As many of you know, we've been working in collaboration with the EARN group and one of the Menlo Park City Councilmen to implement an innovative approach toward saving local homeowners in foreclosure. This approach effectively de-leverages local homeowners through an innovative investment of city redevelopment funds coupled with mortgage write down by local banks. We believe this approach is exceedingly fair to both the city and the homeowner and could end up saving 10 to 13 homeowners. Additionally, we're hoping this will serve as a pilot program to other cities. Tomorrow night the city council will host a study session for the plan. If passed, the city will allocate $1 million to this project, to be paid back to city coffers over time.
If all goes well it will go to a vote on October 6th. We have had positive feedback from the council and staff members to this point.
There are a few ways you can help:
1) You can attend the council session tomorrow night (Tuesday) at 7:00 pm at the Onetta Harris Community Center and hear about the proposal. The community center address is: