Pre and post purchase education/counseling assistant to promote responsible
homeownership
Financial protection in event of unexpected job loss or financial crisis
Lend America will assume all cost associated with H.E.L.P. for new clients
MELVILLE, N.Y., May 1 /PRNewswire-USNewswire/ -- Lend America, a
leading privately-owned direct-to-consumer residential mortgage lender with
a focus on originating government-insured loans, announced today that it
has partnered with the Rainy Day Foundation, a non-profit organization, to
expand its mission to educate and counsel borrowers so they can achieve
successful, long-term homeownership and offer financial protection in the
case of unexpected events.
With consumer guidance programs recognized by Fannie Mae, the Homeowner
Education and Loan Protection Program (H.E.L.P) was designed as a
proactive, preventive platform to assist borrowers in today's challenging
economic and mortgage lending environment. H.E.L.P ensures borrowers have a
clear understanding of the home ownership process, while offering
counseling to promote the positive financial behavior, such as savings
plans, needed for long-term homeownership. In addition, H.E.L.P will offer
borrowers financial protection, including assistance with mortgage
payments, should an unexpected financial crisis arise.
Michael Ashley, Chief Business Strategist of Lend America commented,
"We are pleased to partner with the Rainy Day Foundation because their
financial counseling and education services are unrivaled, and are
naturally aligned with Lend America's mission of delivering ongoing
education and service to borrowers. We are hearing firsthand, through our
1-800-FHA-FIXED telephone hotline, how homeowners are finding themselves
overburdened by their mortgage situation and our looking for real solutions
that can help them now." Highlights of the H.E.L.P. program that select
Lend America customer will receive at no charge are:
-- One-Year Job Loss Protection: If a borrower loses their job (due to no
fault of their own) during the first 12 months after receiving a loan
from Lend America, and is eligible for unemployment benefits, the
borrower could be eligible for up to six months of mortgage payments
(maximum $1,800 per month).
-- Financial Crisis Protection: If, in the first two years of
homeownership with a Lend America mortgage, a borrower faces a
financial crisis that leaves them unable to make mortgage payments, the
borrower may be eligible to have their mortgage payments made on their
behalf while getting back on track.
-- Monthly Newsletter: Borrowers will receive an interactive newsletter
service that informs them on personal finance tips, trends and issues
to better manage their household.
-- Friend/Counselor in the Mortgage Industry: For the first six months, a
counselor will contact the borrower to see how they are adjusting to
life with a new mortgage. The counselor will answer any questions and
provide free advice. After the initial six month period of live
contact, the counselor will be available for another 12 month period to
provide help and answer questions.
Lend America recognizes how essential job loss protection is
considering the current unemployment situation coupled with the rising cost
of living. With fuel, food and oil prices out of control, times like these
can especially make new homeowners weary of their future. With this trend
of unemployment, many people are under extreme pressure to make ends meet,
notwithstanding making their mortgage payments to avoid foreclosure. The
U.S. Department of Labor reported the number of unemployed persons
increased by 434,000 to 7.8 million in March, and the unemployment rate
rose by 0.3 percentage point to 5.1 percent. Since March 2007, the number
of unemployed persons has increased by 1.1 million.
Rick Delsontro, CEO of the Rainy Day Foundation stated, "Many
homeowners have little understanding of their current and/or future
financial obligations and the first time there is a significant financial
setback, there is not enough savings to keep them from experiencing a
financial setback. With a preventive initiative such as H.E.L.P., borrowers
will better understand the process and financial responsibilities of owning
a home and learn the tools to be better prepared to manage the debt
associated with homeownership."
About Lend America
Lend America, a National Mortgage Banking Organization and one of New
York's largest privately owned direct lenders, has proudly served the
residential mortgage marketplace for over 20 years. The company is one of
the most successful direct to consumer lenders in the United States and is
the region's largest and most well known FHA direct lenders. Lend America
is also the originator of successful nationwide broadcast television
educational seminar programs, titled The Mortgage Loan Network. "MLN." Lend
America offers a wide range of home purchase and refinance programs to meet
their clients' individual requirements. Lend America employs approximately
650 employees and is located at 201 Old Country Road, Melville, New York,
11747. For more information on Lend America, visit http://www.lendamerica.com
Rainy Day Foundation
The Rainy Day Foundation was established to create and maintain
responsible homeownership. Since the Foundations inception, a major focus
was to provide tools to educate, counsel, support and financially assist
homeowners who experience unforeseen short-term financial problems. Through
the administration of the Rainy Day Program, the Foundation has been able
to provide emergency support, (both educational and financial) to
homeowners that experienced financial challenges. For more information on
the Rainy Day Foundation, visit http://www.rainydayfoundation.org
See Also
- Tropicana Premiers Atlantic City’s Newest Gaming Destination
- BioMed Realty Trust Reports First Quarter 2008 Financial Results
- ‘Independence Energy Homes’ Now Operating As ‘ZeroEnergy Design’
Source: Real Estate Newswire
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