A group of Senate Democrats, apparently opposed to passage of the “Helping Families Save their Homes in Bankruptcy Act of 2009,” are likely to push the bill to a vote this week on the Senate floor.
This is, unfortunately, bad news for those of us hoping to give bankruptcy judges the power to work out mortgage modifications [...]
Posts under ‘News’
Vote on Modification May be This Week
Foreclosure Discussion in Chico on April 30
A discussion of foreclosures and possible alternatives will take place at the Chico Council Chambers on Thursday evening, April 30 at 6:00 pm. This is a free event open to anyone interested.
The program is being sponsored by the Butte County Bar Association and Legal Services of Northern California.
A panel of three professionals, knowledgeable about foreclosures [...]
Incentives We Have: Motivation We NEED!
Yesterday the Obama Administration released the names of 6 mortgage companies participating in its Making Home Affordable. Today it was announced that the number of American households threatened with losing their homes grew 24%. While the Administration’s plan provides incentives to those involved in a refinance, modification, short sale or deed in lieu, it has to be clear to the American public that the plan is worth little absent a real motivating factor.
Freddie Mac and Fannie Mae Lift Moratorium on Foreclosures
Several months ago, Freddie Mac and Fannie stopped foreclosing on residential property. They stated, at that time, that the ban on foreclosures was being done to help families over the holidays.
Well, I guess it’s not the holidays anymore, because they have quietly ended their ban and are beginning to send notices of default and sale [...]
The Home Affordable Refinance Program
The Obama Administration’s new plan to help stabilize home prices allows qualified homeowners to refinance their first mortgage up to 105% of the value of their home and take advantage of historically low interest rates. To qualify the property must be owner occupied, homeowners must have a solid payment history, and the existing mortgage must be owned by Fannie Mae or Freddie Mac.
Senate sends the Mortgage Modification Bill to Committee!
The Senate Banking Committee is now looking at the “Helping Families Save Their Homes in Bankruptcy Act of 2009.” Even though the House passed this legislation two weeks ago, the Senate has decided it needs more information; more “debate.”
The Banking Committee now has control over the bill and will argue its merits in the next [...]
Making Home Affordable: alternative to walking away
New programs from the Obama Treasury Department will help borrowers refinance or modify their loans without bankruptcy. The plan even gives people options if their economic situation gets worse.
With housing prices falling fast around the country, the San Francisco Bay Area has not seen prices fall like this for decades, families everywhere are feeling the [...]
New mortgage tools without bankruptcy
The complete announcement of President Obama’s housing assistance programs not involving bankruptcy can be found at FinancialStability.gov. The site offers a self assessment tool so you can determine if you are eligible for the programs for loan modification or for refinance.
We will have an overview of these programs here soon.
The success of these programs which [...]
Mortgage Modification Bill Passes House
The House of Representatives passed the bill to allow mortgage modifications yesterday, March 5, 2009, by a vote of 234-191.
If the Bill passes the Senate and becomes law, Bankruptcy Judges will be allowed to modify mortgages to reduce interest rates, modify the amount of the secured portion of the loan and even extend payments. Judges [...]
Compromise Reached on Housing Bill
A compromise was reached on House Bill 1106- the Housing modification bill. Bankruptcy judges will still have the authority to modify a mortgage in a chapter 13 bankruptcy, but under more limited circumstances than as originally proposed.
The two most significant changes in the compromised package are that the “crawl back” provisions will last for four [...]