Open Letter to our Legislators

As my elected official, you should know that I strongly support President Obama's initiatives to help millions of American homeowners and reduce the massive wave of home foreclosures that are fueling today's national economic crisis. I urge you to adopt the President's plan to prevent home foreclosures that do not need to happen. A key part of the Obama plan would permit distressed homeowners to seek home loan modifications in bankruptcy court.

I do not think that what has been tried so far to stop the foreclosure crisis is working. If families are going to stay in their homes and avoid foreclosure, it seems clear that court-supervised mortgage modifications are necessary. We have wasted too much time already on half measures and other dead-end efforts that have done nothing to slow down the runaway foreclosure crisis.

I particularly like the judicial modification approach because it can prevent hundreds of thousands of foreclosures without spending one penny of taxpayer money. Is it too much to ask that you take this no-cost action for homeowners? After all, you have seen fit to spend billions of dollars on bailing out banks, car companies, brokerage firms and other corporate giants. It's time that we face facts: We can't end the financial crisis without ending the rising tide of foreclosures.

At a time when an estimated 6,600 families are losing their home to foreclosure each and every day, there is no time for delay. I urge you in the strongest possible terms to support this urgently needed legislation.

American families are reeling under the weight of the recession today. At a point where you can help lighten that load and save the homes of many Americans, I am asking you to support judicial modification of mortgages. This nation needs to put the housing crisis behind it.

As my elected official, you can be assured that I will be watching with great interest to see how you come down on this issue of great importance to my family, my neighborhood and my community.

Please keep me informed about how you vote on this important issue.

Sincerely,

Michele A. Peters, Esq.