LOVE N KINDNESS From Black Eyed Peas Star Will.i.am
Written by j3lu on May 14, 2010
FORECLOSURES - ECONOMIC RECESSION PUT FAMILY IN DANGER Crisis threatens to create ‘lost generation’ putting children at risk.
China says the world could still fall into a double-dip recession and is warning against complacency.
The world has not yet escaped the clutches of the global financial crisis. US talk about the fears of double-dip recession with rising job losses.....
"It's America's worst economic crisis since the Great Depression.
Since the recession began in 2008, millions have been affected. Sudden layoffs, plummeting home prices and an unstable stock market have left many middle-class families struggling to make ends meet.
Some families are also fighting foreclosure and doing whatever it takes to keep roofs over their heads. "
Homes can be lost by mistake when banks miscommunicate....
The experience of Hill, married with two children, typifies the delays and confusion. After the mistaken foreclosure, he began the trial modification last December. He made those payments, but two months after his trial period was supposed to end, Hill is still waiting for a final answer from Chase.
The miscommunications have continued. He received a letter in January saying that he'd been approved for a permanent modification, but he was then told he'd received it in error.
His family remains partially packed, ready to move should the modification not go through. "I'm on pins and needles every time someone's knocking on the door or calling," he said.
Families by million - all over the STATES of THE USA - continue to lose homes in record numbers each months, stripping families of their wealth and destroying entire neighbourhoods.
The cost of demolishing the vacant houses alone will cost the city $100m of its tax base. According to Jim Rokakis, the County Treasurer for Cleveland's Cuyahoga County.
" Wall Street strategies that made the cycle of no-money-down, no-questions-asked lending possible have sucked the life out of my city".
Cleveland, Ohio, is an industrial city on the banks of Lake Erie. Thousands of abandoned houses in Cleveland are likely.
" Two such families are here today to share their stories with Oprah.. "
When two struggling families appeared as guests on The Oprah Winfrey Show to talk about the home foreclosures they were facing, they had no idea a surprise guest would make their problems disappear. Will.i.am, front man of The Black Eyed Peas, showed up to save the day.......
Will.i.am, front man of The Black Eyed Pea, showed up to save the day.
The Eller family and the Allgood family shared their stories with Oprah and explained how the national recession took its toll on them. For John Eller, losing his job as a corporate executive forced him to take lower paying jobs in order to support his wife and eight children. He explains, “I’ve been an executive in a major corporation, and I’ve also made doughnuts on a graveyard shift working in a bakery for $10 an hour. I’ve had to do whatever it takes.”
Despite his best efforts, he couldn’t afford the mortgage for their dream home. For single mother Alycia Allgood, buying her first home after years of saving was an accomplishment she could be proud of, but when her company downsized, she too fell months behind on her mortgage payments.
To the surprise of both families, Black Eyed Peas star Will.i.am stepped forward to pay the $350,000 owed by the Ellers and the Allgoods, Oprah.com reports.
Will.i.am hopes to continue helping families facing foreclosure. He has created the i.am home fund to collect donations for families struggling with mortgage payments, at risk for losing their homes.
Expanded mortgage aid should cut foreclosures
The Obama administration's revamped mortgage program may help more borrowers keep their homes, but economists say it could also delay foreclosures that can't be prevented.
The program requires lenders to reduce mortgage payments for three to six months for unemployed homeowners. It also encourages mortgage servicers to consider reducing principal for borrowers who stay current on their loans.
In addition, some homeowners who owe more than their homes are worth may be able to refinance into loans backed by the Federal Housing Administration.
USA TODAY is showing some HOPE.
Obama hopes to keep unemployed in their homes ......
marcelline said on June 17, 2010:
Thank you, j3lu, Parnell, http://dipdive.com/member/Parnell/blog/18167
and all who have contributed to this blog with all this good information, I have been given the opportunity to modify my loan, I am truly praying that everything will turn out okay for my family and for all the families that are facing this experience this time around, may God bless you.
PARNELL Brought More "Informations on Foreclosure
Repost: Information on Foreclosure
Stop Foreclosure. http://dipdive.com/member/Parnell/
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Dez-Seeks Help 4 BURMA is a guy that lives in Australia. He joined Dipdive on February 13, 2009. The last time he logged in was on November 8, 2012.