Clearwater, FL (PRWEB) November 11, 2010
Almost a year and a half of thorough research and development have been put into the project by Earth Financial.”There is no doubt about it, principal reduction is the solution to the housing crisis” says R. Jack Wilson of Earth Financial. “Almost every credible economist in the country is advocating principal reduction as the long term fix. The key is sustainability in our client’s financial lives”
Principal reduction is when a lender agrees to significantly reduce a homeowner’s mortgage balance. Earth Financial’s principal reduction program takes advantage of the current legal climate to essentially “fight fire with fire” and use the law to force banks to comply with Federal law.
Recently foreclosure freezes from major lenders and the subsequent investigations have revealed the existence of “paperwork problems” through an industry service called the Mortgage Electronic Registration Systems (MERS). These “problems” with MERS have resulted in the discovery that clear line of title on over 62 million homes across America has been legally broken involving properties between 2003 and 2008. Without clear line of title, the servicers and banks lack the proper legal backing to collect on the mortgages that they service. In addition, major lenders such as Bank of America, Wells Fargo, Chase, and CitiBank have all been involved in potentially fraudulent activity, ranging from destroying millions of homeowner’s original documents to the illegal “Robo-Signing” scandals in which unqualified personal flagrantly broke the law by illegally signing millions of documents.
“Our principal reduction program presents a new way of thinking, a new type of solution that is predicated on the law. The banks are not above the law. We intend on helping as many struggling homeowners as we possibly can.”
Another aspect of Earth Financial Service’s principal reduction program involves the security side of the millions of underwater mortgages across the country. New investigations have revealed rampant fraud in the creation of trillions of dollars worth of mortgage backed securities (MBS). MBS are the bonds that are formed from pools of mortgages that are securitized and sold in the private derivative market. “When the banks were creating these ticking mortgage time-bombs, they broke every tax law, REMIC law, New York trust laws, every law you can imagine; I mean, it is all flagrantly criminal”
The result is that the banks and servicers have muddied the waters so badly they can’t even tell who owns what anymore. By attacking the bank’s negligence in these types of matters and forcing them to prove they possess the paperwork that is required of them by law, Earth Financial’s principal reduction program uses a tough approach to force the banks to comply with a principal reduction, otherwise they face stiff penalties. The program is designed in a multi-stepped fashion and is easily the most affordable type program in the market.
“The banks really have no choice” Wilson said “There is no doubt they have violated not only the law, but the trust of the public. It’s time to stand up to these lenders and servicers and make them accountable for the mess they made. Earth Financial’s principal reduction program will do just that.”
Powerful words; an even more powerful program.
For more information call 888-525-4449 or email info(at)earthfinancialservices(dot)com or go to http://www.earthfinancialservices.com