The housing crisis has spread like wildfire and for many it can mean losing their homes. It doesn’t end there; the economy is also a victim.
The Senate is gearing up to debate legislation that can help the over half a million people who are facing foreclosure to stay in their homes while they work out a way to pay their loans. The Foreclosure Prevention Act wouldn’t let people run off without being responsible. Instead, it would help them to try and save their homes by allowing them to go to court to restructure their loans. Right now, people can restructure loans on vacation homes and yachts – this protection should include a person’s home.
Too many people are facing a dire financial situation today. If Congress can give them the opportunity to prevent total disaster, they should. Plain and simple.
Homes are a vital part of retirement security and any opportunity for folks to stay in their homes is an opportunity for a more secure financial future, something we’re all trying for.
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