ALBANY, NY -- The recent collapse of the subprime lending market has steered mortgage brokers and lenders across the country to companies like Rivertown Financial for assistance with troubled homeowners.
Now more than ever, millions of American homeowners are at risk of losing their homes to foreclosure. This is primarily due to the fact that many homeowners mortgaged their properties using adjustable rate loans that are no longer affordable once their initial "teaser" rates expire. Mortgage brokers across the nation are feeling the effect of this "homeowner crisis", as many borrowers are turning to them for assistance with their difficult situation.
However, in many circumstances, the mortgage broker is unable to find a loan program to refinance the borrower's loan due to factors which most often include problems with credit score, payment history or foreclosure. Mortgage brokers throughout the country are now finding themselves stuck with numerous distressed homeowners who have nowhere to turn to get out of their unaffordable loans.
Rivertown Financial works with homeowners who face foreclosure and puts them on track to get out of debt, tap into their home equity, and - most importantly - keep their homes in the end. For a homeowner who is in default on their mortgage and can't refinance, the only way to access the equity in his or her home is to sell it, which is often a heartbreaking and emotionally draining ordeal. Rivertown's program alleviates this by making it possible for these homeowners to sell their homes in this tight market without having to move, which creates an ideal situation for those who rarely have other avenues.
This also creates a positive alternative for mortgage brokers because it gives them an option for customers that they wouldn't normally be able to help.
Rivertown Financial operates under a business model that prevents its customers from losing their homes. Homeowners who sell their homes to Rivertown can use the sale proceeds to pay off their mortgages and other burdensome debts. In addition to clearing up these derogatory credit items, participants reestablish a positive housing payment history by making timely rental payments during the LeaseBack term. The final stage of the program involves the homeowner's repurchase of the property, after achieving long-term financial stability and creditworthiness sufficient to get a new loan.
Rivertown was founded in 2002 in Nyack, N.Y. In the past two years, Rivertown has expanded from three employees to fifteen, at its headquarters on Central Avenue in Albany, as well as in other offices in New York, New Jersey and Pennsylvania. Rivertown has worked with customers in New York's Capital Region, Hudson Valley and the New York Metropolitan area, as well as Northern New Jersey and Southeastern Pennsylvania. Rivertown Financial is a member of the Upstate New York Better Business Bureau.
For more information, visit www.rivertownfinancial.com, or contact the Rivertown Affiliate Relations Department at (800) 658-5193 x333.
First Call Analyst:
FCMN Contact:
Source: Rivertown Financial
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CONTACT: Rivertown Affiliate Relations Department, +1-800-658-5193 ext.
333
Web site: http://www.rivertownfinancial.com/
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