Three- year Moratorium on Foreclosures- Keep families in their homes

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Support a Three-year Moratorium on Foreclosures and Foreclosure-related Evictions and a Principal reduction for Distressed Homeowners

Keep families in their homes
Preserve neighborhoods
Maintain home values and a strong tax base
Stop home abandonment and neighborhood blight

Please support Congressman Hansen Clarke's H.R. 4848, "The Save Our Neighborhoods Act of 2012", by signing the online petiton at http://nationalmoratorium.org/nation...petition.shtml. H.R. 4848 would put an immediate pause in the foreclosure process for distressed homeowners and suspend the foreclosure process for up to three years.

The bill would require the bank to meet with the homeowner in foreclosure to discuss modifying the mortgage. The bill provides an incentive for banks to modify the mortgage: if the modification does not occur, the foreclosure would be stopped for three years and the court would determine a reasonable amount that the homeowner must pay each month. Once this three-year period is over, the court would reduce the principal of any underwater mortgage to its fair market value.

THE DETAILS

• The court must suspend the foreclosure process for a period of 60 days for any homeowner who requests such action.
• The lender must meet with the homeowner within 30 days of the beginning of the 60-day foreclosure suspension to discuss a modification of the mortgage.
• If the homeowner and the lender do not agree to a mortgage modification within 60 days, then the court may stop the foreclosure process for up to three years.
• A homeowner is eligible for a foreclosure suspension of up to three years if:
• The homeowner has a federally related mortgage loan [[as defined by the Department of Housing and Urban Development, which includes the vast majority of home mortgages);
• The homeowner has suffered a financial hardship but has the ability to pay some rent for the property
• The property in question is the homeowner’s primary residence.
• During this foreclosure suspension of up to three years, the homeowner must pay an amount determined by the court.
• When the foreclosure suspension of up to three years ends, the court must order an appraisal of the property. If the property is underwater, then the court must lower the mortgage principal to an amount determined by the court, taking into consideration the fair market value of the property. If the fair market value is greater than the principal on the mortgage loan, then the court must order payments set at a reasonable interest rate.

For more information, please visit http://nationalmoratorium.or