Is The Foreclosure Prevention Act A Farce?

Posted on July 30, 2008
Filed Under Foreclosure Homes | 1 Comment

The United States is under the grip of the most disastrous foreclosure crisis ever experienced and California is named to be its place of origin. The government is trying to draw up a Foreclosure Prevention Act with the intention of helping out borrowers distressed under house foreclosure notices or have their mortgaged property at some stage of foreclosure. The Congress in its plan states of “voluntary” lender policies that might see the American people through the crisis. Virtually however, no mortgage lender is eager to bail out house owners in their foreclosure crisis and neither are the politicians sincere enough in their promises of legislations to ensure relief to consumers and homeowners.
Asante Real Estate Group is linked with bank-owned homes and lenders and other short sales clients. The Group states an individual case where it had tried to convince the American Home Mortgage Servicing Corporation to accept a fair deal on two owner occupied houses; one was at San Jose, California for $449,000 and the other at Los Gatos, California for $3.9million.The Corporation rejected both these bona-fide offers and the houses are intentionally being led to an unnecessary foreclosure.
Among the many elected politicians who claim that they sincerely wished to help owners whose houses were facing foreclosure, Senator Dianne Feinstein, is one. Both of the house owners whose cases have been mentioned by the Asante Group went to the Senator’s San Francisco office and requested for help. Senator Feinstein’s staff not only refused to speak on the terms of the short sale to the Mortgage Corporation but the borrowers was also physically shown the door by the Senator’s security guard.
Carey Sutton responding to the foreclosure crisis finds it consistently disheartening to state that giant mortgage lenders like The American Home Mortgage Servicing Corporation are unresponsive to the sensitive issue of American homeowners and fail to stand-by in this time bound issue. The lenders persistently delay for months on coming to any sort of agreement and push thousands of homeowners to the brink where they are bound for foreclosure. These foreclosed houses could have been saved with a little consideration in refinancing or short sales at legitimate market value.
The American house owners facing foreclosure are even more disillusioned at the outrageous and false promises and claims of their elected Senators, who fail to solve the problems of their own constituency and profess to clean up the mess in the industry to protect home buyers.

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