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The Democrats? proposal is longer than the 90-day moratorium that California Governor Arnold Schwarzenegger is proposing. Both proposals will be tackled during a special session called by Schwarzenegger to discuss California?s budget shortfall which increased to $11 billion due to declining revenues amid the housing and financial crisis.

California is one of the states hardest hit by foreclosures resulting from risky mortgages, including subprime loans availed during the peak of the housing market.

The state legislature has approved a bill that requires lenders to start initiating foreclosure proceedings 30 days after they have informed a borrower.

Karen Bass, California Assembly Speaker, explained that during the 120-day moratorium period, affected borrowers would be compelled to pay affordable loans. She believes that tougher times call for 120-day foreclosure moratorium instead of the 90-day proposed by Schwarzenegger in order to rework loans and address foreclosure problems.

Meanwhile, lenders can avoid imposing Schwarzenegger?s 90-day foreclosure moratorium proposal if they can show that they have a loan modification program in place.

Schwarzenegger wants California lawmakers to allow the state to implement federal laws and policies to regulate real estate licensees. He also wants to change lending practices to protect borrowers, including expansion of fiduciary duties covering mortgage brokers to allow them to modify a loan to suit a borrower?s conditions.

Furthermore, he wants to penalize lenders who issue false and misleading statements and to increase and standardize loan originators? licensing requirements.

The plan by state Democrats coincides with mortgage finance companies, Freddie Mac and Fannie Mae?s launching of a program to reduce monthly mortgage payments for homeowners having difficulty meeting their financial obligations.

Borrowers who are eligible for the program are those who are facing the threat of foreclosure. A borrower who spends over 38 percent of his income on paying his mortgage is also eligible for reduced monthly payments.

The residents of mobile homes in the Pine Meadows Community got alarmed after learning about the scheduled foreclosure auction of their place on November 4.

Pine Meadows, formerly known as Hilton Estates Mobile Home Park, has about 400 mobile home lots. Of the total number of residents, about half rents the area for $600 a month; the rest have their own mobile homes and just lease their space for $314 a month. Included in the payments are water, trash service, and sewer.

The mobile home park faces foreclosure because according to WBCMT, the lien holder, the owners went into default on a $9.2 million loan. This loan originated from Wachovia Bank Commercial Mortgage Trust in 2005, and the trustee was Wells Fargo Bank, N.A.

However, the owners and property manager of the Pine Meadows Community have not received any notices of foreclosure, contrary to what the lender has said. The lawyer of the mobile community park has stated that he only received the first set of foreclosure documents last Thursday morning.

Due to the uncertainties about the pending foreclosure auction, the residents of the mobile home park got really worried, not knowing what will happen after foreclosure. But they seem to be sure that they will fight for their homes.

Foreclosure attorney says that if ever WBCMT becomes successful in its purchase of the trailer park on the scheduled public auction, it has no plans of evicting anyone from the area for as long as these residents are current on their rent. It only changes when an unusual sale mechanism occurs.

The foreclosure has not stated any other financial details besides the amount of the original loan. Whatever happens, Pine Meadows’ residents must stand-up for their properties and their right to rent. Hopefully, everybody gets to stay current on their rent payments so they will not have to undergo a more complicated legal action, and they will not lose their homes.

Law and college students from several Boston colleges and universities intend to take part in walking the streets of Hyde Park, Dorchester, and South Boston to inform tenants of their rights to their homes. This campaign aims to focus on the 28 zones in Chelsea and Boston, which have the most number of foreclosures. It is also a level-up version of the efforts of the Jamaica Plain Group City Life.

Tenants have rights and they can actually fight eviction even after foreclosure; they are just not well-informed. In fact, according to housing advocates, tenants do not even know that they have a right to a judicial hearing before getting evicted.

With the growing number of foreclosures in Boston, students see the need to help evicted tenants. Law students volunteer at Boston Housing Court, write emails and visit schools, and recruit volunteers and coordinators from several colleges. Those who take part in the advocacy are the following: Harvard Law, Boston University, Boston College, Northeastern University, New England School of Law, Tufts University, Simmons College, and Suffolk University.

Law students believe that it is unfair to evict tenants now that the economy is quite unstable. They hope that by educating tenants on fighting eviction will persuade lenders to permit tenants to stay in their homes while finding new owners, to maintain the house themselves, or to sell to former owners or tenants.

One distressed homeowner intends to join the students’ activity because she has been trying to survive in her single-bedroom home with a $950 per month rental. She has declined a $2,000 offer from Fannie Mae and she is now waiting for the lender to take it to the court. She is fighting for her right to pay rent and she recognizes the initiatives of the students as an inspiration to older people.

A great amount of student participation can make a difference. By simply educating tenants of their rights to their homes even after foreclosure can help minimize eviction.

Homeowners facing foreclosures often find it hard to let go of their houses. But if you are one of them, you have an option of renting your home when you cannot sell it. Once you fail to make your mortgage payments, you can find tenants to rent your home and use their rental fee to pay your mortgage obligations.

There will be an expected three million failed mortgages this year and 8,500 homes threatened for foreclosure per day. This is despite the 300 billion dollars allotted for the Bush administration?s Hope for Homeowners program. The scheme which has been in effect since last October 1 has gotten only 42 applications. In fact, the U.S. Department of Housing and Urban Development is expecting only 20,000 applicants for loan modifications come next autumn.

Millions of homeowners are struggling to meet their mortgage obligations and exploring solutions that could help them keep foreclosure at bay. Sadly, it has become more and more difficult for these homeowners since most of them has “upside down” mortgage and basically, disqualifies them from qualifying for most bailout plans.