Articles About Finance And Refinancing

Mortgage Accountability Association (MAA) Helps Borrowers and Lenders

San Diego, CA (PRWEB) March 17, 2008 -- With home foreclosures surging to unprecedented levels in the United States, homeowners are being devastated by bankruptcy and home loss -- oftentimes the result of agreeing to unintelligible, misrepresented, and even fraudulent mortgages peddled by predatory lenders. As a result, ethical mortgage brokers are unfairly losing the trust and the business of people who truly need and would benefit from honest home loans. Fortunately, a new organization, Mortgage Accountability Association (MAA), is begining to protect consumers and ethical mortgage brokers by providing an objective review and explanation of the consumer's loan documents (termed the "MAA Review").

Based in the active real estate market of San Diego, MAA is a national association composed of real estate attorneys and mortgage professionals with years of experience assisting home loan borrowers. Jeffrey L. Hogue and Tyler J. Belong, the organization's founders, are licensed real estate attorneys and real estate brokers. Their collective experience encompasses reviewing real estate loan and transfer documents, as well as litigating against unethical mortgage brokers and other professionals in cases involving real estate purchase contracts, loan agreements, promissory notes, and other real estate loan documents.

Mr. Hogue and Mr. Belong created MAA to address the growing needs of home mortgage consumers: Even the most intelligent and financially savvy individuals can find it difficult, if not impossible, to fully understand even the most basic loan documents written by mortgage lenders. Far more common is the plight of an average mortgage customer, who has absolutely no knowledge of loan documents, and consequently can easily fall victim to a mortgage broker who fails to communicate the details of the loan, as a result of oversight or the pressure to make a sale.

MAA makes available two services that can be a tremendous help to such borrowers: MAA Review and MAA Legal Advice. 1) MAA Review provides a comprehensive and independent review, including a full explanation and summary of the critical terms in any home loan. This service costs only $395. 2) MAA Legal Advice provides the services of a knowledgeable and experienced real estate attorney, who can offer legal advice, review and explain the loan documents, negotiate terms, and even accompany the customer during the document signing, for a discounted hourly rate.

Hogue and Belong point out that residential borrowers are eager to pay for a home inspector or appraiser to tell the borrower what their home is worth and to point out any defects in the home. However, very few residential borrowers ever hire an attorney or other objective professional to provide the borrower with a review, and to explain the borrower's loan and related documents. This is in stark contrast to the commercial real estate industry, notes Belong, in which almost every borrower has at least one attorney reviewing their loan (usually because the commercial borrower can afford to pay $300/hour for an attorney). MAA's goal is to revolutionize the residential mortgage industry by making objective loan reviews so affordable and so efficient that it will become the standard for residential borrowers to have their loan reviewed prior to signing it. The idea is that if borrowers are informed of their loan terms ahead of time, they are less likely to be foreclosed on in the future, because they understand how their loan works, and they have not been mislead or defrauded regarding their loan terms.

By helping to protect mortgage borrowers, MAA also helps ethical mortgage lenders who utilize these services, in several ways: 1) Lenders can minimize and even eliminate the risks of being sued by clients, because any loan documents the lenders originate and have reviewed by MAA, would have been completely explained to their clients. This makes it nearly impossible for a client to demonstrate in a court of law that they did not receive a comprehensive and clear explanation of their mortgage's terms. 2) Loan officers and mortgage brokers are working harder than ever, exacerbated by downsizing in the real estate market. This increases the chances that even the most honest mortgage lender can make a mistake in presenting and selling a mortgage, or that a rogue loan officer can misrepresent a mortgage, unbeknownst to the supervising broker. MAA effectively solves this problem, providing lenders with peace of mind, as well as allowing them to better focus on their areas of expertise -- loan sales and support. 3) An independent and reliable third party review of a loan increases a borrower's confidence, the esteem with which they hold their chosen lender, and in turn the odds that they will recommend that lender to other potential clients.

