Frederick, MD, February 05, 2008 --(PR.com
)-- The housing market "bubble" of 2004-2006 has burst. Since late 2006, with a few exceptions, the number of purchases and refinances have declined steadily. The days of the 100% financing, stated income, low or no document loans are now over, and title companies and other related industries such as brokers and mortgage originators are laying off employees rapidly. It is now more difficult to obtain a loan for individual borrowers and families, and the housing market appears to be slowing.
However, many of the loans originated in 2004-2006, came with a steep price - borrowers often overextended themselves, some borrowers knowingly and some borrowers unknowingly, and by entering into adjustable rate mortgages (ARMs) that had a negative amortization features, which adjusted mortgage payments sharply after an introductory low interest initial payment schedule. Now these borrowers are facing mortgage loan defaults and foreclosure proceedings.
One of The Firm's goals is to help Maryland homeowners into determining whether or not they were, at best mis-informed, or at worst, fraudulently induced, to take these loans, and then to take action accordingly to assist these individuals and families.
Over the last nine years, the Firm's Principal Michael S. Reed, Esq. has worked in various capacities, from corporate and contract attorney to a branch manager and settlement attorney. Most recently, over the past five years he has worked in the real estate escrow industry as a Title and Settlement Attorney, clearing title for borrowers and conducting purchase and refinance transactions.
The Firm's area of practice includes real estate transactions, primarily mortgage foreclosure defense law, and is also expected to expand into bankruptcy law in the Spring of 2008. The legal services of the Firm will be primarily marketed toward individuals and families who own homes in the State of Maryland, but the Firm will provide legal services to non-homeowners as well.
The Reed Law Firm, LLC began accepting new clients in January 2008.
The Firm's mission statement is:
The goal of The Reed Law Firm, LLC is to provide quality legal services and assistance, in a timely manner and at an affordable price, to individuals and families throughout the State of Maryland, and to educate it citizens about the importance of mortgage law awareness.