Lynn firm works to help homeowners avoid foreclosure

LYNN – David Seymour, his wife Mary-Beth and partner Peter Souhleris are trying to salvage dreams, even make them come true for beleagured homeowners against the backdrop of the home foreclosure crisis.The trio started DMS Investments, Inc. last year. They have sold or renovated for sale a half dozen local properties. Recent customers include Kathy Pestana, owner of an apartment building and sandwich shop on Chestnut who found herself behind on mortgage payments after her husband died last fall.?She was stuck with two buildings and didn?t know how to sell them. It was a case of how to help her,” Souhleris said.DMS helped Pestana renovate her building, find new tenants and write new leases.?Their business is a wonderful thing and I would highly recommend them to anyone who is in a bad situation,” Pestana wrote in an electronic mail to the Item.Seymour said DMS?s work on Pestana?s behalf is an example of how the firm provides homeowners with an “exit strategy” out of foreclosure.The national problem of mortgage holders confronted with escalating rates and mounting debt has spawned go between firms like DMS that try to make money by working with homeowners and the banks seeking to auction off their homes.?The bank is looking at a piece of real estate no one will manage,” Souhleris said.One way DMS works with homeowners is by arranging to sell a property for an amount less than what the homeowner owes the bank. These “short sales” obviously require negotiations with bank or mortgage company representatives.David Seymour said DMS has had success in halting foreclosure proceedings while short sales are being negotiated. He said the sales have helped homeowners preserve their credit.The negotiations benefit mortgage holders by reducing the number of vacant properties they must manage and maintain.?We try to say, ?What is your situation?? There?s a bad rap about guys who take advantage of someone in foreclosure,” Mary-Beth Seymour said.Souhleris has 11 years experience doing condominium conversions but the foreclosure crisis forced him to look into new real estate opportunities. Joining forces with the Seymours allowed him to combine property management sales skills with their contracting knowledge.?Sometimes it?s like Christmas hearing how happy people are,” he said.