Empower Families Facing Foreclosure
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Empower Families Facing Foreclosure
Senator Richard Durbin and Representative John Conyers have introduced bills (S. 61 and H.R. 200, both named "Helping Families Save Their Homes in Bankruptcy Act of 2009") to give homeowners access to the courts as a last resort before losing their homes. This option could save close to a million homes and—best of all—it wouldn't cost taxpayers a single dime, and according to a new report from Credit Suisse, would reduce foreclosures by 20%. Reducing foreclosures would help stabilize property values for everyone.
Dear [ Decision Maker ] , I am deeply concerned about the epidemic of home foreclosures that continues to devastate families, neighborhoods, and our entire economy. Today an unreasonable rule prevents homeowners from even the possibility of saving their homes through the court system. This is an urgent request to stop foreclosures and stabilize the economy by allowing distressed homeowners, as a last resort, access to loan modifications through the courts. I strongly urge you to co-sponsor these important pieces of legislation: The "Helping Families Save Their Homes in Bankruptcy Act of 2009" (S. 61/H.R. 200) was introduced in the Senate by Senator Dick Durbin, and in the House of Representatives, by House Judiciary Committee Chairman John Conyers. This legislation has the support of Citigroup, one of America's largest mortgage lenders. It is morally wrong that court-supervised loan modifications are available for owners of big corporations, commercial real estate, and even families with vacation properties, but are denied to families on the verge of losing their only home. The proposed legislation would not excuse families from paying their mortgage. It would simply give judges the authority to modify unaffordable loans when homeowners have exhausted other options for avoiding foreclosure. Allowing distressed homeowners access to the court system will help protect the property values of ALL homeowners, and it will not cost American tax payers a single dime! I join with other concerned Americans in asking you to include this legislation as an amendment to the next piece of funding legislation brought before the Congress. Please stand up for the families in our state and across the country by using your voice and your vote to give your full support to this legislation. Thank you for your consideration.
Sincerely, |
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| Background Information |
Over the next several years, 8.1 million American families will lose their homes. Because of market declines, these struggling homeowners can neither refinance nor sell. Unless their mortgages are modified to align the loan amount with the value of the home, the foreclosure crisis will continue to get worse.
The damage of foreclosures extends beyond the families who lose their home: millions of their neighbors could also lose billions of dollars in hard-earned wealth as home values decline.
There is an effective solution. We need to lift legal barriers that now prevent struggling homeowners from seeking loan modifications through the courts. Bills pending in the House and Senate would permit the courts to dramatically expand our capacity to prevent foreclosures.
