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Should the U.S. impose a foreclosure freeze?

Ohio Congresswoman Marcy Kaptur offered a proposal in the United States House more than a month ago seeking to place a temporary freeze on foreclosures across the country. More than 7 million homeowners have faced foreclosure proceedings in the past four years. Roughly 4 million homeowners nationwide are at some point in the foreclosure process or are currently in default of their mortgage.

Representative Kaptur sought to put a halt to foreclosures through the use of state moratoria. Kaptur urges lawmakers to ask President Obama to declare a "national residential mortgage foreclosure emergency" due to the heavy burden foreclosures are placing on the country. Ohio is in the 18 worst effected states in the nation when it comes to home mortgage foreclosures.

Due to the number of foreclosed homes on the market and other economic factors, experts believe a new wave of foreclosures is beginning. Consumers lack confidence in the housing market, in part, because of a glut of homes driving down home prices.

Unemployment remains a sticky point in the nation's economy. Underemployment is also causing many Ohio residents financial distress. The idea behind the moratorium on foreclosures is to allow homeowners to have more time to attempt to negotiate with lenders and find ways to dig out of debt in the struggling economy.

Although Representative Kaptur introduced the proposal more than a month ago, the measure has gained little steam. Lawmakers have not shown enough interest in the idea to bring the measure up for a vote.

In the meantime, Ohio residents facing financial distress and potential foreclosure can seek out legal advice regarding what options may be available to find debt relief, including speaking to an experienced Cincinnati bankruptcy attorney.

Source: Housing Predictor, "Foreclosure Freeze Loses Steam," Mike Colpitts Aug. 11, 2011

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