Vietnam Veteran John Vinje and his wife spent Memorial Day wondering where they would possibly go if they lose their home in a foreclosure sale scheduled for Tuesday.
After falling behind on their mortgage payments when his wife became ill and was unable to work, the Minnesota couple tried to work with the bank, but US bank refused to accept partial payments on the Vinje's home that is now worth approximately $50,000 less than what they paid for it.
The foreclosure sale was already postponed once after the Vinje's got involved with Occupy Homes MN, and marched from Hennepin County Government Center to City Hall.
Via:
Eventually US Bank agreed to modify the loan, but the new terms offered lowered the monthly payment by only $97. Vinje said still left the payments out of reach for the couple. And those negotiations did not slow the foreclosure clock.
Vinje's case was cited during the 2012 legislative session by Democratic lawmakers who introduced several foreclosure reform bills. One measure would've outlawed "dual tracking," the practice of simultaneously foreclosing on a home while engaging in negotiations to modify the loan terms.
Republican leaders and committee chairs would not allow a hearing on any of the bills, because they believed they restricted commerce. So DFL sponsors conducted a mock hearing for the benefit of the media.
(Emphasis mine.)
Republicans wouldn't even allow a hearing on the foreclosure reforms, remember that the next time you hear someone wonder why the government won't help save them from greedy bankers. More importantly, remember that come November.
