The case for needing a mortgage rescue program for homeowners who are ineligible for existing mortgage rescue programs because they cannot meet the income or home value qualifications. Currently 1 in 5 homeowners have an "underwater" mortgage meaning that their home value is less than the loans against it. 1 in 10 homeowners are at least one month behind on their mortgages or already in some stage of foreclosure. By June of 2008, more than ONE MILLION homes in the U.S. were in foreclosure and in the Third Quarter the foreclosure filings doubled over the same period the previous year. More than 10,000,000 Americans are unemployed and this number is rising. Many self-employed individuals have likewise suffered significant business losses on account of the recession. Current mortage rescue packages require the homeowner to qualify financially. Those who have become unemployed or suffered a drop in self-employment income will not likely be able to meet the income qualifications. Existing mortgage rescue programs also require that homeowners are at least 60 days delinquent on their mortgage payments. Many homeowners who are not yet behind on their mortgage loans, but are likely to fall behind due to recent loss of employment or drop in family income, could be spared the significant damage to their credit ratings that reports of mortgage lates result in. A rescue program offering early intervention is needed to help preserve the credit ratings of these homeowners so they do not face additional hardships because of credit denials or high cost of credit due to unavoidable temporary financial hardship. We are petitioning the Congress to immediately enact emergency mortgage rescue legislation to serve these homeowners who have been shut out of other solutions. Find out more at: http://www.mortgagemoratorium.com
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