The National Consumers League (NCL) has launched MortgageTown, a Web site designed to help prospective buyers better understand the benefits and risks of homeownership.
"Many consumers are understandably confused about the mortgage process and what it takes to buy and keep a home," said Sally Greenberg, executive director of the NCL. "MortgageTown is a user-friendly and reliable resource where consumers can become better versed in the process of getting a mortgage and what pitfalls to avoid as they head down that road. With millions of homeowners rightfully concerned about predatory lenders, fraud, and foreclosure, it's critically important that both current and future homeowners are educated, prepared, and protected."
MortgageTown walks consumers through nine essential steps to financing a home. Aspiring homeowners learn how to choose the right loan, close on a home, protect themselves from fraud and predatory lenders, and prevent foreclosure. In addition to translating certain technical real estate jargon into consumer-friendly language, MortgageTown also provides direct Web links to credible sources that can help to explain inspection, closing, fraud prevention, loan options, and many other important aspects of home financing. The site also provides access to a national database where homeowners can find and track the identity of the mortgage company servicing their loan.
Mortgage Town also is a place for homeowners facing the prospect of foreclosure.
"The most pressing question for homeowners going through foreclosure is who to go to for help in working out their payments in order to keep their home," Greenberg said. "There is only one entity who can work out a plan for them and that is the mortgage company handling their loan. Homeowners may be able to prevent foreclosure by contacting their mortgage company early and working out a plan. This site provides a quick and free way to find out the identity of their mortgage company through MERS ServicerID."
For more information, visit www.nclnet.org.