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Homeowners Suffering from Foreclosures get a Voice to Opine

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By : Scott Zahid    99 or more times read
On October 13th, a national initiative was launched in hope to give justice to distressed homeowners who have suffered from unwarranted foreclosures due to the banks substandard paperwork. Tom Miller, attorney general of Iowa, headed the investigations in 50 states across the country. Two months after examining and hearing the banks pleas and justifications, Miller consented that there is serious disorder in the way the lenders deal with their foreclosure process.

After examining the lenders for about two months, AG Miller felt the need to hear the homeowner’s side and called for a meeting at Des Moines Church on Tuesday, where he cited that, “I’ve said from the beginning that we need to hear from all stakeholders involved in the crisis. I’ve heard from the banks and servicers, and now I’ve heard from the people who are trying to save their homes.” About 100 distressed homeowners attended the meeting and voiced their stories and opinions.

Gina Gates, a resident of San Jose, California, who attended the meeting expressed that “Today it is about hope” and “We have got heard today, and we’ve got a champion.” That’s what we’re looking for.” Gina Gates lost her house in foreclosure after the bank seized her home due to delinquency.

The objective of the meeting was to come to an accord on change in loan modification procedures, reduction in the principal amount, compensation for borrowers who were mistakenly evicted from their house and criminal action against banks employees who violated the rules and regulations.

During the meeting, Attorney General Tom Miller stated, “We will put them in Jail” and “So when people misrepresent the homeowners, they lie to them, they cheat them out of their homes, we believe that should be a criminal case.” Referring to his finding of the examination, he mentioned that he found issues with the lender firms foreclosure processes. He feels that the lenders have not adequately funded their processes, not hired ample staff and training of the staff is not up to the mark.

He also concurred that not every house can be saved, but at least every effort can be made to avoid as many evictions as possible. The citizens who attended the meeting were contended. In the meeting, Miller also said, “Meeting face to face with people who have been caught up in this terrible foreclosure mess has only strengthened my resolve to get to the bottom of it and make the system better.”

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