Countrywide…Will They Really Do Principal Reductions?

Principal reduction is something all of us would like to participate in during this housing crisis. Do lenders really do this? Countrywide has been offering principal reductions to borrowers who fit the criteria for this loan modification option. Here is the deal…eleven states were involved in a class action lawsuit against Countrywide claiming that Countrywide engaged in predatory lending practices. Countrywide settled claims worth approximately $8.6 billion to homeowners who held risky loans. Since that time, two additional states were added into the settlement.

If you lived in CA, AZ, CT, FL, IL, IA, MI, NC, OH, TX, WA, TN, MS, and PA. If you lived in one of these states and originated loan(s) with Countrywide between January 1, 2004 and December 31, 2007, you maybe eligible to participated in the loan modification program that Countrywide is offering. If you have challenges paying your mortgage, you should still apply to get assistance with lowering your mortgage payments to avoid foreclosure or short sale.

Homeowners who are stuck in those pay option arms are prime candidates for principal reduction loan modification. Most borrowers did not understand the real risks involved when they applied for these types of loans. They are now faced with few options. The Federal government is encouraging all borrowers who are in mortgage stress to apply for loan modification.

Each loan modification is reviewed on a case by case basis. Qualification is based on hardship and the ability to re-pay the loan. At Credit Capital Solutions, we take a proactive approach in favor of the borrower. We pre-qualify each borrower to see if they will fall within the guidelines required by lenders, based on the Obama Plan. We do not charge a fee unless a positive loan modification comes back form the lender. If there is no improvement, there is no fee. We have set this a precedent since there are so many predatory loan modification companies operating illegally in a realm set to take advantage of clients who are suffering financial challenges.

At Credit Capital Solutions, we also offer debt reduction programs, as well as credit repair. If we feel we cannot help your situation, we refer to other experts who can solve your problems…this is being Empowered. At Credit Capital Solutions, we proactively Empower you. For a discreet and confidential free consultation, contact me directly: info@empower2go.com…

Categories: Loan Modification, Bankruptcy, and Credit Repair

Tags: credit, debt, Empower, empowered, Foreclosure, Foreclosures, loan, Loan Modification, predatory, principal, reduction, Short Sales

About Martin Casper

Being an entrepreneur has given me a deep appreciation for individuals who are success oriented and never give up. The drive to always “push through” is a trait of successful people. I have been fortunate to associate myself with many successful individuals over my life. It began with my father who instilled in me the ability to step outside of the box…to create something out of nothing. He taught me the importance of integrity in business...traits that I have incorporated into the various business models I employ. I spent the first ten years of my career in the medical field. I worked side by side with amazing individuals who put their own self-interests aside in order to nurture others back to good health. Many times I witnessed life and death situations. It was always humbling to experience the team-work that evolved around trying to save a lives. As my career path evolved into the business world, not only could I bring those experiences into my persona, I saw a need to spread information…real information for real situations. A close friend of mine began to mentor me in aspects of blogging. He has given me incredible insight into how a blog should be developed…how to focus my passion for helping mentor people to becoming successful entrepreneurs. This passion for mentoring others began when I was a young child and continues today. It is not about me, but rather those who have influenced my life. I am a work-out addict and a real “ski dog”. Sorry guys and gals…I do not “ride”. I live for deep powder and steep chutes. I love the feeling of looking over the edge of a steep run…feel my heart beat faster with that adrenaline rush and then “jump in”. I love golf…but I always wonder if I will ever break 100…lol! Most of all, I love my wonderful family…they are the best! Thanks for stopping by and I hope you feel empowered today.