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Union Equity Sets Sites on Rising Foreclosure OpportunitiesadvertisementRelated information E-mail this article Print-friendly versionStocks mentioned in this articleUNION EQUITY INC(UNQT) Quote, Chart, News


All Business Wire NewsUnion Equity, Inc. (Pink Sheets:UNQT) is pursuing foreclosure opportunities in key areas of South Florida.

The Company is going after properties that have entered the "Lis Penden" stage; meaning that the owner has missed at least three mortgage payments and the lender has filed the very first document to initiate foreclosure proceedings.

Whereas six months ago foreclosure listings were relatively sparse, the number of properties entering foreclosure is rising steadily.

The recent spike in foreclosures can be attributed to the interest-only, refinancing boom that occurred several years ago. Many of these loans featured enticing teaser rates and low monthly mortgage payments for the first three years. Now that the three year lock period has expired, applicable interest rates have adjusted upward. Many homeowners are finding themselves in the awkward position of having to meet a monthly mortgage payment that may be as much as 50% higher than they are accustomed to.

"We're seeing several new foreclosures a day in our target areas," said Union Equity CEO Michael Anthony. "We're systematically contacting select property owners of condominiums and single family residences and offering them a way out."

Most recently, Union Equity acquired a Mizner Mini-Mansion located in the historic Northwood District of West Palm Beach. The two-story, single family residence with guesthouse was purchased for $630,000.

The company is also currently working on the expansion of Home Sales Express, Inc., a wholly owned subsidiary, and its corresponding website http://www.KingOffer.com.

Home Sales Express, Inc. is a comprehensive resource for homeowners who want to participate as buyers or sellers in the For-Sale-By-Owner (FSBO) market. Through its website http://www.KingOffer.com, Home Sales Express is designed to attract owners of distressed properties that are not yet listed on the open market for purchase consideration by the Company. The site can also accommodate owners of conforming properties who want to sell directly without the assistance of a real estate agent.

Shareholders and other interested parties who have not done so already are encouraged to sign up for Union Equity's electronic newsletters at http://www.UNQT.com and the latest real estate news at http://www.KingOffer.com.

About Union Equity

Union Equity is a real estate development, services and holding company. The company operates independently and through subsidiaries and plans to grow aggressively over the next several years through acquisitions, mergers, internal growth and the development of a dynamic internet presence.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, which represents the Company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The Company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operating results and liquidity needs to differ materially from such statements, including, without limitation: (i) increased competition, (ii) fluctuations in price, demand and supply of real estate markets and (iii) risks associated with high capital long term investments. In addition, any forecasts made by the company, whether short-term or long-term, regarding future profitability are based on hypothetical business models and do not constitute a guarantee of profitability. Investors are highly advised to seek professional advice and conduct a complete due diligence regarding this, or any other company being considered for investment purposes. Investing in securities, particularly in issues priced at less than $1 per share, involves substantial risk and may result in a partial or complete loss of investment capital. Investors who initiate such an investment strategy should possess the financial net worth to withstand such a loss. Union Equity, Inc., its subsidiaries, officers and employees cannot guarantee the completeness or accuracy of the information contained in company press releases. Press releases issued by the company should not be interpreted as an offer to sell or a solicitation to buy company stock.

Further information on the company can be found on their website; http://www.UNQT.com.

Contact Information: Union Equity, Inc., Palm Beach Rosalie Farnsworth, 800-916-3457 Fax: [phone] [e-mail]

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