|By PR Newswire||
|April 4, 2014 02:40 PM EDT||
PROVIDENCE, R.I., April 4, 2014 /PRNewswire-iReach/ -- Back To A Home, a free and first-in-the-nation program that assists those who have gone through a foreclosure to re-qualify for a mortgage loan, held its first outreach event on Saturday, March 29 at the Providence Marriott at Orms. Partnering in this event were several non-profit Rhode Island agencies that focused on the housing sector.
Representatives of the Housing Action Coalition of RI, Housing Network of Rhode Island, Neighbor Works Blackstone River Valley, and Helping Hands Community Partners joined with 1ST Alliance Lending and the Back To A Home staff in providing detailed information to displaced former homeowners regarding re-qualification for mortgage loans. Approximately 150 persons attended the event, which ran from 10:00 AM through 2:00 PM at the Marriott.
Providence-based UPLINC Lender Systems, a company that links home buyers, mortgage lenders and realtors, created the new program, which features an online consumer portal, www.backtoahome.org, that helps attract displaced homeowners to participate in mortgage re-qualification under new regulations announced by the Federal Housing Administration (FHA) last year.
Several thousand Rhode Islanders have experienced a mortgage foreclosure or related loss-of-home event since 2008. Under the former FHA regulations, a three-year wait before applying to re-qualify for a mortgage was mandatory. Last year the Obama administration reduced the waiting period to 12 months. However, there is little awareness of this relaxation of the waiting time among many who have lost a home to foreclosure.
Through the Back To A Home program, former homeowners are provided with information and counseling assistance in the FHA re-qualification process, are referred to mortgage lenders who participate in FHA mortgage re-qualification programs and are then linked to realtors who participate in the Back To A Home program.
"As Rhode Islanders ourselves, we know just how severely home foreclosures have hit our state" stated UPLINC President Christopher Woodard. "And, as realtors, we are aware of how few of those affected are aware of the new FHA guidelines and how to take advantage of them. Back To A Home is a program that will provide free, no obligation help to those who are seeking to return to home ownership'" he continued.
To help these consumers take advantage of the relaxed Federal time limits, UPLINC is partnering with national mortgage lenders that have a focus on mortgage re-qualification. One of these, 1st Alliance Lending, of East Hartford Connecticut attended the March 29 event to unveil its comprehensive mortgage re-qualification program, augmented by consumer education and counseling. 1st Alliance has also developed a manual underwriting system for loan re-qualification, a necessary but labor intensive service which most national lenders will not consider.
A national marketing program will be launched upon completion of the Rhode Island pilot effort.
1st Alliance Lending, LLC is a mortgage banker located in East Hartford, Conn., serving 46 states. The company specializes in, and is the country's leading originator of principal reduction refinances. In cooperation with several mortgage servicers throughout the United States, 1st Alliance has helped thousands of American homeowners retain their homes. 1st Alliance will continue to expand its mission by assisting as many displaced families as possible return to homeownership through the FHA Back to Work purchase program. www.1stalliancelending.com
Media Contact: Brian Faux, 1st Alliance Lending, LLC, 860-656-7590, [email protected]
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SOURCE 1st Alliance Lending, LLC
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