Today’s Friday Facts is about an advocacy effort to stop foreclosures. I’m sure there are other advocacy efforts underway (if you know of any send them to me in the comments section), but the one I’m featuring today is called Home is Where the Vote Is. I saw the Home is Where the Vote Is website on the internet one night while surfing for interesting things to share with Sister Source readers. The campaign is an ambitious one designed to make one aspect of the foreclosure crisis a bigger issue in the upcoming elections.
40% of Americans say they or someone they know has lost their home to foreclosure in the past five years.
There are lots of parts to the housing and foreclosure crisis:
- Lackluster performance of the Federal programs to help homeowners
- Underwater mortgages
- Adjustable rate mortgages
- Poor regulation of the mortgage industry
- Number of folks under 40 that are ‘strategically defaulting” and leaving their homes
And on and on…
Home Is Where the Vote Is focuses on #2—underwater mortgages. According to their website,
“Nationally, there are more than 15 million underwater homes that are $1.2 trillion underwater. Resetting those mortgages to fair market value would save the average underwater homeowner $543 per month, pumping $104 billion into the national economy every year. This would create 1.5 million jobs nationally. The bold and necessary solutions are clear, and have been advocated for by economists on both ends of the political spectrum.”
If you’d like to see just how bad the housing-foreclosure crisis is in your community, check out the interactive map on Zillow.Com.
Home Is Where the Vote Is has other important facts in brief 2-page document you can find here.
After you read a bit more, think about how you might support the organization. They give several volunteer options:
You can also check out the Home is Where the Vote Is Blog to stay up to date and read new stories (and hopefully some success stories).
So now you know more about one advocacy effort to stop foreclosures!