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Please ignore i forgot my flash drive
Editorial
Current economic times are tough for our country but what exactly does that entail? How did it start? Back in 2007 an event occurred called a stock market crash. Dictionary.com defines the stock market as: “A place where stocks, bonds, or other securities are bought and sold.” It defines a crash as: to collapse or fail suddenly, as a financial enterprise. Following the stock market crash a housing crisis began. This was when people took loans on houses that they couldn’t afford, and when they couldn’t make the payments the band took there houses (foreclosure). When you add these two events simultaneously you get one hard economic time. Businesses begin closing due to bankruptcy, and the unemployment rate soars. It doesn’t help that now there are thousands of additional homeless people across America and were in national debt with China and some other nations. This all equals the big mess our country is now facing with President Obama in control. The economic crisis (yes it is defined as a crisis) is really effecting our country hugely. In my humble opinion the first step would be to pay off any debts we made have (which in effect would mean to stop spending money). Second we would need to repeal all of our attempts to give people the money to get them on their feet. Instead we would make new jobs for them to attempt to solve the crisis the way former president Hoover did in 1929. That’s my view for the spring newspaper- John Runyen

Nice. What class is this for? Also, sorry for reading, but I couldn’t resist.

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I heard there is a new law, to help unemployed people, who are in foreclosure. If the Notice of Default has been received, how can I stop the sale?

As of right now, there is no law…. But there is one that is on the table, and is expected to be formally introduced today. The law would require mortgage lenders to reduce a homeowners mortgage payment to a maximum of 31% of the borrowers income if unemployed (this would typically be 31% of their unemployment benefits) for 3-6 months.

In addition to payment relief, there are 4 other key components of the plan. First is that the government will provide incentives to lenders to lower the payments of mortgages that exceed 15% more than the value of the home. So if the home’s value is $100,000… and you own $115,000 on it, banks will be given bonuses if they reduce the loan to less than $115,000.

Secondly, the government will double the amount it gives to lenders to help modify second mortgages and piggy back loans that are a burden on homeowners. So if you have a second mortgage and are struggling to make the payments, the government will be providing more money to help the bank restructure the loans to make it more managable for you to make payments.

Thirdly, the government is looking to provide incentives to banks for helping homeowner who would not qualify for government assitance (for example, they are employed and their mortgage payment is less than 31% of their income) to find other alternatives. As an example, the banks would help in providing assitance for the homeowner to make a short sale of their home.

Finally, the government is looking to expand FHA programs to reduce FHA loans as much as 10% for homeowners who ARE managing to keep their head above water and are making payments.

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Just a few weeks ago, on September 4th, FEMA handed over $1 million to the ACORN Institute, an ACORN affiliate in New Orleans. The grant is for “fire prevention.” You can find the grant here http://www.firegrantsupport.com/fps/award/08/ . Virtually every other organization receiving “fire prevention” grants is a fire deparment or medical facility.

Here’s some background on ACORN Institute:

An affiliate of ACORN, the ACORN Institute, has been a participant in the IRS tax assistance program. The institute prides itself as a one-stop shopping service for low-income households seeking free benefits. In addition to tax preparation, it also provides information on how to secure government aid and to prevent mortgage foreclosure. Among the ACORN Institute’s partners are Citigroup, H&R Block and the Marguerite Casey Foundation. If even many Democrats in Congress are embarrassed by their history of support for ACORN, surely these entities can be as well.

Unclear what any of that has to do with “fire prevention.” According to FEMA, anyone with questions about the grants is urged to contact them at 1-866-274-0960, or via email at firegrants@dhs.gov.

I called the number to FEMA and they had no idea of who was investigating this or anything about it. Thanks for the tip.

Next. Calling H&R Block and Citigroup.

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It depends on how far along you are in the foreclosure process. First off you need income. Second, communication with your lender is extremely important in the early stages. If you are in the latter stages, you can get a loan reinstatemnet. And lastly you can file chapter 13 bankruptcy even just to delay the foreclosure sale if time is needed to either get the loan reinstated or to find a new place to live. If you do have to move, make sure to negotiate a good cash for keys deal with the lender. They will give you thousands of dollars to move out and leave the property in decent condition within a 30-60 day period.

You can find resources for these methods here:

http://how2avoidforeclosure.blogspot.com

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I know millions are going through this crisis. Is there an advocacy group or something that I can contact to stop the foreclosure or at least slow the process? He already received his notice to vacate and he has till the beginning of March to leave.
It hurts that this man is 70, I grew up in his house and he has had this house close to 30 years.
He mentioned to me that something illegal in his bank got the best of him, I personally don’t know.
Where should I start? He is in California.
He refinanced a few years ago which made his payments sky rocket. The value of his house declined dramatically and he couldn’t pay 2k on a house that went from 300,000 to 75,000
He received a notice to vacate the beginning of this month. He has til the beginning of March to get out.
You need to find out more of what happened. A house he has owned for 30 years should be paid for. Did he take out a loan recently? What did he do with the money?

Ask the city, county or senior citizen center for guidance.

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