Pioneerlenders.com Announces Free Assistance To Minority Homeowners Affected by Subprime Market Crash

The last 10 years allowed a large segment of the population with low income and "sketchy" credit to purchase homes, which they otherwise wouldn't qualify for or couldn't afford. Most of these consumers were minorities eager to own a piece of the American dream. In some cases, mortgage applicants were immigrants, who did not even understand their loan terms.

"These homeowners were duped," says Delia Galley, president of Pioneerlenders.com. "No one in their right mind would want a mortgage payment that changes every year for 28 years. It's absurd. Homeowners with subprime mortgage loans need review their mortgage contracts and refinance before their loans expire."

Pioneerlenders.com is offering free, no obligation refinance loan quotes for homeowners seeking to refinance their home loans. A credit check is not required to match homeowners to loans.

Homeowners are also encouraged to do the following:

1. Understand your current loan terms. What type of loan do you have? When will the loan adjust? Is there a prepayment penalty?

2. Don't panic. You can refinance your loan into a fixed rate mortgage loan or even a longterm adjustable loan that offers at least 10 years of fixed monthly payments.

3. Don't wait. Waiting can quickly become a foreclosure or bankruptcy situation. Start shopping for a refinance loan with a reputable lender.

4. Sell your house and move into a smaller house or rent for while, if you cannot afford your mortgage. Don't ruin your credit with a foreclosure or bankruptcy.

About Pioneer Lenders.

Pioneer Lenders is a leading consumer loan network that offers borrowers access to a large network of lenders. Consumers who visit http://www.pioneerlenders.com fill out a short and simple form to be matched with up to five lenders. Pioneerlenders.com also offers a diversified array of other loan products including auto loan, student loans, unsecured personal loans and credit card debt management services.