Hope4Hardship Founder Michael Russell recently appeared on W4CY’s Winning Business Radio with Kevin Hallinan. The episode aired on Monday, Easy 99.1, WPLM-FM’s South of Boston program, hosted by Rob Hogan, on Sunday, December 9.
In a wide ranging interview, Michael shared part of his journey, how he got started in real estate and why he founded Hope4Hardship. Here are a few bytes from the interview:
“The vast majority of the people I meet who have fallen behind on their mortgage payments have many other problems in their life as well. I relate to a lot of them. In my experience, it’s actually a lesser number of people who fall behind on their mortgage in my experience that are true victims. There is a small segment who through things outside their control found themselves in a situation…”
“Most banks are willing to do what’s called a partial claim mortgage and what that means is they take the arrearage that’s past due and tack it onto a second mortgage on the back end…”
“You don’t want a loan modification when you fall into this situation, because a modification of the terms closes at today’s current rates. Many of these people are in trouble at 2 1/2 percent mortgage rates. If you can keep that in place, handle the arrearage and keep your normal mortgage in place, it’s cheaper than rent.”