Walnut Creek, Calif. — PMI Mortgage Insurance Co., a subsidiary of The PMI Group Inc. that provides residential mortgage insurance to mortgage lenders, capital market participants and investors throughout the United States, announced a new tool for homeowners facing potential foreclosure on their home.
The Mortgage Options Assessment Tool, www.homesafepmi.com, is designed to enable homeowners to organize, calculate and produce reports on their current financial situations prior to meeting their lenders or counselors to discuss solutions to foreclosure. This is a free online tool available to anyone.
"This is another of PMI's efforts to help streamline the process for homeowners," says John Jelavich, VP of PMI's Homeownership Preservation Initiatives. "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. 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 Web site, 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.
Source: PMI Group Inc.
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