North Carolina Association of Mortgage Professionals announces program to aid distressed homeownersMortgagePress.comNCAMP, Mortgage Brokers, Save 100!, foreclosures, FHASecure
A program to aid North Carolina homeowners who find themselves
in a financial crisis will be unveiled Monday, August 4, 2008 by
the North Carolina Association of Mortgage Professionals (NCAMP).
The "Save 100!" pilot program is intended to initially save homes
from foreclosure in the 100 counties of North Carolina.
The program, which will be unveiled in a NC Help Now! workshop
at the NCAMP Summer Conference in Charlotte, will host
representatives from The Federal Reserve; The U.S. Department of
Housing and Urban Development (HUD); The Office of the NC
Commissioner of Banks; Alliance Credit Counseling and the NC
Housing Finance Agency in this strategic alliance to aid troubled
homeowners.
"The 'Save 100' program is a powerful program which can save
consumers' homes and their life savings," said NCAMP President
Stacy Kimrey.
Built around the FHASecure program which was originally designed
for consumers who held adjustable-rate mortgages which had reset to
higher interest rates, the newly expanded program now includes
other extenuating circumstances such as medical emergencies which
can put a homeowner in a bad situation. Through the FHASecure
program, outstanding mortgage balances can be written off or
refinanced and there is no limit under this program to how far a
consumer can be in arrears on their mortgage. With the Save 100
program, NC homeowners in danger of losing their homes can work
with members and associates of NCAMP who have volunteered to
originate and close these troubled loans at little or no markup.
Attorneys, appraisers, and mortgage originators are all
participating in this important program.
"Forming these strategic alliances will also help consumers long
after the FHASecure program is scheduled to end," said Paul
Donohue, president of Abacus Mortgage Training, a spokesman for the
program. Donohue continued, "These alliances will allow us to offer
what many money stressed consumers need--a helping hand out of a
dire situation. And it is not our intent to stop at 100 homes
saved. We hope to save a thousand!"
"Our association has been the leader in the mortgage industry
for consumer-oriented lending practices and programs," said Kimrey.
"No homeowner should feel embarrassed due to their current
financial situation. No matter what condition caused you to fall
behind on your mortgage, the 'Save 100' program may just help you
stay on your feet. We can help many people save their homes and
restore their good credit."
The Save 100 program is Sponsored and funded by NCAMP, a 501
(c)(6) not-for-profit trade association. Homeowners can get in
touch with a counselor to see if they qualify by calling (877)
624-3576 or by visiting www.NCHelpNow.org on the
Web.
