San Mateo, Calif. (PRWEB) December 11, 2007
Bills.com is launching a quick, easy-to-use program to help homeowners determine if they are likely candidates for the Federal Housing Administration (FHA)'s new FHA Secure program.
Determining eligibility for the refinance program can be challenging, says Andrew Housser, co-CEO of Bills.com, given the extensive criteria set by the FHA. But with Bills.com's FHA Secure Check program, homeowners can complete a simple form (http://www.bills.com/fhasecure) and receive an immediate assessment of their likely eligibility, along with refinancing quotes from mortgage lenders, banks and brokers in Bills.com's lender network.
The FHA Secure refinance program, in operation since September, allows homeowners to refinance their mortgages into FHA (government-insured) mortgages if they have missed loan payments. The program applies only to borrowers who have missed payments because of a spike in adjustable-rate mortgage (ARM) interest rates that caused their total payments to jump. (http://www.fha.gov/about/fhasfact.cfm).
As of last year, up to 7.5 million subprime mortgages were outstanding; more than 2 million of them will be at risk for foreclosure as rates adjust. Bills.com's FHA Secure Check "can help homeowners navigate the government program's criteria and evaluate whether they can refinance under the new guidelines," according to Housser.
Mortgage lenders and brokers who are Bills.com partners can receive eligible matches from the FHA Secure Check program. The program is just one part of Bills.com's personal finance education and information platform, says Housser. Also available to lenders and brokers are a blog about consumer finance issues (http://www.bills.com/blog), a comprehensive budget guide (http://www.bills.com/guide), and a full series of news releases containing more than 400 tips to help consumers manage personal finance issues (http://www.bills.com/news_releases/).
Bills.com's lender network comprises more than 100 mortgage lenders, banks and brokers, including 10 of the largest 15 online mortgage companies. The company anticipates doubling the number of members in the network by year-end, according to Housser. For more information on the FHA Secure Check program or the lender network, contact Bills.com at 866-639-8507.
Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and comparison shop for products and services including credit cards, debt relief assistance, insurance, mortgages and other loans. The company blogs about consumer finance issues at http://www.bills.com/blog. Since 2002, Bills.com has served more than 30,000 customers nationwide while managing more than $500 million in consumer debt. Bills.com is a division of Freedom Financial Network, LLC, whose co-founders and CEOs, Andrew Housser and Brad Stroh, have been named Northern California finalists in Ernst & Young's Entrepreneur of the Year Awards.