Every 13 seconds a home goes into foreclosure. . . a message from Consumer Reports/Consumer's Union

[Triana]

Fed up with the giant financial institutions getting billions of our tax dollars, but doing next to nothing to help homeowners save their homes from foreclosure? If so, you can make a real impact right now!

Every 13 seconds another home goes into foreclosure, and as a result, neighborhoods get blighted and your home value decreases. Washington is considering measures that would allow homeowners facing bankruptcy to restructure their mortgages and stay in their homes, and to ensure the next round of bailouts really helps Americans facing foreclosure.

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=2009">Tell Congress to give Americans help right now to save their homes!

Home mortgages are the only debt that can’t be modified in bankruptcy court, forcing into foreclosure hundreds of thousands of struggling homeowners who want to keep their houses.

The proposed bankruptcy legislation won’t cost taxpayers a cent, and it won’t excuse families from paying their mortgage. Rather, it would simply give bankruptcy judges the authority to modify loans when homeowners have exhausted other options to avoid foreclosure. Currently, the courts can modify all sorts of loans for owners of big corporations, commercial real estate, even those with vacation properties, but they can’t do the same for families on the verge of losing their only home.

So far, the largely voluntary efforts to get banks to restructure mortgages aren't working, despite huge infusions of taxpayer cash. And some of those financial institutions who got us into the mortgage mess are now lobbying against this helpful change!

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=2009">Make sure Washington hears from you; not just from the big banks!

Take action, and then please forward this on to family, friends and neighbors who also are concerned about the effect of this mortgage crisis on their home values.

Sincerely,

Pam Banks
DefendYourDollar.org
A project of Consumers Union
1101 17th Street NW, Suite 500
Washington, DC 20036

[Earth_First]

1. I'm not a big fan of full disclosure of my information...

(especially to Consumer Reports) but you can be assured that I've contacted everyone I've needed to regarding this several times...

Thanks for the work!

[ensho]

2. every 13 seconds is almost as bad as how many women are raped/beatened

in the US per second.

losing a house is very hard on women and children.

[flvegan]

3. Problem is that there have to be certain limits on how they can be modified.

Otherwise, I'm all for it.