Between Two Doors: A Conversation with Mike Russell on Real Estate and Foreclosure Prevention
Between Two Doors: A Conversation with Mike Russell on Real Estate and Foreclosure Prevention
If you’re looking to buy or sell a home in Massachusetts, or if you or someone you know is facing foreclosure, today’s episode of Between Two Doors is for you. I had the pleasure of speaking with Mike Russell, a seasoned real estate professional with over 20 years of experience. In our conversation, we explored his journey in real estate, the current market landscape, and his incredible nonprofit, Hope for Hardship, which helps homeowners avoid foreclosure.
Mike’s Real Estate Journey
Mike Russell has been in the real estate industry since 1996, starting out in his father’s Century 21 franchise. Over the years, he has held nearly every position within a real estate company, ultimately growing into a highly respected industry leader.
“Real estate has given me everything I ever needed, damn near everything I ever wanted,” Mike shares. But, like many in the field, he never planned on becoming a real estate professional—it just became the path of least resistance.
Today, he leads a team of 65 professionals, including agents, assistants, and legal experts. His company is built around guiding buyers and sellers through complex transactions, ensuring they make informed decisions.
Lessons for Homebuyers
With over two decades in the business, Mike has witnessed thousands of real estate transactions—some smooth, others disastrous. He stresses the importance of preparation, particularly in today’s market where affordability is at a historic low.
“The slightest misstep on the way to closing as a buyer can mean the difference between getting the home and not,” he warns. From purchasing furniture on credit before closing to making large withdrawals or deposits in their bank account, minor financial moves can derail a transaction.
For homebuyers, he advises:
Understand your financial picture. Make sure to uncover all sources of income, including commissions, bonuses, and non-taxable benefits like Social Security.
Work with a knowledgeable team. A skilled real estate agent and lender will guide you through the process and ensure you are financially prepared before making an offer.
Avoid making financial changes before closing. Even a small increase in debt or a change in employment status can affect loan approval.
The Reality of Today’s Housing Market
Mike shared some eye-opening statistics about the housing market, noting that the affordability index is at 48, meaning the average household earns only 48% of what’s required to purchase the average home in America.
“It’s the lowest it’s been since before I was born,” he says. “We haven’t seen anything like this in decades.”
With rising home prices and increasing mortgage rates, many potential buyers are frozen, unsure if they can afford a home. However, with the right guidance and strategic planning, homeownership is still achievable.
Hope for Hardship: Helping Homeowners Avoid Foreclosure
One of the most inspiring parts of our conversation was Mike’s nonprofit organization, Hope for Hardship. After experiencing personal financial struggles during the 2008-2009 recession, including foreclosure and bankruptcy, Mike turned his experience into a mission to help others avoid the same fate.
“Our mission is simple: Help people remain homeowners,” he explains. “Foreclosure doesn’t help anyone—not the homeowner, not the bank, not the community.”
Mike and his team work with homeowners facing foreclosure by assisting them with loan modifications, payment deferrals, and financial planning to avoid losing their homes. They advocate on behalf of homeowners, ensuring banks consider every possible solution before taking drastic action.
Foreclosure Prevention Tips
Act Early: Many homeowners wait too long to seek help, making it harder to find a solution.
Communicate with Your Lender: Banks prefer working with homeowners over foreclosing on properties.
Seek Professional Help: Nonprofits like Hope for Hardship can assist with paperwork and negotiations to increase the chances of approval for assistance programs.
Know Your Options: From government-backed programs to refinancing opportunities, there are ways to keep your home even when facing financial difficulties.
How to Contact Mike Russell
If you’re in the Boston area and looking to buy or sell a home, or if you or someone you know is facing foreclosure, Mike is ready to help.
📞 Direct Line: 508-501-9214
🌐 Website: https://hope4hardship.org/
LinkedIn: https://www.linkedin.com/in/mike-russell-573831300/
Mike’s passion for helping people, whether as a real estate agent or as an advocate for homeowners in distress, is evident in everything he does. If you’re in need of real estate guidance or foreclosure assistance, don’t hesitate to reach out.
Between Two Doors is sponsored by Success Mortgage Partners. If you’re looking for expert mortgage advice, visit https://www.natecarver.com or call 972-807-5044.
📌 Follow us on social media:
Facebook: https://www.facebook.com/NateCarverTheMortgageGuy/
LinkedIn: https://www.linkedin.com/in/natecarver/
Twitter: https://twitter.com/NathanC90662223
If you or someone you know is facing foreclosure, reach out to Hope for Hardship today—help is available, and there are options to keep your home. Don’t wait until it’s too late!
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