Greenberg said. “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. This site provides a quick and free way to
find out the identity of their mortgage company through MERS®
ServicerID.” |
