Advice for struggling homeowners from PMIBy
David Berson of PMI, the private mortgage insurance company, visited BW recently. Today, I got an email from his p.r. person, Mark Lindsey, with a response to Chris Palmeri’s blog entry yesterday, Foreclosures Continue at Banks that Said No More.
At the risk of giving too much free publicity to PMI, I’d like to quote from Mark Lindsey’s email:
I noticed Chris Palmeri posted about collection and foreclosure harassment yesterday, and I thought I’d share some resources we offer that your readers at the Hot Properties blog might find helpful.
In his post, Chris refers to borrowers frustrated with handling foreclosure through a different bank than originally issued the loan. The volatility of subprime loans and adjustable rate mortgages has led to repurchasing and movement of troubled assets, meaning that some borrowers entering foreclosure won’t deal with their original lender. In these cases, it can be difficult to find the contact information for an appropriate person to speak with or to navigate the maze of banks that have acquired each other.
PMI Group (www.pmi-us.com) has a free educational resource for struggling homeowners at Home Safe PMI (www.homesafepmi.com), part of the Hope Now Alliance (www.hopenow.com) of foreclosure prevention resources. We have several sections that can arm your readers with vital information and strategies to make foreclosure more manageable:
Our Get Help section (http://homesafepmi.com/gethelp.html) offers one of the most comprehensive lists of lender and bank contact numbers and websites available online. This includes a list of non-profit foreclosure prevention organizations with 24 hour help lines. Our new Mortgage Options Assessment (http://homesafepmi.com/bif/) is the only checklist of its kind specifically designed for homeowners seeking a mortgage workout or refinancing solution to foreclosure. This tool allows troubled homeowners to collect all vital finance information in a single place prior to meeting with a lender to discuss a troubled mortgage. Our Q&A section (http://homesafepmi.com/qa.html) offers basic information on how foreclosure impacts your credit score, what first steps to take and how to protect yourself from distressing collection practices We also offer video walkthroughs of mortgage workout programs, short-sale solutions to foreclosure and general advice on managing the sale of your home and seeking a new residence that makes sense for your budget and income.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.