Take 30 seconds to e-mail your senators to say you support the bill.

Think it doesn’t affect you? Think again–this bill could also help preserve more than $300 BILLION in home equity of neighbors who would have to deal with foreclosed houses littering their neighborhood.

Among other initiatives, the bill aims to set in place protections that:

• Allow families to reduce their monthly mortgage payment to 31 percent or less of their income
• Open up refinancing options
• Reduce the loan principle on a home to the fair market value
• Reduce high mortgage loan interest rates

Passage of this bill could mean families get to stay in their homes and banks get paid more than they would have if the home entered foreclosure ~ Sounds great, huh?

But the bill is missing one thing: your support.

Click here to tell your senators and President Obama that you support the bill and you don’t want to see families affected by the recession kicked out on the street.

Pass this on to your friends and family too.

We need everyone to tell their senators they support this bill, but we especially need people in the following states to take immediate action:

• Arkansas
• Delaware
• Florida
• Georgia
• Indiana
• Louisiana
• Maine
• Missouri
• Montana
• Ohio
• Pennsylvania
• West Virginia

Send and e-mail now to your elected officials expressing your support ~ it takes no time, is already written and is fast to fill out!

Put democracy to action and take 30 seconds to e-mail your senators right now. Don’t wait to file bankruptcy to stop foreclosure. Take action now!

But it’s worth the slog when it’s as important as the Cram Down Mortgage Legislation.

To recap: Sen. Dick Durbin (D-IL) introduced a bill that would give bankruptcy judges the power to change the terms of your mortgage. A judge could lower your interest rate or even decrease the principal you owe. If passed, this bill could help thousands, maybe even millions, of people facing foreclosure stay in their homes.

If you are struggling to make your mortgage payments this law could be a revelation. It address two majors causes of the recent foreclosure crisis: Skyrocketing interest rates due to adjustable rate mortgages and declining homes values.

However, most banks and credit unions oppose the new law. Legislative magazine Roll Call reports that the groups have been “dragging their feet” on working on a new compromise.

But today Roll Call reports that Sen. Durbin continues to push for a compromise that will work, and an announcement on a breakthrough could come as early as tonight.

Citigroup already agreed to new terms, but Wells Fargo, Bank of America and the Morgage Bankers Association continue to oppose the law.

In the latest round of talks, other banking items have been added to help the banks, including reduced FDIC fees.

We’ll keep you posted as any news on this law breaks.

If you’re struggling to pay bills and you’re barely making it paycheck-to-paycheck–you’ve got to cut to the bare bones. This list suggests an appropriate order pf importance for most people:

• Necessities (shelter, food, medication): If you haven’t got a place to live or anything to eat, other expenses hardly matter. Make sure you funnel money to mortgage/rent and groceries before anything else.
• Essential Utilities: You need water, heat and electricity. You don’t need high-speed Internet, a deluxe cable package or even an energy-guzzling flat screen. If you need to cut costs, consider dropping some luxuries to save for the basics.
• Transportation: Whether you get around in your own car or on public transit, you need to make sure you budget for travel costs: without transportation, you probably can’t work, which means no bills will get paid. Downsizing to a less-expensive vehicle or taking the bus on occasion may help you save money here.
• Child Support or Alimony: If you’re obligated to pay such expenses, you should make sure you do: missing maintenance and support payments can land you in jail, not just trouble with your creditors.
• Taxes: The government could seize your property if you fail to pay taxes; make sure you avoid this by placing taxes next on the list.
• Student Loans: These fall lower on the list, particularly if collection attempts have been neither made nor threatened.
• Unsecured Loans: Credit card bills, payments for services and even loans from friends should fall last on your priority list, partly because your creditors can’t seize any property if you don’t pay and partly because these are the most likely to be discharged should you file for bankruptcy.

