Market
Almost every day there's another headline about the deepening crisis in the housing Market. Foreclosures climb to new record levels, and homeowners caught in this crisis pay a higher cost than just the financial losses of foreclosure. The personal and emotional costs are also mounting. They are worried, confused, frustrated and often embarrassed and afraid to talk with their lender about ways to help solve their problems. Organizations are springing up everywhere to assist distressed homeowners deal with their financial and emotional situation. Some offer counseling services or mediation with lending institutions. Some offer buyout options to homeowners who are about to lose their homes to foreclosure.
Tina, a single mother of two, living in Moreno Valley, California, thought buying a house was going to be the happiest time of her life. "I was living 'the American dream' until one day my son was diagnosed with a life threatening illness. My dream after time became my nightmare. I started missing days at work that lead to missed income. It was nearly impossible to make my mortgage payment."
Larry Howell co-founder of the Mortgage Default Legal Team, a new enterprise that assists homeowners through the foreclosure process, said, "We saw a need that we knew we could fill. We had a group of legal, mortgage, and real estate professionals that have more than 100 years combined experience. We negotiate with lenders, stop harassment and collection calls, assist in relocation and credit repair and council our clients about their rights. Howell said that although many foreclosure stories are about family hardship, there is also an increasing number of homeowners who are upside-down in their mortgages; that is the value of their home is significantly less than their mortgage. They recognize that the investment in their home has gone bad, and they are looking for help and advice.
Tina, a single mother of two, living in Moreno Valley, California, thought buying a house was going to be the happiest time of her life. "I was living 'the American dream' until one day my son was diagnosed with a life threatening illness. My dream after time became my nightmare. I started missing days at work that lead to missed income. It was nearly impossible to make my mortgage payment."
Larry Howell co-founder of the Mortgage Default Legal Team, a new enterprise that assists homeowners through the foreclosure process, said, "We saw a need that we knew we could fill. We had a group of legal, mortgage, and real estate professionals that have more than 100 years combined experience. We negotiate with lenders, stop harassment and collection calls, assist in relocation and credit repair and council our clients about their rights. Howell said that although many foreclosure stories are about family hardship, there is also an increasing number of homeowners who are upside-down in their mortgages; that is the value of their home is significantly less than their mortgage. They recognize that the investment in their home has gone bad, and they are looking for help and advice.
