Las Vegas, NV (PressExposure) January 05, 2010 -- At a time when one in five American mortgages are upside down in value, an investment group is offering homeowners a unique new solution.
Pegasus Investor Group, LLC, is launching a new service available at [http://www.destroymydebt.org], which purchases homeownersâ mortgages and refinances them so that homeowners end up owing less than market value on their home - which is a lifesaver to the millions of homeowners who currently owe more on their homes then their homes are worth.
Depending on the property and the terms of the loan, the homeowners could find themselves owing tens or even hundreds of thousands of dollars less on their mortgage under the terms of their new loan.
Their mortgage reduction program doesnât involve tricks like stretching the loan out to 40 years and it doesnât require perfect credit. Itâs a conventional 30 year loan, available even to homeowners with less than perfect credit and with missed mortgage payments.
The program also is not a loan modification; only a very small percentage of loan modification attempts work, so they arenât a practical solution for most distressed homeowners, Acosta explains.
A typical example of how Acostaâs program works would be:
A person who owes $300,000 on their home, but the home is now worth only $200,000. Pegasus Investor Group, LLC, pays off the note (they do not own the deed to the home) and establishes new terms with a new mortgage balance of $190k, saving the homeowner $110,000 and created $10,000 in instant equity.
Acostaâs group is creating a new style of real estate investment which, instead of taking advantage of distressed homeowners by snapping up their properties after foreclosure, actually benefits both homeowner and investor.
They do this by working with government agencies like the F.H.A. and Ginnie Mae, and make their profit by ultimately reselling the refinanced loans to other agencies. The homeowner ends up owing less money on their home and paying a lower monthly mortgage payment, and Pegasus Investor Group LLC profits by reselling the loan.
Pegasus is able to negotiate with the bank in bulk quantities, which enables them to get large discount on the homeownerâs note.
âThis is a situation where everybody wins,â Acosta explained. âWe werenât interested in making a profit by exploiting people and taking their homes. We want to help people stay in their homes and rebuild their finances and their credit, and thatâs what this program does. It truly is a win-win solution for everybody.â