Please support HomeFree USA and the Mabuhay Alliance, two nonprofit groups who advocate for homeowners' rights in presenting the Magna Carta Bill of Rights for Homeowners.
We the undersigned, on behalf of the up to twelve million Americans who are facing foreclosure, call on you to do more to minimize foreclosures through foreclosure moratoriums, mandatory principal reductions and heightened support for HUD-approved nonprofit organizations who can provide options and long-term solutions for America%u2019s homeowners.
We urge you to institute the Magna Carta Bill of Rights for Homeowners that includes:
%u2022 A one year foreclosure moratorium for unemployed and underemployed homeowners and those who display evidence of predatory lending issues.
%u2022 Substantial mandatory principal reductions where home prices in an area have substantially decreased.
%u2022 Enactment of Senator Durbin's bankruptcy reform provisions to create an equal playing field for homeowners.
%u2022 Servicers be required to halt the foreclosure process after submission of modification packages from homeowners or HUD-approved nonprofits.
%u2022 The ability of homeowners facing foreclosure to remain in their homes as tenants for up to five years at fair market rents with nonprofit organizations positioned as property owners and credit restoration agents for these homeowners.
%u2022 Allocation of only 1 percent of the $137 billion in unused TARP funds ($1.4 billion) to HUD-approved counseling intermediaries and their affiliates who are on the ground fighting foreclosures, accelerating permanent modifications, limiting the work of servicers and providing LONG-TERM solutions, behavior modification strategies and financial structure to homeowners overcome by our impeding foreclosure crisis.
Thank you for your time and kind attention,
