Foreclosures Cost Everyone
Foreclosures Cost Everyone
Does Congress owe you $6,000?
Even if you're paying your mortgage, foreclosures cost you--on average, $6,000 per family, and that doesn't include indirect spillover effects that drain resources from communities. Every foreclosure adds up to more disrupted lives, more homeless children, and more seniors who lose all economic security. The House has already passed a bill that would allow struggling homeowners to get relief through the courts. The Senate is considering this measure now--a proposal that requires no new tax funding and could prevent one million foreclosures.
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 restriction--which does not apply to commercial real estate or vacation homes--is costing everyone, as property values continue to go down and spillover effects multiply. We have an opportunity to stabilize the economy by allowing distressed homeowners, as a last resort, access to loan modifications through the courts. This approach would require no new tax dollars, and it 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 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 |
Massive Foreclosures Disrupt Families and Tear Down Communities
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 will 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. Analysts estimate that this will prevent one million foreclosures, which would help stabilize the housing market and strengthen the economy. The House of Representatives has already passed a bill; the Senate is considering this proposal now, but facing strong opposition from powerful interests. Our Senators need to hear from ordinary Americans who understand the urgent need to stop foreclosures now.
