ANTIOCH, Calif. (KCBS)- Some Antioch homeowners are about to get relief in the way of foreclosure assistance. Lives that have been devastated are now placing hope in the Wall Street Reform and Consumer Protection Act.
Congressman John Garamendi says there could be relief if reform legislation reaches the president’s desk.
Realtor Jose Vega says he was facing foreclosure so he filed bankruptcy to halt foreclosure proceeding that his bank had already started.
“What they’re really doing is they’re taking your dreams away,” said Vega.
Troy and Carmella Hess who say their credit is solid are barely holding on to their home.
“In June of 2009 we started with American Servicing Company and Wells Fargo bank to try to obtain a loan modification. We’ve been declined nine times,” said Troy.
Congressman Garamendi says the Wall Street reform and Consumer Protection Act will hold banks and mortgage loan companies accountable.
“Extraordinary greed overtook the financial industries of America and we wound up with a crisis that we have not seen the likes of since the Great Depression,” criticized Garamendi.
The legislation now in the Senate contains a comprehensive plan for helping and protecting consumers who are dealing with foreclosures or who are looking for a loan.