Statewide Bancorp is Helping Assist Homeowners With Financial Difficulties Refinance
With the increased number of homeowners facing financial difficulties, there is more flexibility for them than ever before, under the government insured FHA loan.
Rancho Cucamonga, CA (PRWEB) March 19, 2008 -- Statewide Bancorp, Inc., a leading privately owned residential mortgage company with a core focus on originating government-insured loans, today announced it has been helping homeowners that are experiencing financial difficulties and in some cases even avoid foreclosure with the government insured FHA and FHA Secure loans. In February, it has nearly doubled its funding of these loans and today it sees over a 300% increasing of FHA loans in its pipeline versus January 2008.
"Statewide's is here to assist in helping homeowners retain their homes whenever possible," said Alex Diaz Jr., Executive Vice President and Chief Operating Officer at Statewide Bancorp. "We have even had some success recently with lenders working out principle reduction to assist in helping homeowners refinance."
In California alone it is estimated that 40% of outstanding loans are adjustable rate mortgages and a lot of them are facing resets and in the case of pay option ARM's recasting. According to the Mortgage Bankers Association, nearly 3 million homeowners were behind on their mortgages at the end of 2007.
"With FHA's new increased loan limits its offering affordable solutions for existing and potential homeowners, while returning liquidity into the home financing marketplace which we believe will help stabilize housing prices," said Diaz.
Statewide Bancorp is eager to work with homeowners experiencing a financial hardship do to payment adjustment or recast, and encourages those needing immediate assistance to call 1-800-737-0104 or visit www.statewidebancorp.com.
About Statewide Bancorp, Inc.
Statewide Bancorp is one of the nation's most innovative mortgage companies and has been featured recently in the Inc 5000 and Entrepreneur Hot 500. Statewide Bancorp offers a wide range of home purchase and refinance programs to meet their client's individual needs. Statewide has developed a process that enables the company to work efficiently with minimum overhead. The streamlined approach enables the company to offer competitive rates and fees. Statewide Bancorp is headquartered in Rancho Cucamonga, CA and does business in various states across the country. For more information about Statewide, visit www.statewidebancorp.com.
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