Regardless of whether it was due to legitimate misunderstandings, or a few unscrupulous predators, the reality is the public has lost trust in the world of real estate lending
East Stroudsburg, PA (PRWEB) October 8, 2009
The days of lenders handing you a pen to sign contracts you can't possibly understand, are over. UnlockDocs, LLC, a groundbreaking company designed to translate anything into plain English, has put the kibosh on hoodwinking.
The last couple of years shined a hard, ugly, light on just how wrong residential and commercial financing can go. Now that the first wave of new buyers are lining up to purchase undervalued homes, they aren't as quick to accept the mortgage loans of yore.
"Regardless of whether it was due to legitimate misunderstandings, or a few unscrupulous predators, the reality is the public has lost trust in the world of real estate lending," said Kathryn Sparks, founder and president of UnlockDocs.
Finally, somebody gets it. Now, borrowers can tell what they lost and what they gained right up front. Even various business clients, such as CPA's, attorneys, and architects, have requested Plain English Guides (PEG) from the UnlockDocs website. The service takes legalese out of any type of document, in any industry language.
Customers order PEGs for anything from an insurance policy, to credit statements, to sports and entertainment agreements. However, Sparks has seen a tremendous spike in requests for PEGs specifically for real estate documents. "The media exposed the negative impact force-fed loans had on the economic tsunami. Mortgage loans were doled out to anyone itching to take their first swipe at the brass ring. Borrowers now realize they were taken advantage of; they feel tricked, and no longer trust the lending industry. Getting a PEG version of your document is a great way to ensure that what you were told made its way to the paper you signed."
And if you think it's too late to avoid foreclosure, think again. Running a PEG on your mortgage loan documents might reveal helpful information your attorney can use while you still have time. If you've already received a foreclosure notice, a PEG will go a long way in understanding your options.
Ironically, in an effort to regain the public's trust, real estate professionals have begun requesting PEG's to accompany documents going out to clients. Scott Gibson, of Gibson International Real Estate in Brentwood, California, thinks it's a great idea. "I think what's great about this process is it takes a long and complicated document and puts it into a short, concise, and easily understandable format."
Adding interest to the website, UnlockDocs occasionally posts high-interest court cases translated into plain English. You can find a sample PEG of the original Bernard Madoff Criminal Complaint attached to this article.
About UnlockDocs, LLC
UnlockDocs is a limited liability company in East Stroudsburg, Pennsylvania, formed under the laws of Delaware. An online service, it's available to individuals as well as businesses. Kathryn Sparks is the president and CEO, and is a Linkage Women in Leadership Corporate Fellow inductee. For interviews or to discuss your company requirements, contact Ms. Sparks directly through UnlockDocs.com or call 570-801-2600.