Thursday, October 2, 2008

Email to President Bush

Please note my Email to President Bush.

Please vote against the Bailout bill as it is.
The bill Should include relief for those already in foreclosure or approaching it, and those Americans who are buckling under high prices (gas, food, fuel oil, etc.). It should also include payoff provisions for the physically sick, as medical bills are a leading cause of home loss and financial devastation. I own two homes in Florida as well, and both of those are now worth 1/3 of their purchase price, and there is no "bottom" in sight for this market.
In the current system, you can only short-sale a home to a third party. Make it possible to short-sale to the current owner, preserving the property, converting the bad mortgage to a performing one, and norming the value of the mortgage to the current value. This will allow people to pay for their homes, buy cars, food, pay college loans, and contribute to the future well being of the economy. Otherwise these homes will fall prey to abandonment, communities will be blighted, and only investors with good credit will acquire them at "fire sale" prices - forcing the current owners into welfare, tents, or homelessness. DON'T ALLOW THIS TO HAPPEN.


Republican from NY – Homeowner in Florida
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