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And the walls came tumbling down… An old expression, which sounds like it belongs in an old cinematic event, much like an old Charlton Heston movie.  Unfortunately, it more exactly expresses a condition for our economy, with an avalanche of foreclosures in recent years and many homeowners on the brink of being permanently displaced from their homes. 

The plight of American homeowners runs deep.

I come into contact with then all the time as a Realtor, and it paints a constant painful picture of the condition of our nation. 

I write this blog on the heels of a phone call I just received from a young nurse who is desperately trying to save her home, despite being in a gruesome divorce, being delinquent on her mortgage, et al.  She reported to me that she has been calling her mortgage company for the last several months trying to work out a solution for loan modification, after they contacted her and suggested the program. 

They have not been timely in their responses, and have not stopped the wheels of the foreclosure despite citing their willingness to talk terms by offering a sort of ‘olive branch’ to the homeowner.  This lady had been through a personal medical situation in her life, while she has attended school to get her nursing license.  Now she is able to get a job, and including child support, could pay for a mortgage.  She very much wanted to keep her home, but was getting no response.  She even called Fannie Mae directly, and the representative there said that they could work with her, if she could get her bank to retract the foreclosure process. 

Despite relaying this information to her bank, she still received no action.  As this kind of condition occurs repeatedly

The US Congress and Senate wrote and passed the legislation that derailed our nation over many decades, and the plight of homeowners should be laid on their doorstep.

 all over the U.S., this is not an isolated occurrence.  The fact is that most banks do not know what to do.  They have an tidal wave of defaulted loans, limited personnel to keep up with it, much less keep track of it all, coupled with declining solvency and lack of decision making capabilities. 

Thus homeowner’s lives swing in the balance.  My caller this evening has children, and she does not know what will happen tomorrow.  The best advice I could offer her was to call her Congressman, and explain the situation.  Often this may never occur to them, but it can be helpful to have someone who represents them in Washington to perhaps make some calls for them on the process to see if they can get all the parties involved to come to an agreement. 

This simple advice offered her some hope that no one had given her in months.  I do not know if it will lead anywhere of benefit, but I consider it is placing it back on the plates of those who are responsible for many of the problems we face today in our Country.  It was US Congress and the Senate that passed the laws that ultimately created our broad economic crisis in America, and despite all the Presidents, they are the ones that have been there the longest and orchestrated the mess we are in. 

Without delving into serious detail of the political aspects of this issue, I will leave it at that, and I hope this lady finds a path to keeping her home, and her American dream.

Homeowners struggling in this economy should look to Washington as the cause, and hold them accountable.