Western Pennsylvania Real Estate Association Member Launches Debt Take Over Program

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While many individuals and business entities are struggling to get out of debt, WPREIA member Caldwell Holdings LLC is trying to gather up all the real estate related debt in the Pittsburgh Area.

Pittsburgh Real Estate Investors club WPREIA

Western PA Real Estate Investors Association

"Debt can bury you, we can help" Josh Caldwell, Caldwell Holdings LLC

Western Pennsylvania Real Estate Investor’s Association member, Caldwell Holdings LLC is announcing the start of a debt take over campaign for real estate in the Pittsburgh metro area. This program extends to all communities throughout Western PA.

The program will become effective March 1, 2013, and continue until the U.S. economy pulls out of the current recession, or the economy of Western PA turns in a positive direction whichever occurs later. The core of this program was created in response to the seemingly never ending wave of foreclosures that have swept across Allegheny County, Beaver County, Butler County, Washington County, Armstrong County, Indiana County, Westmoreland County, Green County, Lawrence County, and Blair County Pennsylvania.

The Pittsburgh real estate market has been hit hard by the economic downturn and many people in the region have had their financial situation fall apart. There is nothing more damaging to the financial future of a family that having the bank take their house. That single bad mark can nullify an entire life time of bill paying. A house repossession can destroy the credit worthiness of both parents. Now with bad or limited credit the family faces an even more difficult future as every near term finance deal will cost the struggling family more. The basic adult financial function of qualifying for a credit card can now be in jeopardy.

In the past, individuals and families have had few options when faced with a cash flow shortage. If they couldn’t pay the mortgage, they could either sell the family house at a loss or they could let the bank reposes the home, thus destroying their credit and financial future for years to come.
It was this environment that prompted Caldwell Holdings founder Josh Caldwell to launch the debt take over initiative. The core idea of this program is that Caldwell Holdings will take over the debt from the current owners, and start making payments to the bank in their stead. The family is still going to have to look for another home but this program can help stem the collapse of the family credit structure. This will allow the adults of the family to more quickly recover their financial ground once their income is stabilized. Many good people fall into the debt trap. A sudden unexpected pause in the incoming cash flow can cause a catastrophic domino effect that strips the individual of all of their assets. It can happen to anyone. A job loss, divorce, medical bills, or job transfer can happen to anyone at any time.

This program is not without risk. Due to the Garn-St Germain Depository Institutions Act of 1982, any mortgage written after 1982 has a “due on sale” clause. That means that the bank may call the loan due. While there is a risk here, the risk is minimal. The majority of banks are trying to avoid owning any nonperforming assets, which is bank speak for a repossessed home. The reason for this is that if a bank accumulates too many nonperforming assets, then that bank becomes vulnerable to a takeover and liquidation by the FDIC. The FDIC is branch of the U.S. Government that regulates banks.

The popularity of this program is expected to replicate the popularity of other similar debt take over programs across America. The current economic forecast does not show any signs of the problems for home owners lessening. For that reason the owners of Caldwell Holdings, in conjunction with the Western PA Real Estate Investor’s Association have set up a 24 hour answering service to help people who are facing unsustainable mortgage debt. Even people who are significantly behind on payments many be savable. To contact Caldwell Holdings or to inquire about the debt take over program call the local PA phone number 724-978-0151.

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