Have you noticed that mortgage foreclosure in Orlando is still occurring at record levels? Isn’t it time that someone do something about all the underwater homes in our community? Well you can – Sign the petition to support an intelligent solution! The National Association of Consumer Bankruptcy Attorneys is advocating for a solution to the mortgage foreclosure crisis. May be your mortgage isn’t in trouble, but your neighbor’s might be. Help your neighborhood and sign the petition today!
The solution is a simple one and you can read more about it by visiting this link. It’s called the Principal Pay down Plan. It allows homeowners are working to save their homes from foreclosure in a chapter 13 bankruptcy plan to do the folllowing:
1. Recieve 100% credit for their mortgage payment as a reduction in the principal balance – no interest paid for five years;
2. At the end of the five year period, the mortgage balance is re-amoritized to a 25 year loan.
The plan is designed to enable the homeowner to quickly accumulate equity (or diminish negative equity) by reducing the interest to 0% for five years so that all payments made by the homeowner are credited directly to principal pay down.
This plan is a win-win: Homeowners keep their homes.Banks loose interest income for five years, but keep a borrower instead of litigating mortgage foreclosure and owning an abandoned, neglected home that they have to sell at a depressed price.
Congress is doing nothing to rescue homeowners from the mortgage foreclosure crisis. Click on this link and sign the petition to tell the Obama administration that you support this common sense solution for helping Orlando homeowners stay in their homes and avoid mortgage foreclosure, while responsibility paying down their mortgage loan.