Home And Garden Articles

Facing Foreclosure In California -- New Home Loan Program Launched To Help

(PRWeb) January 23, 2007 -- Precision One Mortgage announces the introduction of their new "HomeSaverLoan" program designed to assist homeowners that are facing foreclosure in California.

"During some part of our lives it is inevitable we will have some form of financial hurdle to overcome. These hurdles may include loss of employment, unexpected medical bills, divorce or separation. Everybody has been through one or all of them, but it is how we react to these problems that is critical to overcoming them," states James Williams, President of Precision One Mortgage.

"Financial problems are stressful, but the problems do not go away by avoiding them. But sadly, many homeowners do just that only to compound their problems."

"On a daily basis, we deal with homeowners who are facing foreclosure in California. These homeowners are facing foreclosure because they have waited 30, 60 or even 90 days before taking any action."

"During this time their credit scores have dropped dramatically making it even harder to qualify for a refinance. We developed the "HomeSaverLoan" for this type of scenario."

"The "HomeSaverLoan" is a three step program. The most important part is to avoid or stop foreclosure, followed by credit repair, and finally refinance at a lower rate."

"If house payments are behind homeowners are generally behind with car loans and probably have several credits cards that are at the limit. All of this equates to a low FICO credit score. With the "HomeSaverLoan" program we can refinance with a FICO score as low as 400."

"The refinance can include car loans and credit card debt to reduce overall monthly payment. By using home equity all debts would be paid off and the homeowner is left with a clean slate and generally spending less money every month."

"Unfortunately a low FICO credit score means high interest rate, but this is only a temporary measure. The second step of the program is to work with the homeowner and repair the damaged credit."

"With a higher FICO credit score the homeowner is entitled to a lower interest rate. This brings us to the final part of the program which restores the homeowner back to their original position prior to all the financial problems."

"We have successfully implemented and tested the "HomeSaverLoan" program with homeowners facing foreclosure in California, and we are looking to rolling the program out nationwide in the near future," concludes Williams.

For more information to stop house foreclosure in California please call 866 398 4664 or go to http://www.goldmedalmortgage.com/Stop_House_Foreclosure

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