IRVINE, CA -- MortgageOutreach.org announced survey results as it launched a new Web site to provide easy-to-understand information for borrowers seeking help in saving their homes One in every ten Americans is struggling to make their mortgage payments, but only 58 percent of Americans said they would call their bank to ask for help if they missed a payment and 15 percent would say nothing and try to get back on track alone, according to a new survey from www.MortgageOutreach.org. The survey points to an ongoing need for borrower-friendly educational resources like those found on the www.MortgageOutreach.org Web site launched by Sorrento Capital, a private asset firm focused on consumer financial services. www.MortgageOutreach.org is a new, resource-based Web site designed to help educate homeowners on their options and next steps when faced with challenges making their mortgage payments, or when they're in imminent danger of mortgage delinquency, default or foreclosure.
The no-cost educational site was created in partnership with Sorrento Capital subsidiary MOS Group, which has more than 30 years experience reaching out to borrowers on behalf of lenders and loan servicers. www.MortgageOutreach.org provides detailed information on options available to troubled borrowers, along with specific instructions on how best to move forward. The information provided is based on MOS Group's experience resolving more than 100,000 troubled loans, as well as its expertise assisting over 50,000 borrowers looking to participate in the Treasury's Home Affordability Program (HAMP) and Home Affordability Refinance Program (HARP).
"More than 50 percent of Americans know someone who has been affected by the current mortgage crisis yet nearly half of our survey respondents would still choose ignoring the problem to calling their bank. Consumers are confused and think their banks don't care but no one wins with foreclosure," said Steve Ozonian, Executive Chairman of www.MortgageOutreach.org. "We created www.MortgageOutreach.org to provide a road map to education and the kind of constructive two-way communication that keeps people in their homes."
www.MortgageOutreach.org's articles explain the options for borrowers having trouble with their mortgages--including loan modifications, refinances, short refinances, short sales and foreclosures--and gives specific instructions on how to proceed with each option. The site's consistent message not only warns borrowers to avoid companies charging exorbitant upfront fees to modify a loan, but also urges them to understand the full range of options before making any commitments. In addition to informative articles and instruction, www.MortgageOutreach.org provides background on current government and lender programs, a loan calculator, real-life stories of borrowers that have successfully resolved their mortgage issues, and much more. MortgageOutreach.org offers a comprehensive look at the details of the new HAMP and HARP programs offered by the Treasury and provides a roadmap of "do's and don'ts" to help increase the borrower's chances of successfully qualifying for these programs.
Full survey information is available by request.
About www.MortgageOutreach.org
www.MortgageOutreach.org is an easy-to-understand, resource-based Web site designed to educate homeowners on options and next steps when faced with challenges making mortgage payments or when in danger of mortgage delinquency, default or foreclosure. www.MortgageOutreach.org is part of the Sorrento Capital family of borrower-focused financial service solutions.
About Sorrento Capital
Sorrento Capital is a private asset management firm that builds businesses both organically and through acquisition. The company's focus is centered on providing consumer-focused financial services through its business partners and through consumer direct channels. Sorrento Capital's businesses provide consumers with education, tools and resources that help address a wide range of financial related decisions. As a servicing partner to major organizations in the mortgage and real estate industries, Sorrento Capital's businesses offer solutions that directly address the rapidly evolving challenges of lending, debt management, asset retention and property disposition. Sorrento Capital subsidiary MOS Group has been a leading provider of loss mitigation services for the mortgage industry for more than 30 years. The company is now providing support directly to borrowers as part of Sorrento Capital's offerings. To learn more about Sorrento Capital, visit www.SorrentoCapital.com or call 949.743.5320.
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Source: www.MortgageOutreach.org
CONTACT: Kim Coutts of Fleishman Hillard, +1-619-237-7723,
www.Kim.coutts@Fleishman.com, for www.MortgageOutreach.org
Web Site: http://www.mortgageoutreach.org/
http://www.sorrentocapital.com/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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