Large financial institutions are foreclosing on existing borrowers who are attempting to modify or restructure their home loans. Yet, the existing bills and guidelines that currently govern these processes have many obstacles that hinder qualifying loans.  All the while, in this great country of ours, millions are still facing foreclosure simply due to the lack of knowledge about this emotional and overwhelming situation.  Strengthening families through financial education will also promote healthier spending habits nationwide.  Save Your Properties is proposing a new bill that will assist more homeowners with successfully conquering foreclosure, thereby aiding in revitalizing and stabilizing our nation’s economy.  

The new bill would mandate the following:

1. Remove banks from assisting in the process of foreclosure.  Financial institutions should concentrate on banking and lending.

2. Create a mandatory licensing program that allows professionals in both for-profit and non-profit sectors, to work directly with homeowners and bank investors.  These professionals will be required to meet and abide by state regulated rules, and obtain licensure through paid education specific to this industry. Non-licensed professionals will no longer be allowed to originate loans for the purpose of modification or forbearance.  

3. Homeowners will be required to enroll in and successfully complete a financial and credit empowerment class.  Ideally, these classes will convene once a month, at three (3) hour intervals, for a minimum of twelve (12) months. 

4. Loans will be modified for 2% of the remaining balance for a term of 2 to 5 years.  In some cases, considering the most crucial life altering circumstances, permanent modifications will be applicable. 

5. Upon successfully completing the required financial and credit empowerment class, each homeowner will be able to meet and/or exceed lender qualifications to refinance to a new fixed low rate with either their current lender or a new lender.  This outcome will result in both homeowner and lender satisfaction.

This program is designed to restore honor and integrity within the real estate and mortgage industries.  Financial institutions can comfortably begin to focus on lending again because homeowners will regain ownership of their property, while maintaining sensible authority over their credit and finances.  These paid licensing programs will also help to generate funds for the state and abolish dishonest programs and scams through strengthened guidelines.  The more we educate current homeowners and future buyers, the more stability will come to families and our economy.

Homeownership aids in the funding for the city upkeep, public school systems, salaries of some city officials, and police and firefighter salaries.  It is time to turn this foreclosure market around for the better good of our people and our nation!  I encourage you to please read the entire bill and sign at www.saveyourprop.com/bill.