Foreclosure Help Delivered

July 5th, 2009 | by admin |

Some bankers in the US have been refusing to take calls from homeowners who have properties that are in the midst of a foreclosure. This is an observation of the general public and government officials which added to the enormous amount of foreclosure news that we constantly hear everyday.

Because of this observation, several House Members of the US government decided to call lenders and other financial institutions in behalf of their constituents.

The US Senate recently rejected a proposed bankruptcy reform to assist troubled borrowers. If this proposal was just approved by Congress, loan modifications would have been easier for borrowers because it will become mandatory rather than a voluntary effort for the banks and other lenders.

For this reason, other ways were thought by several congressmen to provide assistance to homeowners in their district. Maryland Representative Elijah Cummings assisted to put up a session to discuss possible resolutions for troubled homeowners in Baltimore. He contacted 19 banks to provide representatives on the bank’s behalf. Cummings informed homeowners to the “Foreclosure Prevention Fair” with the necessary documents, letters and notices from the lenders.

Some states are battered with more foreclosure news compared to others. California reported the most number of foreclosure filings in April totaling to 96,560. Maryland is at number 17 in nationwide foreclosure rates.
Other Representatives, like Maxine Waters of Los Angeles, made personal calls to the banks for the same reason. She tells that she was passed from department to department while listening to music. She even discussed these issues directly with the CEOs of Wells Fargo and the Bank of America. She made this move in behalf of at least two troubled borrowers and made success in coming up with loan modifications.
Representatives Waters and Cummings are just two of the legislators and supporters who help find solutions for the foreclosure crisis by making banks take on their responsibilities.

Now, as unemployment rates go up, foreclosure news has also reached wealthier communities. Some banks, like JP Morgan Chase, have added loan counselors to their team in order to accommodate modifications requests of trouble homeowners.