to hear Our Seniors Personal Plights
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.
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
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