Townhall Meeting to Raise Homeowners' Concerns Against Practices of Banks in Home Loan Modification and Foreclosure

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Homeowners In Action, a local grassroots movement concerned about the lack of fairness and transparency in bank practices, announced today that a town hall meeting will be held at the Martin Luther King, Jr. Library in San Jose on Saturday, March 20, in order to raise homeowners’ concerns against the secretive and ineffective practices of banks in home loan modification and foreclosure.

Homeowners In Action (http://www.homeownersinaction.com), a local grassroots movement concerned about the lack of fairness and transparency in bank practices, announced today that a town hall meeting will be held at the Martin Luther King, Jr. Library in San Jose on Saturday, March 20, in order to raise homeowners’ concerns against the secretive and ineffective practices of banks in home loan modification and foreclosure.

Janice Hills, a San Jose resident, has been waiting for her loan modification since February 2009. Twelve months later she received a call from a loan underwriter offering a loan modification package with payments only $20 less than her old loan payment. Now she has little option except to let go of the house or file for bankruptcy.

Unfortunately, Janice is not alone. Hundreds of thousands of homeowners across the nation face similar stories and thousands of families are heavily hit locally in San Jose.

“Foreclosure don’t just impact the family who loses their home, they affect the stability of our neighborhoods," said San Jose Mayor Chuck Reed on April 8, 2009.

Yet, despite $75 billion given to banks by the federal government to assist in preventing foreclosure through the loan modification process, new data released shows that the government’s foreclosure prevention program has been ineffective: mortgage servicers have delivered relatively few permanent modifications. Although a required Prepayment Trial Program is supposed to last only for three months, ProPublica reported recently that approximately 100,000 homeowners have been stuck in a prepayment plan for longer than six months, some for as long as 10 months, more than three times the Obama Making Home Affordable Program’s guidelines, while many have seen their home foreclosed during the process.

“The bailout is taxpayers' money. It needs to get out to the people on Main Street to preserve these homes, to protect these neighborhoods," said California Assemblyman Alberto Torrico.

Jenny Do, San Jose attorney and cofounder of Homeowners In Action, said: “It is important to halt all foreclosures on home loans unless they have been processed through the government’s Home Affordable Modification Program and exhausted lenders’ own alternative modification programs."

Michel Lopez, CEO of a local business, added: "Home owners in financial trouble are victims of unfair and secretive banking practices. They are taxpayers who have contributed money to the bailouts and it is a moral obligation for bankers to rescue them back in return."

The goal of this town hall meeting is to let the people voice their stories and sign a petition demanding banks and mortgage companies to be transparent and take immediate action to prevent the foreclosure of homes, that are affecting thousands of families in San Jose.

Please join the forum with hundreds of other homeowners to raise the concerns of the community and demand immediate services by banks and mortgage companies to prevent foreclosure.

When & Where
Saturday, March 20, 10:00 AM to 12:00 PM
2nd Floor of the Martin Luther King, Jr Library
150 East San Fernando Street, San Jose, CA 95112
4th Street & San Fernando Street, downtown San Jose

Contact:                                                                
Jenny Do, Esq.                                                                
Homeowners In Action
408-292-5505 (o)
408-455-0175 (c)

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