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BankUnited launches Mortgage Assistance Program (MAP)

National Mortgage Professional
Aug 10, 2008

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 on the Web.
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