Attorney Touts Patented Foreclosure Fix

An attorney in Tucson, Ariz., is touting a recently patented financing method that he says can provide relief to homeowners on the brink of foreclosure without government assistance. Stephen M. Weeks, a founding partner of Weeks & Laird PLLC, says he developed the system, called Term Ownership, while representing homeowners harmed by predatory subprime loans. When refinancing under the system, the owner pays 30% of a home's fair market value (fully amortized over five years), while an investor or financial institution pays 70% plus closing costs. The owner continues to have the tax advantages of ownership and can obtain equity if the home's price rebounds, the law firm said. "For the financial institution, instead of facing an average $60,000 foreclosure loss, it turns an unprofitable situation into a profitable one and gains [Community Reinvestment Act] credit and public goodwill," the firm said.