Will.i.am Saves Two Families From Foreclosure With New i.am Home Fund

Last Updated May 13, 2010 7:46 PM EDT

Two days ago, music star Will.i.am (of the Black Eyed Peas) went on Oprah to announce a new program that he hopes will save people from foreclosure.

The i.am home fund will help those who are in jeopardy of losing their homes to foreclosure. As Will.i.am puts it:

"Growing up I dreamt that one day I'd be able to buy my mom a house and take care of my family. I realized that dream and experienced the positive effect giving back had on my family. Now I am compelled to help others who are in jeopardy of losing their homes and inspire others to join the movement. The collapse of the housing market and the economic crisis has left millions in jeopardy of losing their homes. The crisis awakened a personal mission to create the i.am home fund to save people facing the very real problem of foreclosure and homelessness."
The concept of the fund isn't all that complicated. Basically, Will.i.am asks you to write a check and then he will go around helping families save their homes. And, he's putting up his own cash as well.

Oprah's show featured two struggling families who are in danger of losing their homes to foreclosure. Together, the families owed $350,000 on their mortgages, but having faced job losses and other financial problems, they fell behind on their mortgages. Will.i.am came on Oprah and announced his i.am home fund by paying off the two families' mortgages entirely, so that they now own their homes free and clear.

Will.i.am told Oprah, "I don't dream of being mega, crazy rich. I just wanna be able to create, make music and help people. Doing this isn't gonna leave a dent in my house, but it could help somebody that really needs it. It's something that means a lot to me."

If you want to watch Will.i.am's interaction with the families, you can see the video on his site. It's pretty powerful. They're completely surprised by his generosity. You can tell they had no idea what was going to happen (classic, wonderful Oprah, BTW).

Photo courtesy MTV.com

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com.
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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.