San Jose, CA (PRWEB) March 18, 2010
Homeowners In Action (http://www.homeownersinaction.com), a neighborhood grassroots movement concerned about the lack of fairness and transparency in bank practices, announced nowadays 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 home owners concerns against the secretive and ineffective practices of banks in property loan modification and foreclosure.

Janice Hills, a San Jose resident, has been waiting for her loan modification because February 2009. Twelve months later she received a get in touch with from a loan underwriter supplying a loan modification package with payments only $ 20 less than her old loan payment. Now she has tiny alternative except to let go of the property or file for bankruptcy.

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

Foreclosure dont just effect the household who loses their property, they impact the stability of our neighborhoods,” said San Jose Mayor Chuck Reed on April 8, 2009.

But, regardless of $ 75 billion offered to banks by the federal government to assist in preventing foreclosure by way of the loan modification procedure, new data released shows that the governments foreclosure prevention plan has been ineffective: mortgage servicers have delivered fairly couple of permanent modifications. Although a necessary Prepayment Trial Plan is supposed to last only for three months, ProPublica reported lately that about one hundred,000 homeowners have been stuck in a prepayment plan for longer than six months, some for as extended as 10 months, a lot more than 3 occasions the Obama Generating Residence Reasonably priced Applications recommendations, even though several have noticed their home foreclosed during the approach.

The bailout is taxpayers’ money. It requirements to get out to the people on Main Street to preserve these properties, to protect these neighborhoods,” said California Assemblyman Alberto Torrico.

Jenny Do, San Jose lawyer and cofounder of Home owners In Action, said: It is essential to halt all foreclosures on property loans unless they have been processed through the governments Residence Reasonably priced Modification System and exhausted lenders own alternative modification programs.”

Michel Lopez, CEO of a nearby company, added: “Home owners in economic problems 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 businesses to be transparent and take instant action to avert the foreclosure of houses, that are affecting thousands of families in San Jose.

Please join the forum with hundreds of other property owners to raise the concerns of the community and demand immediate services by banks and mortgage organizations to stop foreclosure.

When & Where
Saturday, March 20, ten: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

Speak to: