http://norcalmortgagemods.com Saving homes with new bankruptcy law Sat, 30 Jan 2010 19:25:21 +0000 http://backend.userland.com/rss092 en Have you been able to accumulate money in your bank account because you stopped paying your mortgage to get your lender's attention? Some people I've come across recently have been told to give that money to friends or relatives.  I'm told that consumers are being informed that the money can ... http://norcalmortgagemods.com/2010/01/30/beware-of-advice-from-loan-mod-experts/ The Conyers/Turner/Lofgren amendment to allow modification of home mortgages in bankruptcy will reach the floor of the House perhaps as early as today. You can use NACBA's toll free phone number to find your Congressman and be automatically connected with the office. Here's how: 1. Phone toll free at: 877.354.4958 2. Put in your ... http://norcalmortgagemods.com/2009/12/10/call-congress-for-help-with-home-loans/ 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 ... http://norcalmortgagemods.com/2009/12/07/still-hope-for-mortgage-modifications-in-bankruptcy/ 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 ... http://norcalmortgagemods.com/2009/12/05/san-jose-mercury-news-urges-judicial-modification/ Mortgage Modification Bill Back on Track Legislation to allow bankruptcy judges to rewrite the terms of mortgages is being considered again in Washington.  Senate House Financial Services Chairman, Barney Frank (D., Mass.), is planning on attached such a bill to a financial regulatory overhaul scheduled to be introduced later this year ... http://norcalmortgagemods.com/2009/09/12/mortgage-modification-bill-back-on-track/ The flurry of advertisements on the TV promoting people who promise loan modifications suggests that modifications are available if you just know how to do it right. My experiences suggest that it isn't so.  If there is a theme I hear in talking with clients who've sought loan modifications is that ... http://norcalmortgagemods.com/2009/09/12/loan-modifications-appearances-vs-reality/ 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 ... http://norcalmortgagemods.com/2009/08/16/mortgage-industry-gearing-up-to-fight-bankruptcy-reform/ 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 ... http://norcalmortgagemods.com/2009/08/06/trying-to-accept-a-loan-modification/ 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 ... http://norcalmortgagemods.com/2009/08/05/loan-modifications-scarce-scattered/ 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.  ... http://norcalmortgagemods.com/2009/07/24/allowing-modification-of-mortgages-by-bankruptcy-judges-revisited/