Still Hope for Mortgage Modifications in Bankruptcy
A bipartisan group of Representatives will offer an amendment to H.R. 4173 to allow bankruptcy judges to modify the loans of homeowners in a Chapter 13 Bankruptcy. This amendment is very similar to H.R. 1106, the bill that went down to defeat last spring.
If passed, many homeowners will be [...]
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Still Hope for Mortgage Modifications in Bankruptcy
San Jose Mercury News urges judicial modification
The national statistics on the woeful number of modified mortgages support the Merc’s call to pass mortgage modification legislation
It’s estimated that a cramdown law could reduce foreclosures by 20 percent. It would cut through red tape by forcing reasonable compromises in bankruptcy courts, which can already modify mortgages on second homes and yachts. Most important, [...]
Mortgage Industry Gearing Up To Fight Bankruptcy Reform
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. [...]
Allowing Modification of Mortgages by Bankruptcy Judges – Revisited
The Senate Judiciary Committee this week entertained discussion on reviving a Bill to allow the modification of mortgages by the judge in a Chapter 13 Bankruptcy. Once again, Senator Durbin (Democrat from Illinois) championed this cause, arguing that such a law would allow hundreds of homeowners to keep their homes. Similar laws were defeated in [...]
Current Mortgage Modifications Aren’t Working.
Current Mortgage Modifications Aren’t Working.
Recently, the government relaxed the standards for receiving a mortgage modification to include homeowners whose loans exceeded the value of their homes by up to 25%. As home values continue to decline, more people can now qualify. But is the system doing anyone any real good?
First of all, it’s not easy [...]
Mortgage Modifications Just Got Tougher
New legislation introduced, allegedly at the request of California Governor, Schwarzenegger, will make it tougher to get a mortgage modification. This legislation, California Senate Bill 94, includes language that says that attorneys can’t be paid for helping a homeowner apply for a modification until the process is completed!
Frankly, attorneys aren’t used to working that way. [...]
Refinancing Limits Raised: Happy 4th of July!
Remember when you were a kid and the simplest things intrigued you? When you parroted the reaction of those around you because you were learning how to react to something new, something you had never seen or experienced before.
That is how a lot of American’s must have felt when the most recent expansion to the [...]
New California Law Extends Time Periods For Foreclosures
An additional 90 days has been added, is some cases, to the length of time for a homeowner to cure a default in mortgage payments. The California Foreclosure Prevention Act went into effect on June 15, 2009. This bill extends the current 90 day period between notice of default and notice of sale to [...]
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.
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 [...]