Pages tagged "underwater-homes"


A Sign Of The Times: New Definition For 'Underwater' Added To Dictionary

Next time you meet someone who's puzzled about the Underwater Voter phenomenon, hand them a copy of Merriam-Webster's Dictionary.Merriam-Webster added new words and definitions to their iconic dictionary last week. The sheer number of underwater homeowners and economic impact of underwater homes and the housing crisis compelled the dictionary editors to add "underwater" as a new word.It's official: the housing crisis and the currently 16 million underwater homes have left a permanent dent in our language. The word "Underwater" now has a new definition.

un·der·wa·ter adj \??n-d?r-?w?-t?r, -?wä-\: having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth

"Why My Job Is To Watch Dreams Die"

The experience of losing a home is heartbreaking and one of the most difficult days in the lives of millions.This man experiences that day over and over again as part of his job. He works at a real estate office selling foreclosed homes and is there for the painful moment when a homeowner hands over the keys to their home.
And so I listen. I feign dispassion but I'm not fooling anybody. Somehow they can tell that I care and thank me even as they admit that it isn't my fault, that it isn't my responsibility to listen. I've stood inside another's dream for an hour as they spoke, not really to be heard but to say goodbye - to leave the ghosts behind.
The anonymous realtor writes about the process of foreclosure and the almost unbelievable stories that the homeowners share. As anyone can tell you, a home is more than justa a house. It's a powerful place filled with memories.
Sometimes the kids are there, maybe waiting in the car, maybe not. I see the marks on the wall showing how the kids grew over the years. I see the anguished poetry scribbled on the wall by stoned teenagers and the occasional hole punched in the wall. One woman handed me the key to her reinforced bedroom door - during the divorce her now ex-husband was still living in the house and she had to barricade herself in at night. Another said "right there is where I found my son - he couldn't handle losing the house".
You can read the entire story on Reddit.

Mortgage Relief For Homeowners Now

A staggering 15.7 million American mortgages are currently underwater -- one in three mortgages nationwide. Millions more are unable to refinance at historically low rates, leaving them paying thousands in additional interest each month.A series of bills currently in Congress could save 4.2 million homeowners an average of $2,500 each year, a total of $10 billion annually, but we need to make sure they pass.Today, Rebuild the Dream is launching a new national campaign to help millions of struggling families keep their homes. Throughout June, “Hope for Homeowners” will spearhead a coalition of underwater homeowners and partner organizations in on-the-ground actions and petition deliveries to senators in 13 key states -- NV, FL, ME, MA, OH, AZ, GA, MO, NC, PA, TN, VA, and WI.Rebuild the Dream will be joined by coalition partners, which include the Leadership Conference on Civil and Human Rights, U.S. PIRG, the Center for Responsible Lending, Americans United for Change, and many more.“We’re going to mobilize Americans to demand bold action to help struggling homeowners through the November elections and beyond, and this nationwide on-the-ground effort is just the first step,” said Natalie Foster, CEO of Rebuild the Dream. “Congress has a chance to pass home mortgage relief that would save a homeowner thousands each year, spark the economy, and provide hope to millions of Americans.”The three bills supported by this campaign are:? “The Responsible Homeowners Act,” which helps families refinance with historically low interest rates and is sponsored by Sens. Barbara Boxer (D-CA) and Bob Menendez (D-NJ)? “The Rebuild Equity Act,” which helps homeowners get above water faster with shorter mortgages, sponsored by Sen. Jeff Merkley (D-OR)? “Expanding Refinancing Opportunities Act,” which expands refinancing options for homeowners with non-federally guaranteed loans, sponsored by Sen. Dianne Feinstein (D-CA)Together these bills will provide support to millions of underwater homeowners across America. This campaign is the first stage in a larger effort to stem the foreclosure crisis through economic relief for underwater homeowners, and to prevent any future economic disasters by investigating the mortgage fraud by banks and lenders responsible for the crisis.“While the bankers who put us in this mess roam free, American families are drowning,” said Van Jones, co-founder of Rebuild the Dream. “This is just one step toward ending the mortgage crisis, but for millions of Americans it could mean the difference between losing and keeping their homes.”