Mortgage Strike?

ESOP urging underwater homeowners to go on mortgage strike until lenders do principal reductions.

A foreclosure prevention group wants underwater homeowners to stop paying their mortgages and put the money in escrow until banks rewrite their loans. The group – Empowering and Strengthening Ohio’s People, or ESOP – thinks banks should reduce the principal on underwater mortgages because home values have fallen so far in Northeast Ohio. Many banks took federal bailouts, and they can help stem the foreclosure crisis by keeping underwater homeowners from walking away from mortgages, ESOP says.

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