Home Owners Petition Congress For Help
An avid reader of The Mortgage Insider alerted my attention to a petition home owners seeking loan modifications can use to voice their frustrations with America’s foot-dragging lenders.
I can surely empathize with home owners facing foreclosure in that they were told by the Obama administration at the beginning of the year, Obama’s Plan would make things easier.
Sadly, it has not.
It’s not really a surprise financial institutions have received a “free pass” from the new administration based on who Obama has put in charge of financial issues. Every person Obama hired to manage the financial / banking / mortgage crisis, from Timothy Geithner to Larry Summers, is a Wall Street insider.
So now home owners must depend on Congress to get any real reforms. I don’t have a lot of hope on that front either, but it’s worth a try.
To make your voice heard…give this petition website a shot.
The petition letter states among other things:
“Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.
We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31% of the borrower’s gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they’re eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for rightdowns of principal when homes are severely underwater.
We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.”
Add your name to the Petition…by clicking here.
Good Luck!
PS: Thanks Catherine!
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Tags: Foreclosure • Loan Modifications • Mortgage Servicers • Timothy Geithner
Thank you for getting our voices heard for our reality on Main Street.
Having gotten into my predatory loan on a lie, to months of working with my servicer before it adjusted that result was more lies, false hope that ultimately set my family up for foreclosure. Make no mistake that is their goal. The result for working hard, doing the best we could making all our payments until it adjusted was the worst emotional hell I have ever been through. I have begged for honesty and straight answers, but realized that will never happen. If the powers that be do not step in and make them accountable for their hidden agenda’s homeowners are the ones that keep losing. It is amazing to me how long the process takes to get denied help or the scam to pretend your being helped from high interest rates to the perfect timing on banks/servicers end to get your home to auction. All this started to scam American’s with no real change to stop it. Forgive me for being tired of broken promises and no accountability for them. I wish anyone who got a loan set up to fail there was a way to stop this with a simple fix for these loans and give America their lives and dreams back. At the very least a level playing field. What we get now are rules that change so no matter what you do you lose, Catherine
Excellent article! Thank you for covering this issue. Someone, whether it be the US Congress, the President, or the States, needs to do something NOW! Every day, thousands of foreclosures are initiated. Most of these homeowners want to keep their homes and have the ability to pay if their mortgage loan terms are modified. FORCE THE MORTGAGE SERVICES AND LENDERS TO MODIFY/RESTRUCTURE THE TERMS TO KEEP AMERICANS IN THEIR HOMES! Nothing short of that will work. SIGN THE PETITION! And, if you need help while working with your mortgage company, visit loansafe.org, where thousands of homeowners just like you share their ideas and experiences to protect their homes.
Petition to Congress from homeowners
“Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.
We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines are overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31% of the borrower’s gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at http://www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they’re eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for write downs of principal when homes are severely underwater.
We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.”
Add your name to the petition at the URL below:
http://www.petition2congress.com/2/2564/
Thanks for helping us to get the word out there by posting it here on your site!!!
I am a member of loansafe.org and we have been fighting for so long without anyone listening. Thanks to Catherine for sending this to you. Some homeowners think they are fighting the battle alone but there are thousands fighting to keep their family home.
Please check out and sign the petition. The more signers the better the chance that someone will start noticing the plight of Main Street.