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By Jacky, on November 15th, 2007
Today, Thursday November 15, 2007, the House of the U.S. Congress passed a bill aimed at mortgage lenders, that requires additional safeguards in the home loan process to prevent more mortgage loan crisis.
In a reaction to the huge number of foreclosures on home loans, the House passed legislation to put the hammer down on home mortgage lenders. The main idea of the bill is to make lenders responsible for borrowers who are unable to repay their home loans because the lender did not fully qualify them. The bill also wants mandatory licensing for lenders and to issue fines to lenders for leading unsuspecting borrowers to higher-risk subprime mortgage loans.
H.R. 3519 known as “Mortgage Reform and Anti-Predatory Lending Act of 2007” , sets standards and more guidelines for the mortgage loan industry in order to prevent more homeowners from falling into the foreclosure abyss.
It is expected that more than 2 million mortgage rates will adjust up in 2008, possibly triggering an avalanche of foreclosures in effect crippling the home loan and other financial markets further.
Of course, there is always some form of opposition on the political side of this bill. Some of the Republicans are saying that this bill will make it harder for people to refinance their mortgage loans with all of these requirements of mortgage lenders. In effect, under this legislation, the home owner seeking to refinance their home loan, may not qualify for a new loan and this will also fuel the foreclosure crisis! Below are a few things the legislation will provide. Continue reading House Bill Lands On Lenders
By Jacky, on November 6th, 2007
If it is not bad enough that your lender has foreclosed on your home, but there is a study that indicates the amount of money owed stated in the foreclosure notices may be incorrect! You may not owe as much as stated by the lender or there may be questionable fees charged in the foreclosure process. The bankruptcy courts are finding questionable fees charged to borrowers who file for protection under Chapter 13 Federal bankruptcy laws to try and save their homes in foreclosure and stop foreclosure.
Under a Chapter 13 bankruptcy, a debtor or borrower must file a statement of assets and liabilities under penalties of perjury declaring all monies owed and all income. A Chapter 13 Bankruptcy is also known as a “reorganization plan”. In other words, a Chapter 13 filing allows a debtor to try and get their financial house in order by making scheduled payments to creditors approved by a Federal Bankruptcy Judge. The repayment plan may be spread out over several years to allow the debtor to make payments to the creditor, that may be lower than their original monthly payments. In a Chapter 13 proceeding, creditors must also file a statement to the court declaring the amounts owed by the debtor, before a repayment schedule can be approved by the Judge. Continue reading Check Foreclosure Fees Closely
By Jacky, on September 16th, 2007
In the last couple of years, the bankruptcy laws have changed in congress and as recent as April 2007. There was a time that a homeowner who came upon hard times could seek protection from creditors under Federal Bankruptcy laws by filing a Chapter 13 , Chapter 7 and other options and stop foreclosure. Now, times and the laws have drastically changed. The process of filing a bankruptcy to try and save your home and reorganize your debts have taken a turn with twists and curves just to be able to consider filing!
The new Bankruptcy laws according to the Department of Justice, were enacted under the following
“The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″, which opens a new era in the history of bankruptcy law and practice, was passed by Congress and signed into law by President Bush on April 20, 2005.
The bankruptcy changes were put into effect in October of 2005.
In a nutshell, before anyone can file a petition for bankruptcy, they must obtain credit counseling within 180 days before being able to file a bankruptcy. Once you have filed a bankruptcy, you must obtain a debt management education certificate before the bankruptcy is discharged. Continue reading Bankruptcy To Save Home
By Jacky, on September 10th, 2007
Not really, unless you call bailing out non defaulted loans stopping foreclosure. Some say it shows that at least the White House is paying a little attention to the growing problems of the housing market.Bush’s proposal seems to only provide relief for borrowers whose adjustable rate loans are not in default and are facing or have faced higher monthly payments due to an upward adjustable rate reset. These borrowers will be able to have their loans refinanced with resources and funds from the Federal Housing Administration. Continue reading Bush Plan To Stop Foreclosures
By Jacky, on August 27th, 2007
You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home?
When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home!
Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state.
Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. Continue reading Tips On Stopping Foreclosure
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