Getting Organized

Once you know what needs to be paid, consider developing a system to help you remember to make regular, timely payments. This could include a variety of options, including:

• Automatic Online Payment: Some services can link to your checking account. This may work if you’re confident you’ll have enough in your account to cover costs.
• Color Coded Folders: Low-tech options like this allow you to see at a glance which bills are paid, unpaid and due soon.
• Digital Charts: Many computers and cell phones have programs that allow you to set reminders for yourself. Take advantage of them!
• Buddy System: If all else fails, enlist a friend: One of you is bound to remember when bill-paying time comes around each month.

But here’s the bottom line: use common sense and start living on less.

Are your bills out of control?  You may need to take serious action. Learn how filing bankruptcy may help.

Maybe you haven’t seen your neighborhood become a ghost town yet, but you’ve probably noticed your home is not worth what it used to be–it may not even be worth the money you owe on your mortgage.

The crisis affects us all.

Help for Homeowners

No one plans to become a distressed homeowner.

There’s a bill circulating in Washington and it could help many homeowners keep their homes.

It’s been passed in the House and is now being brought for a vote in the Senate, but some Senators are resisting the bill, essentially slapping struggling homeowners in the face–thanks to the diligent work of banking industry lobbyists.

Surprise: The Banking Industry Doesn’t Want it Passed

The banking industry lobby doesn’t care if you get to keep your home. In fact, it would probably rather you lose it than damage the mortgage industry’s bottom line.

Somehow, the industry believes it would lose more money by allowing homeowners to pay their mortgages than by continuing the expensive process of foreclosing on the homes and attempting to resell them in a bottomed-out and flooded market.

But S. 61, the bill that the lobby is fighting so hard to bury, would correct a flaw in the U.S. Bankruptcy Code and allow bankruptcy judges to modify mortgages and help homeowners.

What the Bill Would Do for Homeowners

The bill would help millions of homeowners, even those who never file bankruptcy.

The thing is, bankruptcy courts have the power to modify secured debts – with one major exception: they can’t modify home mortgages. This bill would correct that; however, if the lobby has its way, it won’t see the light of day.

Breaking Down this Housing Bill

If bankruptcy judges could reduce the balance of and reduce the interest on home loans, many people would not lose their homes to foreclosure.

If the mortgage company knew a distressed homeowner could file bankruptcy and have the terms of the loan modified, they would likely be more willing to negotiate and restructure loans without the homeowner filing bankruptcy.

Bottom line: The industry does not want to be forced into playing nice with homeowners.

If you think it would be a good idea for more families to stay in their homes, consider letting your Senator know that you support S. 61.

The voices of the lobbyists are being heard loud and clear; now it’s time for Americans to speak up on the issue.

You Can Make a Difference–Contact Your Senator

Find contact information for your Senator and let them know where you stand.

You can also call 877-354-4958 to voice your opinion.

Spread the word!

I applaud the House, as it passed legislation that supports the people of this country. It’s not perfect, but it’s a step in the right direction.

Banks and large corporations have been given enough. It’s time for the little guy.

Jim Puzzanghera wrote a great article in the Los Angeles Times that can give you some more information about the bill.

You can also read about how filing bankruptcy may save your home from foreclosure.

Think it doesn’t affect you? Think again.

An increase in foreclosures can also mean:

• decreased revenue for city government
• spikes in crime
• increases in homelessness
• more weight on the struggling economy

You Can Help Stop The Foreclosure Epidemic

Judicial modification of mortgages in foreclosure could help folks save their homes.

Send an e-mail (it takes 15 seconds & it’s even written for you) and tell your elected officials that you want judicial modification of mortgages to be part of the housing crisis bill.

Don’t wait—word is that the bill is set to go to the House floor any day.
http://www.congressweb.com/cweb4/index.cfm?orgcode=nacba&hotissue=1

Filing Bankruptcy Can Also Stop Some Foreclosures

Did you know that Chapter 13 bankruptcy was designed to stop foreclosure? Learn more about filing bankruptcy…