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What is the Preserving Homes and Community Act?

In the most recent months everyone has felt some change in their lifestyles due to the recession the American economy has faced.  Foreclosures on houses have been at one of the all time highest rates.  Lenders and loan servicers have been so jumpy to collect on homeowners that have hit the same rough patch most everyone is going through in some way or another.  Capitol Hill housing has proposed a new advance to delinquency of mortgage payments that will actually benefit the common citizen suffering from the poor state of the economy.  Instead of being foreclosed upon the lenders would be mandated to work with the individual to come up with reasonable modifications to their payments.  If the lender did not comply with this mandate they would be penalized with fines and legal penalties.  Another process which the lenders would be required to perform is a "net present value" test for overly delinquent clients.  This test would assess the financial benefits for the lending service of foreclosing versus modifying the loan conditions.  If all of the previous options do not alleviate the financial pressures for the borrowers there will also be a multi-billion dollar national fund ... more

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