I have one question: I can see violations/legal issues with release data. But if a mortgage company already has a loan agreement with someone, and they send a notice to them six months before their ARM is resetting, how is that violating anyones truth in lending rights? I don’t want to sound dense, but I think if I don’t get it there are more people who do not get it as well.
Thanks for the CSM article. And the Moratorium info.

Lou, the moratorium is short so I am liking it so plans can be put in motion. Very interesting, wonder if it will work

I am thinking this is one of those times when a massive effort to get people out of their fear zone and onto the phones taking care of business is in order. I’d help

On Monday, December 17, a press conference is being held by the organizations listed below to call for a “Foreclosure Holiday”, starting immediately and extending at least through mid-January. During this Holiday period, we’re asking our Common Pleas judges, our County Clerk of Courts and our Sheriff — the elected officials who actually operate the machinery of home foreclosure — to bring that machinery to a halt, at least for occupied homes. That means no actions on new filings, no hearings, no foreclosure orders, no Sheriff’s sales, and no evictions.

Declaring a Foreclosure Holiday will serve three important purposes:

1) It will allow hundreds, if not thousands, of our neighbors to remain in their homes through the holiday season.

2) It will send a strong signal to the mortgage industry that this community has had enough, and that “business as usual” — the ongoing destruction of our communities — will no longer be facilitated and enabled by County leaders.

3) It will create breathing space for County and community leaders to implement a long-term plan to stem the foreclosure flood: to work out more mortgage defaults before they lead to foreclosure filings, to reduce the percentage of those filings that result in Sheriff’s sales, to minimize vacancies and flipping and maximize the preservation of equity in our neighborhoods.

The Foreclosure Holiday press conference will take place at 10 am this Monday, December 17 at 3884 East 112th Street, a Mount Pleasant home whose owner is currently facing a foreclosure eviction. We welcome your organization’s participation. Please join us to show your support.

If you want your organization’s name included on the sponsoring list, or you need further information, please reply directly to bilcal@juno.com or call Bill at 216-870-4736.

Thanks.

Bill Callahan, on hehalf of the following organizations:
Neighborhood Housing Services of Greater Cleveland
Empowering & Strengthening Ohio’s People (ESOP)
Cleveland ACORN
Cleveland Housing Network
Cleveland Tenants Organization
Neighborhood Progress, Inc.
Cleveland Neighborhood Development Coalition
Housing Research and Advocacy Center
Legal Aid Society of Cleveland

For just a peek of what we are doing (and others like Treasurer Jim Rokakis, and Councilman Tony Brancatelli) read today’s Christian Science Monitor here:

http://www.csmonitor.com/2007/1212/p01s04-usec.html

I’m with you on the here and now, but since this crisis had been put on the shoulders of those with the least amount of resources, we need to try to stem the future onslaught of foreclosures, which I think Carole’s post demonstrates.

http://financialservices.house.gov/foreclosuremanual.pdf

But the second point is, so many more people are still going to be added to the pool, we need to help them too, in my opinion. I agree that some of the legislation is aimed at current homeowners and that’s good. I don’t think we can afford to ignore either group. I also think people need to step up and contact someone for help!

What “is” is that a lot of people are being forced out now. Boyko is in the present here. He is jamming an unfair process. He is saving people now. Lou should be saving those now in trouble, too.

Legislators are in the present, too, in Ohio in trying to get that HB 138 to the floor: It stipulates that the county be paid timely, among other things. Right now, we the people finance the foreclosures of our neighbors, extending financing to those doing the sloppy, unfair foreclosures.

Let’s quit focusing on those not yet in trouble and focus on helping those who are in the briar patch already, and getting their money and equity back, and then getting back the equity of those who have already been whacked, if we feel the need to get out of the present situation.

Fixing the matter at hand will automatically take care of the future. We won’t have to ask pundits to speculate about it any more.