The National Consumers Credit League has introduced MortgageTown, a new Web site (www.mortgagetown.org) designed to help prospective buyers better understand the benefits and risks of homeownership, as well as cope with the threat of foreclosure.
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 terms 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 other important aspects of home financing, the National Consumers Credit League says.
The site also provides access to a national database where homeowners can find and track the identity of the mortgage company servicing their loan.
‘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,’ notes Sally Greenberg, executive director of the National Consumers League. ‘There is only one entity who can work out a plan for them, and that is the mortgage company handling their loan.’
