"Finding out cost you nothing, doing nothing can cost you everything"
United States of America (Press Release) -- HODGENVILLE, Kentucky – The consumer advocacy group NoARM announced their nationwide campaign to provide free assistance to homeowners who are facing rising mortgage rates, an impending foreclosure or in financial crisis due to predatory lending practices. Free assistance is provided through a network of consumer counselors and attorneys who will review each case and help the struggling borrowers quickly decide the decision that insures the best result for them.
There are millions of homeowners with adjustable rate mortgages (ARM) or there are an estimated 1.4 million people who will lose their home to foreclosure in 2008. “A Jan 2006 study by the Federal Reserve said that 35% of people with ARMs didn’t know when their rates would reset or the maximum they might pay on those loans. For some people who last refinanced one, two or three years ago – particularly those who went with interest-only loans - an increase based on current rates could raise the size of the payment as much as 60 percent.” - http://www.fpanet.org/
Few are aware that all mortgages deeds are public information, and available for viewing at all local court houses nationwide. We compile exact mortgage information for tens of thousands of ARM holders every month. Our goal is to reach as many homeowners in ARMs as possible, make them aware that they are in an ARM and tell them the exact date their payment is increasing, and how much their payment is increasing. Once supplied with this information, ARM holders, along with our assistance will be able to make fully informed decisions.
Stephen Ames, Co-Founder of NoARM says, “Homeowners feel helpless and let down by lenders they have paid on time anywhere from 2-5 years. In some cases, lenders are actually telling borrowers they can’t help them unless they miss 1 or more payments first. Add that type of help to the 100’s, if not 1000’s, of fly-by-night outfits popping up trying to take advantage of already distressed homeowners and you have a recipe for making a bad situation worse. NoARM, and its affiliates are committed to protecting the homeowner throughout the process and will always offer its services FREE of charge. If they can’t make their $800 mortgage payment, how can they be expected to pay someone $1500 to “see” if they can help them?”
Many homeowners limit their options trying to do such things as loan modifications and restructuring their loans on their own. Valuable time is wasted because they didn’t have a group willing to help them and ask for nothing in return, that’s why NoARM was formed. We tell everyone that finding out will cost them nothing, but doing nothing can cost them everything.
Photo:
http://www.prlog.org/
