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Marching for a moratorium in foreclosure
Image by Karga Fantasma
Foreclosed upon homes have reached an all time high. 8 to 9 million Americans are on the verge of losing their homes in the next four years, that represents one home being lost every 13 seconds. Soon the house of representatives is expected to vote on H.R. 200 (S.61 in the Senate), the Helping Families Save Their Homes in Bankruptcy Act of 2009. This bill would allow bankruptcy judges to modify loans on principal mortgages. ACORN calls on members of congress to support H.R. 200/S 6.1 when it comes to a vote. This legislation is vital because mortgage debt on a primary residence cannot currently be restructured, while vacation homes and yachts can be at the moment. Banks are not offering any true solutions to the foreclosure situation, this legislation could modify loans structurally and change the current dynamic.