Visit MAA's Web site (http://www.helpma.org/) today to learn more about the valuable services that they offer. The Web site also has a blog, where visitors can read the latest news in the dynamic home mortgage industry, check links to other useful sites, and even suggest news items and provide other input to the blog.

Press release written by Michael J. Ross (http://www.ross.ws/).

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

PayDay Cash Advance Loans - The Benefits of Using the Payment Protection Plan
Payment protection plans are offered by payday companies to protect you in any number of unexpected situations. The payment protection plan is an inexpensive form of insurance that payday companies offer on all payday loans.

Cheap Mortgage Insurance Online
When it comes to taking out cheap mortgage insurance then the best way to get a quality policy is to go with an independent provider. As a rule of thumb, an independent provider can help you to make huge savings on the amount of premium that you are asked to pay while providing you with good advice in the process. However, when it comes to cheap mortgage insurance not all policies are of the same quality, so you need to ensure that you fully understand the terms and conditions of cover.

Refinancing My Home For Free
A zero cost refinance mortgage is actually a loan where the loan broker, or company organizing the loan will pay all of the closing costs on the borrowers behalf. This type of loan is brilliant for anybody that needs to refinance their home loan without having to pay lots of money upfront.

Consolidating Student Loans- Useful Info For Loan Consolidation
If your major interest is information related to consolidating student loans or any other such as US government financial aid, federal student loan maximums, direct student loan forgiveness or graduate student loans with bad credit, this article can prove useful.

Advantages and disadvantages of applying for an online mortgage loan
Advantages and disadvantages of applying for an online mortgage loan

Dr. Martin Weiss Discusses Housing Bust and Mortgage Meltdown in Latest Issue of Money and Markets
Martin Weiss, Ph.D. examines the real estate bust in the U.S. and discusses the major reasons behind it. In this issue of Money and Markets, Dr. Weiss takes a closer look at the relationship between the housing market and rising foreign currencies.

Credit Card Mistakes and Students
When it comes to getting a credit card for the first time, I would highly advise that students do their research on the credit card market before they actually apply When I say research, you should also look into how people generally make mistakes and how you can avoid them

Bad Credit Consolidation Loan
Wow! One day you got a financial shock!

Compare And Apply For A Credit Card Online For Your Best Credit Card Deals.
When you are ready to shop for a new credit card, there are a lot of factors you need to consider. Among these factors is are the credit card terms including annual percentage rate (APR) of interest and grace period annual membership or participation fee, transaction fee among others. You need to choose the plan terms that best fit and suit your particular financial needs.

Secured loan, your reliable ally during rough phases
With the rising cost of living and expenditure, secured loan is not an alien term for the people who have been sustaining on loans since an era. The loan is specially drawn for home owners who are facing critical ups and downs due to lack of resources. Secured loan helps you to realise your dreams and unaccomplished wants. Money is an imperative constituent in today?s world. It nourishes you to stand through all the undesirable plights which can any moment give you a knock. Further, it provides you a happy and contented life, fulfilling all your desires. Unfortunately, life is not easy as it seems to be. Majority of the people suffer with insufficient funds and it is not comfortable for them to meet their personal requirements besides me...

Loan Payment Protection Insurance Covers Your Repayments
A loan payment protection insurance policy is taken out to ensure that if you find yourself without an income due to being made redundant or if you become sick or have an accident that means you are unable to work you would still be able to pay your repayments These payments can include your loan or credit card outgoings up to so much of your payment each month

Home Loan - Learn The Best Way To Apply For One
Applying for a home loan requires you to think of several considerations Learn the best tips on how to apply for a home mortgage loan

Simplifying Your Search For a New Credit Card
Today, selecting the proper credit card can be a bit confusing to say the least. There are literally hundreds of offers from the major institutions eagerly competing for your business.

Freestone Partners Sells Majority Interest in Houston's Dan-Loc Bolt & Gasket
Houston-based private equity firm, Freestone Partners recently sold the majority of its interest in Houston-based Dan-Loc Bolt & Gasket.