Mortgage insurer PMI Mortgage Insurance Co. (Walnut Creek, Calif.), has rolled out a new tool for homeowners facing potential foreclosure on their home. The Mortgage Options Assessment Tool, a free online tool available to anyone, enables homeowners to organize, calculate, and produce reports on their current financial situations prior to meeting their lenders or counselors to discuss solutions to foreclosure.
"We have found the two biggest hurdles for homeowners are realizing the options that are available, and getting organized before meeting lenders. This tool helps educate borrowers and is designed to expedite the process," says John Jelavich, vice president of PMI's Homeownership Preservation Initiatives. The homeowner report generated by this online tool is extremely helpful to lenders who are managing an unprecedented level of activity created by the current housing crisis."
When homeowners log on to the tool at https://www.homesafepmi.com/, they can click on the Mortgage Options Assessment icon on the home page. In the form, homeowners can input relevant information, such as property information, income, assets and monthly expenses, to create a report that they can use when meeting with their lenders or counselors. After inputting the information, homeowners can print the completed form to take with them to meetings with their financial advisors. PMI does not save or collect any personal information that it could use to identify homeowners.
Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio