Lake Worth, FL (PRWEB) January 1, 2011
Richard Rodriquez, chief executive officer and founder of Reliance Inc., worked in the mortgage business with Michel Telson in the undesirable old days a handful of years ago when mortgages were becoming churned out with small concern for borrowers’ potential to repay the loan.

“I remember pondering, Where does it all stop? It was pass the buck, pass the buck, tossing hot potatoes all day,” Rodriguez said. He stepped off that track, employing some of his savings, to commence the faith-based financial services firm that does debt counseling, credit repair, negotiation with the IRS and mortgage modification. Telson is chief operating officer of the Lake Worth Firm.

“We are attempting to remedy some of the harm that was accomplished,” Telson mentioned, “since people want support.”

The company’s business exploded as the economy fell into recession, following the collapse of the mortgage and housing markets in South Florida and elsewhere. Revenues in 2009 have been $ 2.9 million, up from $ 375,543 3 years earlier, for a development price of 663 percent. For subsequent year, the partners say they anticipate to hit $ five million. That earned the firm the rank of 452 on the Inc. 500.
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Both men say their Christian faith guides their enterprise ambitions. And they make a point to promote on a Christian radio station.

Reliance charges its clients on a sliding scale, ranging from a few hundred dollars for credit repair help to $ two,000 or a lot more to deal with a mortgage loan modification.

“When the economy took a dive, I lost my job and I was in difficulty with my credit cards,” said Barbara Bigelow, a retiree who lives in Naples who is a former consumer. She mentioned the firm arranged a debt settlement that reduce her $ ten,000.00 debt load in half. She has now paid that off…

Bigelow says she utilized Reliance simply because the method of remedying a debt problem needed expertise that she does not have. “I gave up on myself a lot of occasions,” she says of the two-year method. And, when she told a Reliance counselor how a lot income she could pay to satisfy one of her credit card bills, the counselor kept working and negotiated the debt even decrease.

To continue on its growth path, Rodriguez, who financed the commence-up with his own funds, says the firm has a plan for relief for underwater mortgages these in which the borrower owes much more than the residence is worth. He’s raising capital and in search of investors to fund a $ ten million strategy to acquire mortgage notes from banks at a discount and use a mixture of mortgage modification and refinancing to minimize the principal or the amount owed by the borrower. And he has hopes of opening a broker-dealer unit that would sell insurance coverage, annuities and securities.

“As we’re dealing with folks acquiring out of debt, in the method it’s a key clean up and we teach them how to save. Then they have a lot more disposable income and they can consider a lot more about retirement,” Rodriguez mentioned.

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