Foreclosure Prevention

To: Senator Barbara Boxer and Dianne Feinstein of California

We the undersigned are concerned about the lack of public notification to homeowners that are walking away from default mortgages throughout California.

We understand that in the near future you will be proposing many new initiatives for default mortgages in California. This is of great concern to us because the primary effect of abandoned housing leads to contagious depreciation within the communities. This undermines home values and equity, for most families, their biggest asset.

The decline of professional standards in real estate has provided increased opportunities for illegal acts against consumers, making those in default easy preys.

The continual lack of public notification provides opportunities for unethical practitioners to operate under the radar with deceptive tactics.

Current techniques involving a Substitute Mortgage can empower owners by providing an advantage in their negotiations with lenders.

A substitute mortgage is a security pledge held by an escrow, used to urge the banks to negotiate with the owners.

This provides faster results than traditional methods, and creates a win-win situation for banks and borrowers.

This technique has proven a high than average success rate, and created national media attention.

For Californias economic recovery, we need to introduce creative solutions fast, public notification can help solve the growing housing epidemic for millions of Californians.

The Substitute Mortgage program is a viable solution to our states default problem and should not be ignored. Disadvantaged homeowners have real, long-term consequences for California. Please consider this issue carefully before sending any bills for additional foreclosure prevention initiatives to Congress.

Thank you for consideration.
Sincerely,