Democrats lash back with a new bill "The Preventing Homeowners from Foreclosure Act of 2011."

Democrats lash back with a new bill "The Preventing Homeowners from Foreclosure Act of 2011."

If you have not heard about the Republican stance against continuing the government's Home Affordable Modification Program HAMP, you will want to know the House has already passed the bill and it now moves on to the Senate, which it is expected to reach more resistance.

However, last week Congressman Steve Cohan Democrat of Tennessee introduced a bill aiming to help prevent more foreclosures across the country. Cohen believes the latest Republican bill to end the HAMP program will "harm homeowners". His proposed bill would help establish a grant program for state and local governments to help provide mediation between homeowners and lenders and overall prevent more foreclosures. "Foreclosures evaporate middle class wealth" according to Congressman Cohen (D-Tennessee), he proposes his bill would help homeowners avoid foreclosure and the stress and difficulties brought on by going through a foreclosure.

His bill called The Preventing Homeowners from Foreclosure Act of 2011would help communities to establish their own foreclosure mediation programs. Mediation would postpone Sheriff Sale dates on owner occupied homes, until the lender and homeowner could meet to discuss their options through a mediation process. Many states already have mediation type programs in place, but for the states that do not have the funding this would give them a better outlet to help distressed communities. The bill would require that any state that received help from the grant program would be required to keep a record of all mediation carried out, thus including the nature of any loan modification.

Increase pressure continues to build for mortgage servicers and lenders to do more, especially with homeowners who are upside down in value versus what they owe. Hopefully, in the next few months both parties will be able to come to terms with agree how to precede forward and what will be the best solution for all parties involved.

Mortgage servicers still face a possible settlement with a new revision to how they do business. A settlement is possible over the next few months, according to Tom Miller the Iowa Attorney General. It certainly will not be a "slap on the wrist" changes need to be made and the 50 state investigations only prove there is much room for improvement.

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