Online Resources Help Consumers Buy Homes, Avoid Foreclosure
Online Home Loan Learning Center resources from the Mortgage Bankers Association are geared to educating consumers about how to manage their finances so that they can become home owners and how they can avoid foreclosure in the event that they are hit by an unexpected job loss or other financial trouble.
The center provides information on credit reports and scores, the true cost of owning a home and how to compare the costs of owning versus renting a home.
In an “All About Mortgages” section, consumers can access in-depth, easy-to-read information on home loan products, including how to qualify for a loan, what the documents mean, what’s in the mortgage payment and mortgage calculations to help plan payments.
The Mortgage Bankers’ Foreclosure Prevention Resource Center educates home buyers about their responsibility should their home loan become delinquent and what they can do to help ensure that they don’t lose their home if they are faced with a sudden drop in their income.
This section includes tips from the Department of Housing and Urban Development on avoiding foreclosure and an overview of 12 things to know about the foreclosure process when calling a lender or loan servicer.
Also, several lenders have provided the Home Loan Learning Center with a list of contact information for borrowers who may be having difficulty making their mortgage payments.