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Bush Foreclosure Moratorium Not Nearly Enough |
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Two months after the AFL-CIO called for a one-year moratorium on subprime mortgage foreclosures, the Bush administration has finally seen the light–but just a little bit. The White House plan for only a monthlong moratorium on foreclosures is “like slapping on a Band-Aid and calling it surgery,” AFL-CIO President John Sweeney says.
To truly make a difference, we need a moratorium on subprime mortgage foreclosures for at least six to 12 months.
Click here to read President Sweeney’s statement.
In December, the AFL-CIO called for a bold plan to address the housing loan crisis, beginning with an immediate moratorium on foreclosures on subprime mortgages. Our plan includes restructuring subprime loans for 30 years at the original low teaser rates. It demands mortgage servicers publicly report how many subprime loans they are servicing; how many have reset; how many have been restructured; and how many foreclosures are occurring and where.
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I need advice.. my family falls into this category.. our home cost $230,000.00 and our monthly payment is now $2700.00 due to an adjustable rate. I called countrywide yesterday and they wont help me. they want to “dance around” saying their plan is to only help people whos rate is set to increase in the next 4 months and ours is not set to increase “again” until Dec 08. I told them we want to keep our house and can make a monthly payment around $1500-2000 but not $2700 +. Please somebody tell me the next step to take
To Irenda01
I do not know what state you live in, however I am a Foreclosure Counselor in the Northeast.
When you are calling Countrywide, you may be calling the COLLECTIONS division. They will not give you accurate advice. Call and ask for Loss Mitigation. They are usually much happier to help. I believe that you may have originally entered into a program at around 12%. Questions which must be asked are.
How is your credit? Principle and Interest could be dropped by over $600. and make it affordable for you. Good luck
john