(1888PressRelease)
October 01, 2007 - New Century, once an Industry Giant in the Sub-prime Mortgage world, has express concern for their current customers whose loans are Adjustable Rate Mortgages. These mortgages have a short introductory period, generally 24 to 36 months, with a fixed interest rate and payment.
The problem arises after the introductory period, the rate adjust every 6 months for the life of the loan. Often times, the rate adjustment is as much as 3%! Many customers are seeing their payments increase hundreds of dollars per month, making it difficult for many, impossible for others to keep up. Many customers, under tremendous pressure from unscrupulous lenders, were not made fully aware of what type of loans they were signing.
Currently, there are companies like Pac Banc Mortgage who are committed in reaching out to educate New Century customers in there time of need.
"We work closely with new Industry initiatives designed to provide relief to these customers including, but not limited to, new FHA guidelines." - Christian Claudio Pac Banc Mortgage
If you are a New Century customer in this situation, check with your mortgage servicer to see what they are offering in the form of a loan consultation. It is important to empower yourselves so that you can make an educated choice.
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