Hello, Everyone ...
This post is really in response to another thread ...
... which is about one of our members faced with foreclosure.
Although some of the suggestions for earning the money
to "come current" were well spoken, it seems to me that
one's time could be better spent -- initially, at least -- in
pursuing all available avenues of relief, as this would have
the effect of "buying some time" within which to correct
There's a Foreclosure Freeze until January 9th,2009
Whether your own mortgage would qualify for this freeze or
not is something you would have to find out for yourself.
Here's one link to get you started:
RealNews / Foreclosure freezes announced amid mixed housing news
For more information, type "january 2009 foreclosure freeze"
into Google and see what you turn up.
There's a Homeowners Advocacy Organization Called NACA
Selected excerpts from the NACA website:
All of the below solutions provide for an affordable mortgage payment
over the long-term. In fact the Restructuring sometimes lowers the
fixed interest rate to less than a NACA Refinance (4.875%). As opposed
to the refinance, a Restructure is available throughout the country and
is not based on factors such as equity, debt ratios and credit score.
NACA through its Mortgage Consultants and Home Save Department
will make a determination of the solution that is most appropriate for
your particular situation.
NACA's home save options are based on what you can afford based
on our comprehensive Affordability Budget. They are provided in the
order that is most appropriate for your situation. The most viable
and appropriate solution for most homeowners is the Restructure.
Servicers and investors are now more willing to restructure a loan
given the collapse of the mortgage market and the significant loss
they would incur with a foreclosure.
Leading attacks on predatory lending
NACA has been in the forefront of attacking predatory lending. The
lack of affordable credit to working people creates opportunities for
predatory lenders to move in with their high-priced abusive loans.
A priority in all of NACA's campaigns has therefore been to expand
the reach of affordable lending. Indeed, NACA's predatory lending
campaigns have all resulted in expanding access to affordable credit
to working people and low- and moderate-income communities. In
1991 NACA (previously UNAC) was the first organization to expose
the issues of predatory lending.
NACA's history of aggressive, confrontational advocacy is essential
to understanding its current success and to answer the question,
"How is NACA able to provide a program that sounds too good to
be true?" NACA was established in 1988 as a non-profit community
advocacy and homeownership organization. Since then, NACA has
developed a tremendous track record of accomplishments,
documented in over seven hundred press clips.
NACA's victories against powerful institutions and people
NACA's victories have been against some of the country's largest and
most powerful financial institutions. NACA's aggressive confrontation
advocacy has yielded remarkable successes with tremendous benefits
for homeowners and communities. NACA's victory against Fleet was
the most publicized. After a four-and-a-half-year war, Fleet Bank
surrendered, committing $8.5 billion of additional lending to low- and
moderate-income people and paying hundreds of millions of dollars in
settlements to people and communities whom they had victimized.
It also resulted in the destruction and ruin of Fleet's predatory
lending subsidiary - Fleet Finance.
NACA has never stopped and the victories have been numerous.
NACA was the worst nightmare for a number of huge institutions
and powerful individuals: NACA defeated First Union and brought
its CEO Eddie Crutchfield (i.e. Fast Eddie) to his knees; NACA
defeated Ford Motor Company and as a result they divested the
Associates and their four billion dollar a year income; NACA defeated
The Associates (the country's largest finance company) and forced
them to dramatically change their lending practices; NACA defeated
Senator Phil Gramm in his efforts to ruin NACA and its CEO Bruce Marks;
and NACA has had victories against Bank of Boston, Barnett, Riggs Bank
and Signet. In addition, NACA was instrumental in getting anti-predatory
legislation passed in Congress - the Homeowners Equity Protection Act
("HOEPA") and one of the strongest state anti-predatory legislation in Georgia.
NACA's continues the fight against predatory lending
NACA continues its fierce battle against predatory lenders who are
foreclosing on thousands of homeowners, and threaten to push millions
more Americans to the brink of losing their homes. NACA has sounded
the call to action, and is putting lenders on notice. We are pushing
lenders to renegotiate predatory subprime loans and we have committed
a billion dollars to refinancing. We encourage people to participate in our
Predator Watch to guard against unscrupulous lenders. Our Predatory
Lending Forum is an active community of advocates and victims sharing
information and strategies. We are moving toward Predatory Lending
Legislation to work to prevent victimization, and we are also establishing
a Report Card for Politicians to expose their stands on the issue of
predatory lending and economic justice issues.
Linking people and communities to advocate for economic justice
NACA's Neighborhood Stabilization Committees ("NSC") are the grassroots
foundation for NACA's neighborhood and organizing activities on both the
local and national level. Once Members are settled into their own home,
they can help build their neighborhood. NACA helps make connections
with other NACA homeowners in communities of all kinds. They meet on
a regular basis to address neighborhood issues and to connect to NACA
nationwide. Thousands of Members work together to improve school systems,
take control of abandoned lots, and fight against gangs, drugs and violence.
Starting locally, NACA Members are also perfectly situated to connect with
others in their state and throughout the country to create change. Together,
we can demand and succeed to achieving economic justice for working people
and our communities.
Expanding the fight
As our Membership continues to build, NACA's power and ability to
demand more economic justice only increases. As a NACA Member or
a NACA activist, you can become part of the fight. We aim to not only
fight predatory lenders, but to hold our elected leaders responsible to
working people's needs. As NACA expands with hundreds of thousands
of members nationwide, NACA will have a major impact on the nation's
lending and economic justice issues.
Note: NACA can help save a home anywhere in the country,
but to help buy a home, there has to be a NACA office
in your state. See their website for all details.
There's an Online Community-Based Personal Loan Site Called Prosper
The way it works, you set up your profile, and then you
put up a request for a personal loan. You tell your story,
and lay out your prospects, like how you intend to pay it
back, and so on.
Then other people will speak up and say how much they are
willing to lend you, and at what interest rate, and so on.
It "works" for them because they earn a much better rate
than they would if they put their money in a savings account
at the bank ...
And it "works" for you because where else are
you going to find anything like $7,000 in your situation?
The basic principle is 10 people each loan you $700, or
100 people each loan you $70, and that's how it all gets
And perhaps the best part is that the loan from Prosper
does *NOT* go on your credit report while you're paying it
back, but then when it's all paid off they put it on there
that it's a completely amortized loan in good standing !!!
You can find out more here:
Get a Personal Loan at a Great Rate! - Apply Online Today - Prosper
There's a Home Workers Community Called WarriorForum!
This one you already know about. You're here!
It's just that, if you go through the other three steps above,
then you'll be *all* here ... you'll be able to close your mental door
on "worry" and "anxiety" and other problem-oriented emotions and
re-channel all that mental energy toward solutions instead.
So there you have it ...
"Izzy's Four-Pronged PowerPack to Permanent Mortgage Relief!"
1) Get a Moratorium
2) Get an Advocate
3) Get a Personal Loan
4) Get a MoneyMaking Idea!
I do truly, sincerely hope this helps.
Merry Christmas and Happy New Year!