Empowering Minority Homeowners During Foreclosure Crisis : RushPRNews - Newswire & Global Press Release Distribution

Bookmark and Share

Empowering Minority Homeowners During Foreclosure Crisis

December 8, 2009

Empowering Minority Homeowners During Foreclosure Crisis

Laguna Niguel, CA (RPRN) 12/08/09 — A recent report from the William C. Velasquez Institute, a nonpartisan think tank that studies Hispanic issues, concluded that African Americans and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates. The nationwide unemployment rate is 10.2 percent. For blacks, it's 15.7 percent and for Latinos, 13.1 percent.

The Institute urged the federal government to take steps, including reforming bankruptcy laws and expanding eligibility for mortgage modification efforts, to help combat the crisis.

Raul Hinojosa, a UCLA professor and the author of the study, was recently quoted saying, “If nothing is done then the foreclosures will continue disproportionately hitting blacks and Latinos.” He added that continued foreclosures could wipe out billions of dollars in home equity wealth amassed in those communities, and even those black and Latino homeowners who kept their homes would be affected by lower property values in foreclosure-riddled neighborhoods.

Knowledge is Power

“Many are finding that they are taking food off the table to keep their roofs over their heads. It is important for the African American community to know that the government has mandated that banks consider loan modifications before they elect to foreclose on a property. But that also means the homeowner needs to be part of the modification process as well, and that could be key in helping keep them in their homes,” explains Ryan Boyajian, President of Laguna Niguel, CA-based We Save Homes, a publicly traded software company whose products are designed to aid banks, servicers as well as homeowners to electronically build financial document packages to help expedite the loan modification process.

Lenders are often willing to lower the current interest rate, convert adjustable-rate mortgages (ARMs) to fixed-rate mortgages, and initiate a longer amortization period, while adjusting or forgiving past-due loan payments. “Some lenders will even allow a principal reduction that may result in a lower loan balance when homeowners are upside down on their loans,” explains Boyajian.

How To Modify

Borrowers must be able to demonstrate to their lender why it would be in both parties’ best interests to agree to a loan modification, and also accurately complete and file a bevy of financial documents. The experts at We Save Homes say the key to success is the delivery of a complete financial package, built exactly to your bank’s specifications, on your first attempt. “Many feel the process can be complicated, and without funds to hire attorneys to help understand the legal speak, there can be a challenge for some Latinos for whom English is not their first language,” says Boyajian. 

Many homeowners may benefit by opting to use software such as We Save Homes’ eTurboMod, which has a bilingual interface. Similar to tax preparation software, the affordable technology connects you with the appropriate forms and guides you through the entire modification process. It also helps users ensure that their financial packages are accurate, filed properly and complete. “The best part is that the fee for the program, which is under $300, is only payable after the homeowner receives their loan modification,” says Boyajian.

Who Qualifies?

Generally, people who have financial hardships that are hindering them from making their mortgage payments may qualify for a loan modification. Financial hardships that may qualify you for a loan modification include:

• Holding an ARM that has adjusted or that will adjust in the next 30 to 60 days;

• Being 60 to 90 days behind on a mortgage;

• Having your mortgage interest rates or payment increased;

• Having no equity in the home or being about to enter foreclosure.

“However, regardless of your situation, never stop making your mortgage payments when you can afford to make them,” advises Boyajian.

For more information, log on to www.wesavehomes.com


Media Contact Name: Janet Vasquez
Media Phone: 212-825-3210
Media Web Address: www.irgnews.com
About the author:

Janet Vasquez, Director of Corporate Communications

About IRG

We are The Investor Relations Group (IRG), a full-service corporate communications firm that provides investor relations and public relations services to nano-, micro- and small-cap companies providing them with the equivalent in-house services of a large-cap company.


Click here to see all news from this author/company


RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.


Enjoy Karaoke in the comfort of your home with Moment

Los Angeles, CA 10/04/15 · We all have a singing moment. After hours...

Co-Founder of OXYwater Sentenced for Wire Fraud and Money Laundering

Washington, DC 10/01/15 · A co-founder of Imperial Integrative Health Research and...

Creative Bioarray Improves Tumor Cells Quality for Life Science Researchers

New York, NY 10/01/15 · - Creative Bioarray (http://www.creative-bioarray.com/ ), an innovative biotechnology company who...

Wake up your event audience with Livecube’s latest engagement technology

NEW YORK 09/30/15 · Livecube transforms how people connect and share ideas...

Wiknix: tech magazine provides latest gadgets news

New York, NY 09/26/15 · It can be hard to know who to...

New Farm-to-Table Chef Joins Canada's Favourite Spa

GRAFTON, ON 09/25/15 · Ste. Anne's Spa (www.steannes.com) has just hired Jeffrey...

Moment Soundbar brings family together with Karaoke home entertainment

Los Angeles, Ca 09/17/15 · With the rising cost of family outings, more...


Los Angeles, Ca 09/16/15 · Moment is the world’s first compact soundbar that...

Moment, the minimalist soundbar to replace all soundbars

Los Angeles, CA 09/15/15 · Moment™: A case of less is more. Moment,...

Join Moment’s Indiegogo crowdfunding campaign on September 22

Los Angeles, Calif. 09/04/15 · Plug and Play Karaoke sound bar with DTS...

ASTEP Launches Latest Corporate Lecture Series in NYC

NEW YORK, NY 09/01/15 · PwC, EY, LinkedIn, Hogan Lovells and Cisco among...