Do-It-Yourself Loan Modification Service Launched in the Face of 1.25 Million Layoffs Compounding Record-Breaking Housing Troubles
Monterey Park, CA, December 09, 2008 --(PR.com)-- PreventingForeclosure.org, a non-profit foreclosure prevention resource center, has launched a do-it-yourself step-by-step guide for homeowners to self administer loan modifications on their existing mortgages. A loan modification can help a homeowner permanently change one or more of the terms on the mortgage to make the monthly payments more manageable. This can include lowering the interest rate, increasing the term of the loan or adding missed payments to the loan balance.
PreventingForeclosure.org’s launch comes at a time when November’s layoffs totaling 533,000 topped off three months of massive layoffs. Companies such as Citigroup, GM and AT&T from diverse industries have cut a total of 1.25 million jobs. The official unemployment rate rose to 6.7, but does not include workers who have given up on finding work and those who are only working part-time in the absence of full-time work. Economists estimate that when you add the “unaccounted for,” the actual unemployment rate is closer to 12%.
The layoffs are certain to affect what a lot of experts say is at the root of the crumbling economy, the tsunami of foreclosures hitting the market due to homeowners not being able to afford their mortgage payments. These foreclosures originate for many homeowners when their rates adjust higher producing a payment shock when they are faced with payments that are sometimes close to double what they were paying before. At the end of September, one in ten Americans with a mortgage were either behind on their payments or facing foreclosure.
If there is any good news in all of this, is that mortgage lenders are much more inclined to assist homeowners with a loan modification when they are faced with an upward adjusting rate or when they are laid off from their jobs, as opposed to someone who has just been irresponsible. The free do-it-yourself loan modification guides and assistance available at http://preventingforeclosure.org should help struggling homeowners save their homes from foreclosure.
Additionally, the comprehensive set of resources on the website help homeowners sort through all the options available from government assistance programs, explanations on short-term solutions, and what state laws help protect homeowners from abuse.
About PreventingForeclosure.org
PreventingForeclosure.org is a non-profit resource center assisting homeowners avoid foreclosure. The resources provide homeowners with a comparison of government assistance programs, short-term foreclosure delay tactics, step-by-step guides, and loan modification worksheets and sample documentation. The educational material covers state foreclosure laws, tax implications of a foreclosure or of any adjustment made to a mortgage, and a comprehensive list of options to avoiding foreclosure.
Contact:
Pablo Oliva, Media Relations
Tel: 626.310.0394
Email: pablo@preventingforeclosure.org
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PreventingForeclosure.org’s launch comes at a time when November’s layoffs totaling 533,000 topped off three months of massive layoffs. Companies such as Citigroup, GM and AT&T from diverse industries have cut a total of 1.25 million jobs. The official unemployment rate rose to 6.7, but does not include workers who have given up on finding work and those who are only working part-time in the absence of full-time work. Economists estimate that when you add the “unaccounted for,” the actual unemployment rate is closer to 12%.
The layoffs are certain to affect what a lot of experts say is at the root of the crumbling economy, the tsunami of foreclosures hitting the market due to homeowners not being able to afford their mortgage payments. These foreclosures originate for many homeowners when their rates adjust higher producing a payment shock when they are faced with payments that are sometimes close to double what they were paying before. At the end of September, one in ten Americans with a mortgage were either behind on their payments or facing foreclosure.
If there is any good news in all of this, is that mortgage lenders are much more inclined to assist homeowners with a loan modification when they are faced with an upward adjusting rate or when they are laid off from their jobs, as opposed to someone who has just been irresponsible. The free do-it-yourself loan modification guides and assistance available at http://preventingforeclosure.org should help struggling homeowners save their homes from foreclosure.
Additionally, the comprehensive set of resources on the website help homeowners sort through all the options available from government assistance programs, explanations on short-term solutions, and what state laws help protect homeowners from abuse.
About PreventingForeclosure.org
PreventingForeclosure.org is a non-profit resource center assisting homeowners avoid foreclosure. The resources provide homeowners with a comparison of government assistance programs, short-term foreclosure delay tactics, step-by-step guides, and loan modification worksheets and sample documentation. The educational material covers state foreclosure laws, tax implications of a foreclosure or of any adjustment made to a mortgage, and a comprehensive list of options to avoiding foreclosure.
Contact:
Pablo Oliva, Media Relations
Tel: 626.310.0394
Email: pablo@preventingforeclosure.org
###
Contact
PreventingForeclosure.org
Pablo Oliva
626-310-0394
http://preventingforeclosure.org
Pablo Oliva
626-310-0394
http://preventingforeclosure.org
Contact
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