Absolute Capital Homes Weighs in on Controversial Foreclosure Laws

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There have been numerous state and federal laws implemented to protect homeowners in the wake of the 2008 housing crash, but a new report finds that many of these laws may be doing more harm than good—a finding that has drawn the attention of Absolute Capital Homes.

Ever since the housing crash of 2008, homeowners across the nation have faced much in the way of tumult and uncertainty. As a result, numerous state and federal laws have been enacted, seeking to protect homeowners from being evicted from their properties. While these laws are surely well-intentioned, and many homeowners are profoundly grateful for them, a recent report suggests that, in many ways, these laws do more harm than good, and may even be slowing the overall recovery of the housing market. This report has generated attention among many real estate professionals, including Jonathan Dieguez, of Absolute Capital Homes.

The report hones in on the State of Nevada, where it claims that “foreclosures have all but ground to a halt.” This is largely due to state regulations that allow homeowners to maintain their properties for extended periods of time, despite the inability to keep up with monthly mortgage payments. Homeowners may be thankful for the chance to stay in their homes, especially when they have developed strong emotional attachments to the houses in question, but the article stresses the fact that these laws are ultimately pushing Nevada’s housing market “further than ever from recovery.” The article claims that, in order for the housing market to recover, the many distressed properties that clutter the real estate scene must be effectively unloaded, something that homeowner protection laws make difficult.

Jonathan Dieguez, the founder of New York-based Absolute Capital Homes, has responded to these new findings with a press statement, in which he cautions homeowners not to be too reluctant to sell their properties when necessary—prior to foreclosure. “While the thought of this can be heartbreaking, homeowners will have to take a look at their overall situation and honestly ask themselves whether or not the financial afflictions are temporary or more permanent in nature,” advises the Absolute Capital Homes founder. “If you can pull out if it, then do it. IF your situation is more permanent, it is important to sell while you can. Do not wait until you are three weeks from foreclosure to decide to short sale. By then it is too late.”

Absolute Capital Homes is a real estate investment firm that specializes in buying foreclosures, short sales, and REO properties. The firm also offers many services aimed at consumers, particularly first-time homeowners, including debt reconciliation programs and rent-to-own options.

ABOUT:

Absolute Capital Homes is a privately-owned, fully integrated real estate investment firm, located in New York. The company also maintains offices across the East Coast. The company’s chief aim is to generate attractive returns through investment in residential and commercial real estate, capitalizing on the rising inventory of distressed properties held by private and public financial institutions. Absolute Capital Homes purchases promising REO and pre-foreclosed properties that require rehabilitation, then partners with local contractors to perform essential repairs, and experienced realtors to list and sell them in a timely fashion.

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Michael McGarety
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