10-20-08

Despite the largest bail out in history being given to large banks and investment firms homeowners are still experiencing record foreclosure filings while the banks that are largely responsible for this mess have been replenished and made whole again. We are also 20 day into the new HOPE for Homeowners program; which was previously known as the Housing Bill. This program was supposedly going to save many Americans from foreclosure but instead we are finding that many banks either still don't know about the program or are implementing their own credit guidelines for this FHA program which officially does not have a min credit score. This is causing many homeowners to be turned down for this much sought after program mainly because of repeated ignorance on the part of the banks. We have also found many people that to qualify for the program being turned down again because the note holder refuses to write down the loan. This is required because the program is voluntary for the bank or note holder to write down the loan and this step is required before you can officially apply for the program.

Another program that also seemed promising and has helped homeowners in the past is now also starting to falter. We have many reports of homeowners calling Hope Now only to be told a housing counselor would be calling them back in a few weeks to a month. For most people in trouble with their mortgages this is unacceptable and while the program was meant to help homeowners with free advice and free counseling we find that unless they hire more people to meet demand the executives of Hope Now should be held accountable for failing to meet the demand of the current housing crisis.

More needs to be done for Homeowners in America and we feel an important first step would be to offer the HOPE for Homeowners program to everyone facing foreclosure. This is not a bail out since the homeowners would still have to pay their mortgage they would just be given the same chance that all the banks that where bailed out got.

This financial crisis will never be over until the American Homeowner feels safe and comfortable without the threat of foreclosure. The current administration is just ensuring that the crisis will persist by not allowing everyone that is in need to take part of these new programs. We encourage everyone to write their representatives and demand that homeowners be put first and not big banks. In the mean time we encourage everyone to click on the Getting Started tab at the top of this website to learn about real ways to prevent foreclosure.

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