Homes Post Price Drop First Time In 10 Years; "Law and Associates," A Foreclosure Consulting Agency, Points Out Potential Warning Signs Of Foreclosure

Knowing the warning signs of foreclosure are the first steps in preventing it from happening. Florida-based foreclosure mitigation specialists "Law & Associates" point out potential warning signs -- valuable tips can give vulnerable home owners an edge.

Clearwater, Florida (PRWEB) September 29, 2006 -- "Being on the offensive and being aware of the warning signs of foreclosure gives every homeowner an added edge in vulnerable times," said Richard Boyle of Law & Associates, www.lawandassociates.org specializes in out-of-court resolutions of mortgage litigation. While Law & and Associates are not attorneys, they counsel on behalf of homeowners who find themselves in a variety of situations. Embarrassment and pride must be set aside in order to take the first step in stopping foreclosure. "When you are afraid of losing your home, having a spokesperson who knows how to negotiate with lenders is important. It shifts the power balance in favor of the homeowner who is trying to find options that will save their home, Boyle added, "Being aware of the signs of impending foreclosure, though, is one of the first steps of prevention." www.lawandassociates.org

Home prices have declined for the first time since 1995 and many homeowners may owe more on their mortgages than their house is worth. Time is of the essence and if the homeowner is experiencing any of the following signs Law and Associates will negotiate with the homeowners' lender on behalf of the homeowner and in their best interest. Law and Associates work diligently to obtain a fair solution for the homeowner who has foreclosure looming ahead. www.lawandassociates.org

Warning Signs of Foreclosure:

1: Do you owe more than your house is worth? The risk of foreclosures rises when borrowers take out loans in excess of 80% of a home's purchase price. Statistics suggest that many homebuyers are stretching their budgets well beyond their means. The risk is that recent buyers have such minuscule equity in their homes that if prices fall, they could owe more on their mortgage than their homes are worth. Could your home be worth less than what you owe?

2: Are you behind on your mortgage payments? Falling behind on mortgages for any reason: such as a sudden decreases in income due to the loss of spouse or job, poor financial management which contributes to nonpayment of utility bills, service shutoffs and liens against the property; failure to perform necessary repairs and maintenance which make the property uninhabitable; second mortgage scams which make impossible demands on the homeowner's limited resources.

3: Do you have a Piggy Back Loan (exotic loan) hedging on the fact property values will increase?" Based on increasing property values exotic loans such as interest-only loans and adjustable-rate mortgages (Arms) provide borrowers with a lower monthly payment for a short period of time can create big problems." says Dean Baker, co-director at the Center for Economic and Policy Research.

All of these contributing factors can be addressed if homeowners contact skilled advocates in time for them to defend the homeowner before foreclosure starts. No matter where you live in the United States, Law and Associates will be able to assist homeowners with current mortgage problems. Please contact Law and Associates at 800-329-9973- or visit www.lawandassociates.org

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