Mortgage Industry Gearing Up To Fight Bankruptcy Reform
As the momentum continues in the judiciary committee to revisit legislation to allow bankruptcy judges to modify mortgages in the context of a Chapter 13 bankruptcy, the mortgage industry is writing letters to the editor of the New York Times to slow down or stop the bill.
David G. [...]
Posts from ‘August, 2009’
Mortgage Industry Gearing Up To Fight Bankruptcy Reform
Trying to accept a loan modification
One of my clients actually was offered a loan modification, or rather a trial period in which he could send the lender money, after which they would consider offering him a modification.
I was to fax it to the lender after we had discussed the risks and rewards. The offer, now signed by the client, had [...]
Loan modifications scarce & scattered
Nearly 3 million homeowners are eligible for the government sponsored loan modifications; only 400,000 received a loan modification offer over the life of the government program.
In the meantime, 1.5 million homeowners got a foreclosure notice in the first half of this year.
Lenders at the top of the list for percentage of eligible loans modified include [...]