Miami, 1st August 2009 — A new website has just launched with the goal of supporting consumers through the minefield of mortgage defaults and foreclosures. In the aftermath of the financial crisis and the collapse of the US mortgage market, home prices have tumbled by over 20% and mortgage delinquencies are at a record high. Consumers are in desperate need of both reassurance and help.
The collapse of the US housing market began several years ago, but picked up speed during 2008 in conjunction with a steady stream of ominous economic indicators. Negative earnings reports, record unemployment, rumors of deflation and a contracting economy have all contributed to a dismal outlook for the mortgage market. US foreclosures increased by 81% in 2008, and by over 200% since 2006. Throughout 2008 up to 3.1 million homes filed for foreclosure, approximately one in every fifty US households. According to some sources, these statistics may even underestimate the full extent of the housing crisis, as many banks are holding back from listing as much as 70% of their foreclosed homes, in an attempt to delay absorbing further losses on their balance sheet. Some of the biggest institutions and mortgage providers in the US have been casualties of the financial crisis, with behemoths such as Citigroup, Bank of America, and the mortgage giants Fannie Mae and Freddie Mac suffering serious losses.
Krebs Financial is a new website specializing in loss mitigation and debt management. Loss mitigation is the attempt to attain an agreement between the home owner and the lender to prevent foreclosure, allowing the homeowner to keep the house and protect their credit rating. Krebs works with distressed homeowners to try to avoid foreclosure and/or mitigate its negative credit impact. For anyone struggling to make mortgage payments, Krebs can negotiate with the lender, provide debt management assistance, and give advice on how to obtain more favorable or manageable financial terms.
There are many loss mitigation options available, with one of the most popular being loan modification. This program allows the delinquent interest, taxes, and other payments to be added to the unpaid balance, and often succeeds in extending the repayment of outstanding payments over the remaining loan term.
As well as assisting with personal financial situations, Krebs Financial is also a provider of short sale assistance and negotiation to realtors and other real estate firms who may be struggling with the sale of their portfolio or who are looking to increase their sales.
Krebs Financial supports the client through every step of the process. The current government guidelines in this area are both strict and complex, and the majority of banks and lenders are wary of stepping outside the line. Professional help can be of great assistance in navigating the current complexities of the housing market. Krebs Financial has over ten years industry experience and skilled at handling even the most complex cases which many lenders or other companies claiming to offer loan modifications often reject.
Even when things look their worst, there is always an alternative option. Krebs Financial aims to provide the light at the end of the tunnel, guiding American consumers through the quagmire of the current housing market into a secure, stable financial future.
For additional information or a sample copy, contact: David A. Krebs at 321-239-2781 or via e-mail dkrebs@krebsfinancial.com
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