Project Lifeline Won't Save Most Struggling Homeowners
(February 12, 2008: Milwaukee WI): Today's announcement of a voluntary 30-day freeze on foreclosures for some homeowners will do little to ease the mortgage meltdown, reports Lender Rate Match LLC, provider of the FreeRateSearch.com online mortgage search engine for borrowers.
"Mortgage interest rates are excellent right now," says George Jenich, managing partner of Lender Rate Match LLC. He reports that many borrowers searching for loans on FreeRateSearch.com are finding fixed-rate programs available to them with interest rates in the 4.5% to 5.5% range. "But they are out of reach for some borrowers because their home will not appraise high enough to meet the loan requirements, or because income documentation requirements and credit score requirements for many loan programs are much more strict than they were a year or two ago. They have nowhere else to turn."
Administration-led mortgage "rescue" programs continue to ignore the fact that the mortgage problems extend far beyond subprime loans. Lender Rate Match points out that many creditworthy borrowers with excellent incomes, too, are struggling with higher payments on adjustable rate loans, but are unable to refinance due to sagging home values that place them "underwater" on their loans or their inability to meet more stringent income documentation requirements.
Jenich recommends that home loan shoppers also use the FreeRateSearch.com search engine to find out whether better loans are available. It allows consumers to search available loans, subprime to prime, and find out what rates and programs are available for their specific requests. Borrowers are also matched with a single lender who can help them obtain that loan.
"Homeowners who are 90-days behind on their mortgages may need help," says Jenich, "but those who have done everything they can to stay current on their loans shouldn't be hung out to dry,"
Note to reporters and editors:
Lender Rate Match LLC offers extensive data detailing subprime loan rates and programs over the past three years, as well as charts describing current subprime rates. These are available to your publication at no charge. A new widget that shows real-time homeowner search results is also available. Please contact us for more information.
About FreeRateSearch.com
A service of Lender Rate Match LLC, FreeRateSearch.com was created by mortgage banking executives and employs proven mortgage pricing technology currently used by select mortgage underwriters, loan originators, and mortgage banking firms. FreeRateSearch.com is the first website that allows consumers to search for customized, unbiased mortgage rate information from multiple lenders, quickly and accurately. Its mission is to help match consumers save money by connecting them with a lender who will match the best available rate. Contact: Gerri Detweiler at 888-774-6280.
Note: FreeRateSearch.com and LenderRateMatch are trademarks of Lender Rate Match LLC.