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June 7th, 2009
12:20 PM ET

Foreclosure Prevention

So far this year, more than one million foreclosures have been filed.

Not all of those people will lose their homes. Some will find help in places like Baltimore.

A foreclosure prevention summit was held there on Saturday.

Elijah Cummings is the Democratic Congressman from Maryland. Fredricka spoke to him on hosting the summit.

Filed under: Fredricka Whitfield
soundoff (3 Responses)
  1. Sara

    Scenario 1: A person buys a small home for $60,000 in 1994, with a mortgage of $54,000. He doesn't make a lot of money, but his mortgage is only about $500 a month. Then, after home values skyrocketed (@ 2001-2005) this same person borrowed an additional $180,000 CASH against his home's equity. He parties and buys luxury items and doesn't attempt to pay this money back. There have been no upgrades on the house. The foreclosure process takes a very long time, so this person can actually remain in his home for many months without paying anything. Should I feel sorry for him? If this person borrowed $180,000 for medical expenses, then I'd say yeah, help them out and lets get single payer universal health insurance now. Otherwise, I say let the homes go into foreclosure, let the market sort it out.
    Scenario 2: A person buys a home in 2005, when prices are inflated, and his mortgage is $300,000. Now the home value is $250,000. He realizes that he paid too much for the home so, even though he makes over $100k a year, he decides to stop making the mortgage payments. He lives there for free for half a year until the foreclosure process forces him out. He rents a luxury condo for less than what his mortgage payments were. Should I feel sorry for him?

    June 7, 2009 at 9:29 pm |
  2. gloria lewis

    When will some one actually step up to the plate and listen to reason .It has been trying over 4 years.I have sent out about 70 emails ,and certified letters dated back as far as 2004 .Yes i have been sending out mails for over 4 years to people in prominent positions .I contact the white house in 2006 and i have sent about 5 emails 1 certified letter and a fedex to this administration .Pleading with any one that can help to see that this country and the rest of the world has not seen the worst yet .I have contact every net works including cbs ,someone responded asking me what do i want her company to do .I saw this cricis whit the economy coming over 4 years ago just like i know it will get a hundred times worst .I am pleading with the media you need to put messages out there so than we can turn this economy around .
    I am pleading with you if the gas price continue to rise as it will fasten your seatbelts because we are all going down .

    June 8, 2009 at 10:36 am |
  3. Lynn Allen

    At least Maryland is trying to do something for its Foreclosure....unlike Las Vegas where no one on the State or Local level is offering up any suggestions or help...

    June 8, 2009 at 11:52 am |

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