That's why foreclosure is such a painful experience for the one and a half million Americans who will lose their homes to foreclosure this year. In September of 2007 alone, 223,000 Americans faced foreclosure.
My colleagues in the House of Representatives and I passed legislation on May 8, 2008, that will respond directly to the crisis currently facing middle class Americans and provide the tools to prevent a similar housing crisis in the future. The Foreclosure Prevention Act of 2008 (H.R. 3221) will slow the spread of foreclosures and restore confidence in the housing market by providing more affordable refinancing and borrowing options for American families.
Please do not hesitate to call my Washington, DC, office if you need any additional assistance; ask for Todd Williamson or Jonathan Ossoff. The number is (202) 225-1605.
Comment by: Jean Hughes
April 10, 2008 12:57 PM
I don't have the foreclosure problem but I am a librarian and would like to know how to help people with this situation and also be able to give assistance with predator lendors.
I could see that if it were only a few people that this problem has hit, it would be the fault of the borrowers but with this many,the problem must fall in the lap of the lendors.
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Comment by: H.C.Paul
October 17, 2007 10:49 AM
With the state Of Georgia's high school drop out rate at 59% ( third from the bottom ) it is no wonder people can't read and understand their loan contracts .
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Comment by: laura
November 12, 2007 08:22 AM
Alex,
the big secret is the mortgage insurance that these lenders take out on their loans they pool. Up to 35% of the original loan balance.
If you talk to different people you will find that the ones where the losses to the lender are less than 30% they will not work with them.
If they are over they will.
An MI company called Triad has refused to pay claims on 14 loans, so far, that American Home Mortgage originated. Their claim is that they loans were fraudulently underwritten.
Another active borrower and myself are educating a couple of reporters about this "dirty little secret".
I have researched this for over 4 months.
If the MI companies would start reviewing the loan files and stop liberally paying the claims the lenders would be force to modify interest rates.
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Comment by: Omar Coote
December 12, 2007 11:55 AM
The thieves are on the inside. Mortgage fraud, fraudulent appraisal, 136% inflated value, no signiture by a licensed appraiser on appraisal, single family comparables used to appraise Duplex, comparables over one year old, name on the appraisal belongs to another buyer; seller not on title as the owner, illegal flipping of the property, and more; yet Judge did not even grant the me a Jury Trial. Plese watch video at www.youtube.com/couples22.
Thanks.
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Comment by: Brett Childress
December 20, 2007 04:38 PM
It's good to see elected officials taking proactive measures to address this issue. Thank you for your urgency, Mr. Congressman.
<a href="http://www.vareficenter.com">www.vareficenter.com</a>
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Comment by: Renter
January 15, 2008 01:29 PM
What is being done to assist renters who are being forced out of their homes due to their landlord's foreclosures?
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Comment by: Grace Terril Troup
January 20, 2008 04:29 PM
I am a small business owner of a landscape company, the drought has practically shut us down, as well as, being involved with a preditory money lender. I have fought this company for close to 5yrs. but am looking at losing everything I have worked for. If ya'll know of someone or have info on anybody who might be able to help me PLEASE call or e-mail me.
All my kids ask for, for x-mas and birthdays is for someone to help us get away from these people and save our home.
PLEASE, PLEASE, PLEASE help us if you can.
Thank You
Grace Terril Troup
Mother of 3 and battle worn.
706-253-2595
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Comment by: Ms. Dunbar
March 04, 2008 08:21 PM
What are my options for recovering my home after it's been placed under foreclosure. I have the money, but the house is already up for sell. Do I have any options to recover the home. The loan on the home was sold to another bank while I was out of the country for an extended period of time. Please advise of any options.
Thanks
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Comment by: Ms Ollie Beedles
March 27, 2008 09:41 AM
I am concerned about people that are labled
Felon after prison time. These people cannot
find employment. No one will hire them because of this lable. Too many Black people
are in this situation. This issue needs to be addressed ASAP - hope you can help.
I do not have an e-mail address, I use computer at public library when available.
Please contact at 192 Laurel Ave. S.W. Atlanta, GA 30314. Thanks for your prompt
attention to this devasting matter.
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Comment by: Roger Donlin
March 29, 2008 08:52 PM
Citizens of the District have a good thing here that Congressman Johnson is doing. I hope it gets general advertisement in the District. He should be congratulated.
Hank has also had at least one public information meeting in the District that I know about. I am secure in my home and it was advertised sufficiently that even I know of it. As a citizen of the 4th District, thank you.
I'm not generally a supporter of many of Representative Johnson's policy positions. But, perhaps congratulations from a sometime critic is more valuable than from a constant supporter.
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