Struggling Homeowners Find True Relief with a Non Profit Law Clinic’s Approach at Mortgage Principal Reduction Versus Failed Loan Modifications

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Santa Ana, CA (PRWEB) December 1, 2010

As the housing crisis deepens, true relief for homeowners is scarce. A Non Profit Law Clinic with supporters and volunteers that range from law students, 38 year multi state licensed Mortgage and Real Estate Contract Litigators, Real Estate/Mortgage Professionals to large Investment Firms has launched a breakthrough approach, effectively allowing for a substantial “principal reduction” – something unheard of in the Financial Industry until now, by allowing individual homeowners to participate in a very common banking practice.

Consumer Protection Assistance Coalition (CPAC), an established Non Profit Organization with Federal Government recognition as a 501 c3 Tax deductable organization with a current presence in Washington DC, Arizona, California, Colorado and New York is taking a very unique but effective approach to help all families especially those with children and the elderly facing homelessness due to wrongful or illegal Bank Practices including wrongful foreclosure. One of CPACs Directors, James Curtis Esq, a practicing Attorney for almost 25 years and 10 year veteran as lead criminal prosecutor in the Assistant District Attorneys Office has attracted many supporters and alliances for their cause.

In our struggles to help families that the lenders have seemed to toss aside out of greed and in most cases very questionable if not illegal actions perpetrated by the same lenders our Tax (TARP) Payer Billions went to, we have seemed to have attracted some very innovative supporters that now allow us to offer a true Restructured Mortgage program by using the same system those same lenders have been using for decades, buying and selling Mortgage Notes back and forth to each other, only they never allowed the homeowner to benefit from, until now, we call it Consumer Home Affordable Restructured Mortgage program or just CHARM for short. states Mr. Curtis.

Mr. Curtis continues In todays Banking environment, Note Holders of Home Mortgages are trading, buying and selling both Non Performing as well as Performing Mortgage Notes like a Monopoly game, only with real peoples lives that they dont seem to care about. Our approach is very simple, yet very effective. We help the consumer with every aspect and level of aggressiveness in approaching their lender to allow a long term sustainable alternative to foreclosure. We use many different approaches, some very subtle and non threatening to very aggressive methods including but not limited to State and or Federal Law suits filed against the Lender and the actual Note Holder for very commonly found errors, mistakes, violations or misrepresentations in the loan itself that may make that loan legally unenforceable let alone un-foreclosable.

According to Mr. Curtis statement, Every one knows the lenders have no intention in voluntarily helping the homeowner, not if it causes the lender any type of loss. Thats why the current failure rate on voluntary lender loan modifications has been reported higher than 99%. I read some where that out of 650k families that finally received a Trail Plan, with a promise to get permanently modified, only 2000 families received a permanent loan modification. Most of those re-defaulted and were only short term rate reductions that will place the home owner back in the same or worse spot in the near future. Mr Curtis continues Unfortunately the homeowners now have very few real alternatives other than what their lenders want them to do, either selling their home, being forced to accept a meaningless temporary interest rate reduction, experiencing foreclosure or finding a more aggressive offensive approach based on the lenders short comings, thats where we come in. Unlike other than Non Profit entities paid by, sponsored by or supported by the banks them selves, like wolves in sheeps clothing guarding the hen house. We work against the bank and only for the Consumer using Consumer Protective Laws and the United States Court System.

According to Mr. James Curtis Esq CPAC offers all consumers many completely free, no fee services and products that many consumers benefit from every day, because we have a very high level of Banking Professionals with in our organization, we actually get a good percentage of our clients meaningful and sustainable restructured mortgages with out having to resort to more aggressive methods, and thats our goal 100% of the time. But in the event that the consumer wishes or is forced to by their lender, we put on our boxing gloves and kick them between the legs.

Mr. Curtis continues If that doesnt get our consumer a settlement that they can truly afford, then we are prepared to go the full 12 rounds, but we slide a brick in each glove for leverage. Whack the Bank once upside the head then offer them a extra strength Tylenol and a pillow. We have attracted a few very interesting supporters that are investment firms, one is publically traded and others have pledged up to $ 78 million in revolving credit lines and are prepared to buy the Non performing Mortgage Notes or in some cases buy the homes from the foreclosing bank and resell the same home back to the homeowner, homeowners and their relatives for close to todays market value.

One firm has agreed to do the same and actually lease back the home to the homeowner that was getting foreclosed on and give that homeowner a Purchase Option Agreement that will give the homeowner the chance to address any financial as well as credit issues. We are actually actively making great advances in aligning ourselves with a Private Banking institution that will actually give a new loan to the homeowner while they are in foreclosure, no other Non Profit or For Profit Organization that I know of can say that. He continues, Our Coalition has many successful cases that resulted in the homeowner that was getting foreclosed on not getting any voluntarily help from their lender either bought their same house back for market value thru our investment partners or are still living in the same home paying a much lower monthly payment, in some cases less a third of what their prior payment was with the first right of refusal to purchase back their home for close to todays market value, in a specific case that meant $ 250k less, half of that was previously owed on the same property to the foreclosing lender with a faulty mortgage loan contract.

CPAC offers any consumer free consultation, free lender fraud and violation analysis, free permanent principal reduction program pre-qualification, free loan modification package that is lender specific with web based paperless document upload, storage and immediate recall delivery with password protected access for the homeowner or any one the homeowner wishes to have viewing access to what is now always getting lost by lenders. CPAC also offers free Home Affordable Modification Program (CHAMP) long term result review and free explanation of consumer protective laws, services and products that are available to educate and prepare every consumer to make the decision thats right for them. Some thing your lender and your lenders paid affiliates, including most Non Profit companys wont do. CPAC will even offer consumers a free explanation of non legal alternatives that will only help the consumer not the lender then refer or introduce the pre-qualified consumer to a vetted experienced professional to properly execute that alternative. Why do they do all this for free, well they do it hoping that their free services, advice and products do the trick, but in the event that a consumer needs a more aggressive approach CPAC wants the consumers to understand and be aware of other very reasonably priced consumer protective legal products and services CPACs Staff Attorneys or Of Council hopefully will assist with, including but not limited to Class Action Lender Law Suits seeking Quiet Title, thats a paid off free and clear home due to lender Fraud, violations, misrepr

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