Borrower Empowerment: Take Over the Forclosure Wars
Caryl Rosenthal
May 01, 2009
No one is winning the foreclosure crisis -- not dispossessed homeowners, not lenders bloated with impossible inventories and certainly not we, the horribly overburdened taxpayers charged with picking up the tab. Thus, the motivation for Foreclosure Advocates, Inc., was formed to address the singular issue – helping homeowners faced with foreclosure avoid that fate, said Caryl King, CEO for the company based in San Antonio.
More than 3300 foreclosed homes in February and March 2009, are San Antonio´s contributions to the 81% increase in foreclosures nationwide over the previous year. It is a shouted indictment that systems upon which we have traditionally relied just don´t work anymore. The concentric circles of debt, loss (financial and otherwise), confusion and lack of direction speak for themselves.
Popular conclusions too easily reached are that fault lies with borrowers who should have known better and deserve what they got, or that fault lies with lenders who have learned their lessons and can be trusted not to make the same mistake twice. So, they stopped lending altogether. But, no one anticipated a complete collapse of the housing market, akin to a worldwide financial Hurricane Katrina.
So pervasive is the problem that a startling 70% of those faced with imminent foreclosure never seek help from anyone, according to the San Antonio Board of Realtors. Whether caught in a deliberate whirlpool of confusion, wrapping oneself in a cocoon of denial or distrusting anyone offering solutions or the relief they bring, it is impossible to break through the wall of fear surrounding our community, King explained.
"We meet with folks to go over their options – most are surprised to learn that even those with no equity in their homes, and those who owe more than the value of their house can be saved from foreclosure," King said. "Needy homeowners are tired of hearing that buyers are circling overhead to swoop down and pick up their houses for half the value or worse.
Those who waited for the government´s stimulus plan to come to their rescue, submit piles of paperwork including the mandatory sob story and, with hope restored, are sorely disappointed to hear those three little words, "You Don´t Qualify."
"I can´t stress strongly enough to those facing foreclosure whether or not in default, that time is the one thing homeowners still control; whether it works for or against, though, is up to them. Our company was set up to fight for the homeowner, but even we can´t help after time has run out.
Though based in San Antonio, Foreclosure Advocates works with homeowners throughout the United States. King advised that she can be reached by phone or fax toll free at (866) 256-0159. Foreclosure Advocates Inc can be reached by e-mail at cking@foreclosureadvocatesinc.org.
More than 3300 foreclosed homes in February and March 2009, are San Antonio´s contributions to the 81% increase in foreclosures nationwide over the previous year. It is a shouted indictment that systems upon which we have traditionally relied just don´t work anymore. The concentric circles of debt, loss (financial and otherwise), confusion and lack of direction speak for themselves.
Popular conclusions too easily reached are that fault lies with borrowers who should have known better and deserve what they got, or that fault lies with lenders who have learned their lessons and can be trusted not to make the same mistake twice. So, they stopped lending altogether. But, no one anticipated a complete collapse of the housing market, akin to a worldwide financial Hurricane Katrina.
So pervasive is the problem that a startling 70% of those faced with imminent foreclosure never seek help from anyone, according to the San Antonio Board of Realtors. Whether caught in a deliberate whirlpool of confusion, wrapping oneself in a cocoon of denial or distrusting anyone offering solutions or the relief they bring, it is impossible to break through the wall of fear surrounding our community, King explained.
"We meet with folks to go over their options – most are surprised to learn that even those with no equity in their homes, and those who owe more than the value of their house can be saved from foreclosure," King said. "Needy homeowners are tired of hearing that buyers are circling overhead to swoop down and pick up their houses for half the value or worse.
Those who waited for the government´s stimulus plan to come to their rescue, submit piles of paperwork including the mandatory sob story and, with hope restored, are sorely disappointed to hear those three little words, "You Don´t Qualify."
"I can´t stress strongly enough to those facing foreclosure whether or not in default, that time is the one thing homeowners still control; whether it works for or against, though, is up to them. Our company was set up to fight for the homeowner, but even we can´t help after time has run out.
Though based in San Antonio, Foreclosure Advocates works with homeowners throughout the United States. King advised that she can be reached by phone or fax toll free at (866) 256-0159. Foreclosure Advocates Inc can be reached by e-mail at cking@foreclosureadvocatesinc.org.
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