Los Angeles, California (PressExposure) July 04, 2009 -- From: Reach Marketing and Advertising Inc. Contact: Avonelle Simon at STAD@reachmarketinginc.com Reason: Save The American Dream: How To Modify Your Mortgage and Build your Credit
The dream of homeownership resonates all over the world from the smallest villages to the largest cities. It is a dream that we seek because it tells us that we have finally arrived, we are home. We have a place to build our roots, raise our children and hang the pictures on our walls in the hope that we can leave a legacy for our children and their children. It is a fact that families who are homeowners have children who are more likely to go to college, commit less crime and grow up healthier and happy. Home is truly where the heart is; but for millions of American Families the dream is turning into a nightmare.
Shirin came to the United States from Canada to pursue her dream of starting a Motown Magazine. Shirin arrived in Los Angeles with only 50 dollars, a possible job (which fell through) and a verbal commitment from Motown Records that they would develop her idea of a Motown Magazine. Born in Kuwait, Shirinâs family moved to Canada to allow their children a good education and citizenship, since they were denied it as children of Palestinian Refugees. Growing up Shirin saw the legacy of land that allowed her parents to grow their business and send their kids to school, and she wanted that for all Americans.
It was not until the current mortgage meltdown that the world realized the greed and corruption that was woven into the very fabric of the mortgage industry, but for Shirin that realization came over 6 years ago when she entered the mortgage industry. While researching the future of the industry she had just entered, she discovered Predatory Lending, also known as unfair lending practices, and what it was costing hard working Americans. Over 9 billion dollars in hard earned equity was reported to be lost each year due to predatory lending practices. Many families are victims today and still do not realize they are paying too much on their mortgage. Released White House statistics showed that over 50% of American Families were paying a higher interest rate on their mortgage, than they qualified for, losing thousands of dollars each year in equity. HMDA stats showed the average African American and Hispanic family, with good credit scores received a 2-3% higher interest rate on their mortgage than a Caucasian buyer with the same credit. The United States Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) was passed in 1975. It requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving 1 to 4 unit and multifamily dwellings. On a $300,000 loan, a family who pays 2% more would lose $700 per month and over pay by $300,000 in interest over 30 years.
âWhen I learned about predatory lending, I called my mom in shock. I could not believe that in Americaâ¦ because you were a minority, a single woman, or a senior, you were most likely to over pay by thousands each year on your mortgage or lose your home. She told me to do something, as she has always told us to do, if we saw injustice to human kind. I could not fight the banks and besides, I knew most of them were the advertisers on the Radio Stations. I needed to get my message out, so I decided to educate, provide access and put accountability measures in place.â
Shirin began the journey to save the dream by launching Fair Community Lending Services Inc, in 2003. FCLS, Inc. is a company that connects consumers with fair brokers and lenders who followed strict guidelines in order to protect consumers. She began to reach out to media, organizations, non profits and faith based groups in order to reach the public, and arm them with the education to make wise choices when buying a home or other Real Estate. If she spoke to one or to millions, she would be there to educate them about their credit, the types of loan programs available, budgeting, understanding the buying process and tips on identifying predatory lending loans that are offered to them.
A major part of Shirinâs ability to reach millions over the past 7 years, has been minority broadcasters, who supported Shirinâs message and put her on the air on a regular basis. The first station to give Shirin the ability to reach listeners was XM 169, The Power. It was not long before Josefa Salinas, Community Relations Director for Hot 92 Jamz, put Shirin on her show, and the rest was history. âFrom the very first show, the phone lines didnât stop ringingâ, comments Josefa Salinas. âMy listeners realized they were victims of predatory lending and so did I.â
âI, too, was overwhelmed when I did my first showâ, comments Shirin. âVictims of predatory lending were calling and emailing me in record numbers for help. Many were about to sign their paperwork with a predatory lender or broker, and realized that they were victims after hearing the show. I was making a difference by reaching people and I started to save homes. I cannot imagine not doing what I do today,â continues Shirin Sharkawi, who stays up answering emails into the late hours of the night, from struggling homeowners, emailing her on her community website at [http://www.savetheamericandream.tv]. âI get emails with headings like âHELP MEâ all the time. Americans are struggling so badly and we must do something about this.
On July 4, 2009, American Independence Day, Shirin Sharkawi will take the next step in her journey with the release of her new book, âSave The America Dream: How to Modify your Mortgage and Rebuild your Credit. The âhow toâ manual can be purchase as either an E-book or a Work book and walks families through the step-by-step process of a loan modification. The book is simple to understand, and will teach consumers at any stage of their loan modification or foreclosure process what they need to know to have the best chance at either saving their home or avoiding foreclosure with other alternatives such short sales or deid in lieu of foreclosure. The book also takes things a step further, by helping consumers learn how to rebuild their credit after setbacks, and what it takes to buy a home after foreclosure and bankruptcy.
Consumers are often not getting loan modifications because they donât know how to prepare, and they get caught off guard when interviewed by the bank. There are key numbers the bank wants to see and there are hardships they will accept.
As many families struggle to save their homes some families struggle to put food on the table; that is why $2.00 from each book will go to food banks across the United States and towards transitional houses for displaced families.
The American Dream is worth saving and regardless of our color, age, or race, âhome is where the heart isâ and the dream to attain one is something we can all relate to.
Other Contributors to the book are Warren Ballentine, Attorney and nationally syndicated talk show host, Andrew Kish, certified credit counselor and mortgage broker; Jamie Blake Hill, First Time Homebuyer Specialists, and Ron Weeks, Broker, Real Estate Appraiser and Short sale expert.