Home 123 Mortgage - Retail Subprime Lender (New Century Subsidiary)

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2007-04-13

Oops, we forgot to declare Home 123 officially imploded. Silly us! Let the record show that, as of New Century's bankruptcy filing April 2nd, their retail subsidiary Home 123 also ceased operations. A rather definitive statement to this effect is posted on their web site:

New Century Mortgage Corporation and Home123 Corporation are unable to continue the origination or funding of mortgage loans, and no new loans are being accepted. We are committed to helping borrowers who have been affected by this. We are in the process of contacting customers and brokers to inform them that we're returning their loan applications, and to assist them in obtaining funding for pending loans.

Some scuttlebutt on the topic of whether employees are being retained/paid.

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Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.