A newly launched foreclosure Web site from ForeclosureTek Inc. is aiming to help people struggling homeowners nationwide. Originally founded in 2006 by Lawrence Cipollone Jr. as United Foreclosure Solutions, the site has a new concept and ideology. Cipollone predicted the monumental crash in the housing market as well as the economy. "I knew there was a crisis coming and people would need direction and fast."
With government programs in flux and more people struggling to pay their mortgages, Cipollone wanted to launch a new site, www.ForeclosureTek.com, for the public. "This is a Web site that links you to the bottom line. Do you qualify for a loan modification under the new Obama Plan? You never know what directives the government will release that might help your situation. If you want to follow housing news, you should be following us. You can even follow us on Facebook and Twitter."
Cipollone sees another wave of trouble coming: public sector workers are losing their jobs in record numbers as government budgets collapse. Add this onto of the 10 percent unemployment figures and Cipollone see this as the perfect storm. He also suggests that new wave of people entering into foreclosure have no equity, but paradoxically, do have good credit and low risk loans.
"This is the other shoe to drop. While I think the values in New York have somewhat stabilized, I don't think anyone should be looking for a 'V' shaped recovery. It's a great time to buy."
According to RealtyTrac foreclosure filings were reported on 333,837 properties in April, a nine-percent decrease from the previous month and a two-percent decrease from April, 2009--the first annual decrease since January, 2006. However, Cipollone is quick to point out that REO's (bank owned properties) are up 45 percent from a year ago. "That's huge," said Cipollone.
Cipollone has tapped Resolution Realty owner Salvatore Chierico to perfect the short sale acquisition end of the business as well as retailing the portfolio properties.
ForeclosureTek is also positioning itself to sell ForeclosureTek Affiliates to select real estate offices in the metro-New York area. "When people see our sign, they'll have the comfort of knowing they can get foreclosure assistance or purchase a distressed property at a great discount."
The ForeclosureTek network also buys and sells all types of real property, from estate sales to the purchase non-performing notes and REO's from major banks.
For more information, visit www.foreclosuretek.com.