“FreeDistress understands that most Americans have been forced into a corner by banks due to the constant threats of foreclosure and eviction" - Daniel J. Hommel
New York, NY (PRWEB) April 6, 2011
The American Dream is to own a home, to live a prosperous life and raise a family. With the current economic climate that has impaired the United States real estate market, the American Dream is quickly becoming a fairytale. Financial institutions and their mortgage practices have only added insult to injury by taking advantage of the American homeowner’s distressed situation. FreeDistress.com, LLC is a new real estate investment company that has positioned itself to provide a life preserver to the distressed American by providing options for our clients to utilize in their attempts to prevent a financial institution from taking their homes.
The FreeDistress process is simple. Distressed owners of residential and commercial properties apply online at http://www.freedistress.com and provides to FreeDistress various materials (including copies of the existing mortgage documentation and a bank authorization letter which consents to FreeDistress discussing the client’s existing mortgage debt with the applicable financial lending entity). FreeDistress attempts to purchase the client’s real estate from the financial lending entity in a “short sale” scenario. If FreeDistress is successful in acquiring the real estate, then it leases the real estate to the client. FreeDistress attempts to acquire the property at a purchase price that is low enough to allow it to offer the client a monthly rental amount that is approximately fifty percent (50%) of the original monthly mortgage obligation being paid by the client to the financial lending entity. The key element to the FreeDistress business model is that the lease agreement entered into with the client includes an option for the client to reacquire the real estate from FreeDistress at a price equal to the outstanding mortgage indebtedness owed to the financial lending entity at the time that FreeDistress acquires the property. The purchase option is exercisable in a time period between five (5) and ten (10) years, as decided by the client in consultation with FreeDistress. The lease which contains the purchase option is then properly recorded along with the deed and made public record.
“FreeDistress understands that most Americans have been forced into a corner by banks due to the constant threats of foreclosure and eviction,” stated Daniel J. Hommel, Chief Executive Officer and co-founder of FreeDistress.com. “We want to let the American homeowner know that they are not alone. Options are available and FreeDistress is here to offer a life preserver to get them through this time of financial hardship and distress.”
Regarding options, FreeDistress offers its clients many of them. FreeDistress offers a debit card provided by MasterCard which reports to the three primary credit bureaus and works as a credit enhancement tool by increasing the clients credit score; once the credit score is at a certain level, the debit card converts to a credit card. The FreeDistress Foreclosure Prevention Department offers its clients two additional services to aid them during these trying times: Forensic Audits and Foreclosure Postponement. Foreclosure postponement services work with the client to delay scheduled foreclosure dates. Allowing the client more time to deal with an existing foreclosure date provides the client additional time to seek relief while FreeDistress negotiates an acquisition of the real estate with the existing bank. Forensic audits review the client’s existing mortgage documentation with the financial lending institution and provide a detailed report to determine if the bank has violated any existing Federal statutes including, but not limited to, RESPA, MERS, TILA, HOEPA and the good faith estimate requirement. Once a client receives a forensic audit that evidences existing statutory violations made by the bank, the client is then able to commence a lawsuit against the bank with the United States courts for such violations in an attempt to extinguish all or a portion of the existing mortgage indebtedness. FreeDistress is able to utilize such existing violations as leverage in its attempts to acquire the property from the existing bank.
"The American Dream has been abused by the various banking institutions and lending entities. The majority of homeowners pay their mortgage to a servicing company and, therefore, do not know what financial institution actually holds the mortgage on their property," Mr. Hommel said. On Sunday April 3, 2011, “60 Minutes” aired a segment on CBS hosted by Scott Pelley which made the American people aware of the fraudulent practices of the banking industry regarding mortgage-backed securities over the past several years. “What the banking industry pretty much did was determine that their mortgage loan and stock prices was more important than the well-being of the American homeowner so they decided to commit forgery on a grand scale for their own benefit,” explained Mr. Hommel. “FreeDistress is here to even the playing field for the American homeowner and give them a fighting chance to withstand the banks’ foreclosure processes – it amazes me that the Obama administration did not find a way to create a government subsidized program based on the FreeDistress business model.”
FreeDistress has also set up the FreeDistress affiliates program. The affiliate program has created a FreeDistress community throughout the United States. Within three months, over two thousand (2,000) affiliates have signed on to participate in the FreeDistress program. These affiliates have brought in over two hundred and fifty (250) applications to date. “Our affiliates are a major part of our framework and we work with them as a team,” explained Mr. Hommel. “With over two thousand affiliates supporting our program and almost three hundred applications in just a few months, the American homeowner obviously understands the value of FreeDistress and we will do everything in our power to free them from their distressed living situation.”
FreeDistress has brought a breath of fresh air and glimmer of hope to millions of American homeowners across the nation. Any distressed situation involves hard times and heart-touching situations, however, these circumstance can only be overcome with viable options. FreeDistress is offering such viable options to the American people.
For business inquiries, please email eja(at)nsmnyc(dot)com
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