Weekly Organizer Meetings
Mondays, 7 PM
5920 Second Ave.(near Antoinette)
Detroit
Accessible ramp at entrance; call 887-4344 to open door
 Moratorium NOW! Coalition to Stop Foreclosures, Evictions and Utility Shutoffs  
 affiliated with the Bail Out the People Movement
Save a Farm - Buy a Dram
Help Crosby Mint Farm

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People's Summit


Documentary on the Moratorium Struggle

Moratorium Struggle on TeleSUR
http://www.telesurtv.net/noticias/
multimedia/video.php

Once you open the website,
look for
“Buscador de videos”
and write:
“crisis inmobiliaria detroit”

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Stop Foreclosures and Evictions Blog


JOIN the
Email Campaign
for a Moratorium NOW

Endorse the
Moratorium on Foreclosures Bill

Endorsers

Office
5920 Second Ave.
(near Antoinette)
Detroit


  Orgainizng Meetings
Monday, 7 PM

Phone
313-744-7912

Please Donate
Make checks payable to: MORATORIUM NOW COALITION and send to
Moratorium NOW Coalition
5920 Second Ave.
Detroit MI 48202


Committees

Legal

Open to any with experience in litigation, including attorneys
contact: 
Jerry Goldberg  313-393-6001

Media

Coordinates media relations, issues press releases and related issues
contact:
Abayomi Azikywe  313-671-3715


Resources for Fighting an Individual Foreclosure

These resources for fighting your foreclosure and eviction were provided by members of the Moratorium NOW! Coalition to Stop Foreclosures and Evictions.  You should, by all means, make every effort and to use all means to fight your foreclosure, including the use of an attorney.  There is no gaurantee of success.

Be wary of those who can save your home for a fee.  There are people out there who continue to take advantage of those of us who have already beed victimized by the predatory banks and mortgagae companies.  Also, be cautious of reverse mortgages - some are a very bad deals.  Do your homework.

Wayne County Foreclosure Prevention Program

Wayne County Mortgage Foreclosure Prevention Program Seminars

Stop Foreclosure Checklist (also  below)

Property Tax Assessment Appeal Process


FORECLOSURE CHECKLIST

Step 1: Admit that you’re in financial crisis and need emergency help. Do not ignore the problem. Establish a budget. Prioritize your debts (breaking out essential from non-essential) Contact your lender.

Phase 1: Notice of Intent: generally sent by Lender after missing 3rd mortgage payment.


Step 2: Prepare an emergency budget (be honest). Have something prepared for when you begin the process of negotiating* with your lender. Consider hiring an attorney at this point. If you are over the age of 62, you may qualify for a reverse mortgage.

Phase 2: Redemption Period: the period of time, which is usually a year, that you live out your equity in the property.


Step 3: Contact the Bank/Lender. A letter specifying your Workout Plan, with a proposed amount you can pay, should be prepared with the following items included:

  1. Emergency budget; this should have been done in Step 2

  2. Statement of hardship: a simple honest statement providing what caused this hardship; i.e. laid off from work; death of a provider, etc.

  3. Proof of earnings: to establish your ability to pay what you indicate in your Workout Plan

  4. Tax documents for previous 2 years: this establishes credibility

  5. Bank statements for 3 months: this establishes credibility

Phase 3: Sheriff’s Sale/Eviction – last resort – last steps if nothing from phase 1 or 2 have been satisfied with the lender.



BANKRUPTCY

If nothing above has been successful and you satisfy the means test (seek attorney advice) bankruptcy may be your only alternative. There are two types of bankruptcies: Chapter 7 and Chapter 13. Once a Chapter 13 bankruptcy has been filed, there is an immediate STAY in all proceedings, including eviction and/or sale. Chapter 7 bankruptcies won’t necessarily stop a foreclosure; however in 95% of all cases, you won’t lose your assets. In filing bankruptcy all the documents in Step 3 will be required.

Bankruptcies cost money too. The filing fee is $299, plus you will have attorney fees to pay, which can range anywhere from $800 to $1500. Explore your options.