Published: 04-08-08
The decision to buy a home is one of the most important decisions a family or an individual can make. It requires that families take stock of their financial situation and decide on what they can reasonably afford.
While 92 of all homeowners with a mortgage make their payments on time some borrowers find themselves in trouble due to circumstances beyond their control such as unexpected job loss a catastrophic medical emergency or lender fraud. Many others however face foreclosure as a result of their own irresponsible borrowing.
It is disappointing to hear stories of some people who took out a second mortgage on their home to finance a lifestyle they could not afford who lied about their income on a loan application or who chose to borrow too much to speculate on investment properties.
Approximately 1/3 of all new homes purchased in 2007 were vacation homes or investment properties while reports of mortgage fraud have increased more than 1400 percent from 2000 to 2007.
I empathize with borrowers and families who are struggling to pay their mortgages. I can think of few circumstances in a family’s life more disrupting than the loss of a home. While only 2 of all mortgages are currently in foreclosure a proposal recently surfaced in Congress that would expose taxpayers to $300 billion of risk for this program to refinance their mortgages regardless of the cause.
If you or your family had to sacrifice to make ends meet and pay your mortgage bills on time – for example by taking on a second job putting off a big purchase like a much needed new car or settling for a less expensive house than you originally anticipated- please click here and let me know by so that I can share your stories with my colleagues.
One of the main reasons we are seeing such a drastic increase in home foreclosures is due to uncertainty in the market. Rather than offering bailouts which place the burden on the shoulders of taxpayers we ought to be focusing on increasing stability in the marketplace and ensuring that we continue to promote pro-growth economic policies.
To that end I co-authored the Economic Growth Act of 2008 which would encourage an economic turn around by lowering the tax burden faced by job creators in order to spur growth and job creation. When looking for answers to solve America’s economic issues we must be careful to provide long-term sustainable incentives not just temporary bailouts.
If you or anyone you know are facing foreclosure on your home you may be interested in attending a seminar that I am hosting on the issue. Please continue reading for more details
Hensarling Offers Assistance to Those Facing Foreclosure
One of the most rewarding investments in the life of a family is the purchase of a home. Unfortunately some Americans have found themselves facing mounting financial difficulties which includes paying their mortgage.
To assist both families facing foreclosure and those who want to avoid it I am hosting two Foreclosure Assistance and Prevention Seminars in April to help homeowners in need of mortgage counseling:
Tuesday April 8 2008 Wednesday April 9 2008
6:30 p.m. - 8:00 p.m. 6:30 p.m.- 8:00 p.m.
Audelia Road Library Mesquite Arts Center
10045 Audelia Road 1527 North Galloway Avenue
Dallas TX 75238 Mesquite TX 75149
At each of these seminars members of my staff as well as representatives from government entities non-profit groups and community counselors – including the U.S. Department of Housing and Urban Development and the HopeNow Alliance – will discuss resources available to homeowners facing or experiencing home foreclosure.
We will begin with a panel discussion on resources available to homeowners followed by a time of private and confidential guidance counseling for those interested in receiving help with their specific situation.
Should you be facing such a situation or know someone who is I encourage you to attend these valuable seminars which will help educate you on resources available for homeowners. Whether you are facing foreclosure planning on purchasing your first home or are worried that your mortgage may be more than you can handle we will provide valuable information to assist you.
For more information and to RSVP please contact my staff by email at tx05forums@mail.house.gov or in my Dallas office by phone at (214) 349-9996.
