The Obama administration has announced “enhancements” to its housing program that will make it easier for a homeowner to lose their home via short sale. Huh?
If this is part of a home retention program, I don’t get it. A short sale nets no money for the seller. It simply allows a buyer to get clear [...]
Posts from ‘May, 2009’
Reduced to facilitating short sales?
The MHA’s Second Lien Program: Medicine for Modification Nightmares
If you have been dreaming about reducing the interest on your second mortgage down to 1% and extending the term out as far as your first loan, you can make your dreams a reality by applying for a modification or refinance from the Obama Administration.
Lobbyists against modification spend millions
In the first quarter of 09, the financial industry spent over $42 million dollars to defeat mortgage modification in bankruptcy. That doesn’t count what was spent in the month of April in an effort to avoid leveling the playing field on home loan modifications.
All of this money to preserve the right to lose a bunch [...]
What now, naysayers?
The Senate bill to allow Chapter 13 plans to modify home mortgages went down to defeat last week. I am still waiting for those who couldn’t vote for this change in bankruptcy law to propose a solution to underwater homes, adjusting rate mortgages, and neighborhoods full of bank owned homes.
Have we rejected the “good” in [...]
Helping Families Save Homes defeated in the Senate
A modified version of the Helping Families Save Their Homes In Bankruptcy Act of 2009 went down to defeat on Thursday, April 30, 2009. 60 votes were needed to pass the legislation and only 45 Senators voted in favor.
This vision was appended by an amendment to a financial act with a number of provisions unrelated [...]