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Attorney-owned real estate brokerage provides
free tool to help homeowners make a tough decision
Orange County, CA — Lawyers Realty Group, an attorney owned and operated short sale brokerage, announces a free online tool to help homeowners decide whether they should continue paying on an underwater mortgage or seek the legal protections and financial relief afforded by a short sale.
“Homeowners who are hanging on for a recovery in the housing market need to have a clear understanding of what they are facing before they make another year’s worth of payments on their mortgage,” explains Derik Lewis, Attorney/Broker and founder of Lawyers Realty Group. “By offering the free Short or Stay Calculator, we hope to assist homeowners in determining the most financially beneficial way to address their problem mortgage.”
The SHORT OR STAY CALCULATOR, which can be found at www.LawyersRealtyGroup.com, provides homeowners with information on their home’s current value and calculates the time and money that the homeowner will expend trying to recapture lost equity. It is tailored to each homeowner’s unique situation and provides results based on three different market scenarios. The calculation reveals the simple financial facts upon which a homeowner can best evaluate their decision to stay in the home or pursue a short sale.
“People struggling to make their payments with the hopes of salvaging some equity may be shocked by how far values have really dropped and how far we have to go before prices bottom out,” says Mr. Lewis. “Those homeowners may be far better served by pressuring their lender for a short sale to help preserve their long-term financial security.”
The foreclosure crisis continues to depress home values, especially in California, Arizona, Nevada and Florida. Prominent real estate analysts like David Blitzer of S&P Indices predict that price declines will persist for the next few years as foreclosures and bank owned properties (known as REO’s) continue to pile up and force prices downward. According to Blitzer, “The trend is down and there are few, if any, signs that a turning point is close at hand.”(Washington Post, Jan 31, 2012).
“We understand that homeowners are facing a number of difficult and often painful decisions about their homes,” says Mr. Lewis. “We hope this free tool will provide some clarity in a very confusing time and will help homeowners make well-informed decisions about their future.”
Find out about Lawyers Realty Group and the Short or Stay Calculator at www.LawyersRealtyGroup.com