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Good House Realty
460 Carson Plaza Drive,
Suite 222
Carson, CA  90746
310 217-1977






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January 2011

A STATE LAW needs to be passed which mandates banks/servicers to refinance mortgage loans for Seniors using the same Fixed Income they qualified them on when they sold them these toxic loans. The principle balance of these unsolicited loans should be reduced to 31% of these Senior’s incomes making them qualify to refinance into fixed mortgage loans.

There are far too many Senior’s in jeopardy of losing their homes or tragically have already done so. These Senior’s were sold ‘knock on the door notary’ creatively refinanced loans which they never sought, loans that were never explained and loans they never understood. They were sold these loans by reputable banks who in reality were predatory lenders who knew these ‘Fixed Income Seniors’ could someday lose their homes.

These same banks that created this manmade ‘recession’ through institutional corruption are now tasked to modify loans for the very people they screwed! There were laws passed that allowed Wall Street to pillage America so we must now pass laws to Save Our Seniors from losing their greatest asset, their home.

According to the Center for Responsible Lending the power to stop unnecessary foreclosures and stabilize local housing markets lies with state legislatures. With exclusive control over their state-specific foreclosure laws, the Center says lawmakers should impose mandatory loss mitigation standards for all Servicers prior to foreclosure. However, the law I propose goes a bit further.

Proposed Legislation

New law to impose mandatory loss mitigation standards on the State Level that will require Servicers to reduce the mortgage principle balance for SENIORS so that their mortgage payments do not exceed 31% of THEIR FIXED INCOME, the same fixed income they had when they were sold these set-up for failure toxic loans.

SENIORS who reside in owner-occupied single family residences or 2 to 4 Units with loans originated between 1-1-2005 to 1-1-2009, the loan balance must be below $729,750, ( this amount increases per multi unit ) encumbered by ‘creative refinancing,’ sub-prime, negative amortization or adjustable rate loans.

Foreclosure prevention programs introduced over the past two years have failed to stop the onslaught of home loss and subsequently SENIOR borrowers are losing their homes unnecessarily.

Sheryl Adams, Broker S.Adams@Goodhouse.org     (562) 254-5277