By Sarah Nolan and Javier Martinez

On Wednesday we joined more than 60 faith and community leaders in the rotunda of the state capitol to call on state legislators to take action this year to help struggling New Mexican homeowners keep their homes. Amongst the speakers was Las Cruces native Rose Ann Vasquez, whose story epitomized the upside-down world of the housing crisis.

“Bank of America won’t take my mortgage payment. I have a job now and yet they refuse to re-instate my payments. I feel like a sitting duck,” said Rose Ann, who had fallen behind on her mortgage when she lost her job last year, but has since regained employment and is able to maker her payments once again. The problem: Bank of America will not work with her to reduce the amount in arrears and get her life back on track.

Rose Ann is just one of thousands of New Mexicans facing foreclosure. As her story reveals, so many of these families could lose their homes simply because their lenders refuse to negotiate in good faith with them to find a win-win solution.

Last year, the state Legislature had the chance to help New Mexico homeowners who are struggling to negotiate with their lenders. But the Legislature failed to act, and countless families needlessly lost their homes as a result. They have a chance to get it right this year with the introduction of several bills aimed to help prevent unnecessary foreclosures:

Senate Bill 1, sponsored by Senator Michael Sanchez, D-Belen, strengthens due diligence on the part of banks to ensure that homeowners have had proper notice, and it stops the “dual track” practice of foreclosure proceedings.

Senate Bill 75, sponsored by Senator Steve Fischmann, D-Las Cruces, requires mediation during the foreclosure proceedings that could provide homeowners the opportunity to have a third party with them in negotiations and leverage someone from banks with authority to modify a loan.

Senate Bill 38, sponsored by Senator Gerald Ortiz y Pino, D-Albuquerque, would provide the state with $1 million in funding for financial and foreclosure counseling before people start a foreclosure process.

All of these are critical because together they address the obstacles and phases a homeowner will face if they find themselves unable to pay their mortgage.