Small Company Dishes Out $9 Escrow Fee
A small escrow company in Woodland Hills, California is doing its part during the nationwide mortgage crisis by offering $9 escrow fees, starting Oct. 9.
Woodland Hills, CA (PRWEB) September 22, 2007 -- There have been numerous horror stories lately of real estate industry professionals taking advantage of prospective homeowners, resulting in borrowers losing their homes to foreclosure. With all the bad press, it is easy to overlook the honest, hard-working people in the real estate industry who care about their clients.
A small independent Escrow Company in Woodland Hills, California, called Escrow Matters Inc., is helping homeowners by drastically reducing some of their escrow fees to $9. Owner of the company and 15 year real estate business veteran Alexandra Ullman says, "I have never seen the market as tough as it is right now. Foreclosures have jumped by 93% since 2006 alone. But I know if we all come together, we can survive this. That is why I am doing my part - I'm cutting escrow fees by 98%."
Starting October 9th, borrowers will have the opportunity to pay as low as a $9 escrow fee. Between the 9th and the 19th of each month, the first 5 escrows that close will be charged $9 escrow fee, the next 5 escrows will be charged $99, the next 5 will be $199, and the next 5 at $299. All remaining escrows will pay $399. In addition all escrows that close after the 21st of the month and before the 9th will be charged only $399 escrow fee.
According to Mrs. Ullman, the program begins on October 9th because "starting with approximately the 9th of each month and for the following 10 days, business slows down considerably. So why not reduce my fees to a point that it will make a serious difference to some borrowers at a time when every dollar counts? Remember that we have people who are trying to refinance their loans but are having a real hard time because the value of their home has decreased substantially and interest rates are so much higher right now. Instead of paying anywhere from $500-$1000 for an escrow fee to refinance a home, we can help them pay a lot less during our slow periods. Some exceptions and some additional fees may apply depending on the individual circumstances. I know that I might not be able to single handily change the current situation but I can do my part to the best of my ability."
Mrs. Ullman hopes that her company's strategy will resonate throughout the real-estate industry and believes that if more businesses follow their lead, the benefits would be widespread. Mrs. Ullman expects to keep this pricing structure into 2008.
For more information, visit www.escrowmatters.com
or contact :
Margo Williams
Phone: 310 430-5413
or call Escrow Matters Inc. at 818-703-1314
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