04-30-2008, 05:28 PM
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#2
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Senior Member
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 5,911
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Foreclosure for the po' folks...
Foreclosure Industry Is Booming
April 29, 2008 - Foreclosure Specialists Multiply While Housing Crisis Has Yet to Peak
Quote:
If you want a sense of the scale of the mortgage meltdown in this country, tag along with Sean Zawyer and Seth Gissen for a day. They are process servers, sworn officers of the court, hired to deliver bad news. Their company delivers about 5,000 foreclosure notices in the Miami area each month. "I don't even know if there's words to describe the number of foreclosures that are coming out," Zawyer said.
"Amazing, because we've been in business for 10 years and grown steadily, 20, 30 percent, steadily. And in a year and a half, you double an existing business." They now have 55 employees — 25 in the office and another 30 servers who deliver foreclosure notices. Zawyer and Gissen are not the only ones kept busy by the foreclosure crisis — so are moving companies, as banks evict owners who fall behind on their payments. In Rockwall County, Texas, the sheriff is called in to evict about six families a week.
On the other side of the country, outside Los Angeles, there's a booming industry in preparing repossessed homes for resale. Two years ago, WSR Preservation Services, a California property maintenance company that specializes in cleaning up foreclosed homes, had 10 employees. Today, they have 60. "We have bicycles, we have toys, you know. Again, this was probably a nice little family who could just not make the mortgage payment," John Plocher, president of WSR Preservation Services, said as he surveyed a home in suburban Los Angeles that had clearly been abandoned in a hurry.
More ABC News: Foreclosure Industry Is Booming
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Whitney Houstons house goes into foreclosure
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