Mortgage Resolution Partners (MRP) is a Community Advisory firm working to stabilize local housing markets and economies by keeping as many homeowners with underwater mortgages in their homes as possible.

America is experiencing an historic national mortgage crisis. Due to a collapse of home values, one in five mortgaged homeowners owe more than their homes are worth; more than eleven million families are now underwater. Nearly three million of these families are in default and on their way to foreclosures that will depress home prices further, causing still more foreclosures. MRP seeks to stem this tide.  (Click here to see the severity of underwater mortgages in the U.S.) 

The Program: Community Action to Restore Equity and Stability (CARES™) 

  • Assists communities in using their power of eminent domain to acquire underwater mortgage loans and offering to refinance them into sustainable loans with lower principal balances.
  • Prevents the costs to communities and neighbors of future defaults and foreclosures. 
  • Is voluntary; does not affect homeowners who choose not to refinance.
  • Is privately funded, requires no taxes or funding from communities or homeowners. 
  • Targets loans trapped in private securitization trusts; avoids mortgages whose owners have broad powers to reduce principal, such as banks and government agencies. 
  • Creates incentives for homeowners to maintain their good credit to qualify for the program.  Many other mortgage programs require borrowers to default before considering their needs.
  • Is designed and controlled by each local government, which chooses the loans and methods for resolving them to meet local needs.  Local governments may include other types of loans, including delinquent and defaulted ones, and other types of resolutions, including leasebacks to homeowners who do not qualify for a refinancing and facilitating voluntary short sales for homeowners frustrated by multiple lienholders.

Implementation of the CARES™ program by local governments acts as a catalyst for similar programs in other communities and for broader policy changes, helping to alleviate the US mortgage crisis.

Where is CARES™?  How Can You Help?CARES™ is currently being considered by a number of communities in California, Illinois, New York as well as other states.  Click here to find out how to bring CARES™ to your community.