WASHINGTON — Over the opposition of the nation’s lenders, Senate Democrats are seeking a change in the bankruptcy law that they say could keep hundreds of thousands of hard-pressed borrowers in their homes.
The proposal, part of the Foreclosure Prevention Act embraced by leading Democratic lawmakers, would allow judges to ease the terms of mortgage loans during bankruptcy proceedings.
Chapter 13 of the federal bankruptcy code allows bankruptcy court judges to reorganize an individual’s debt, but it does not give them authority to fundamentally alter a person’s primary home mortgage.
Although congressional proposals to change the code vary, they generally would give judges new, limited authority to reduce the size of a mortgage and freeze or even reduce interest rates.
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Posted on February 28th, 2008 at 12:17 pm
Bruce Marks is correct. I fall into the category of embarrassment about the situation I’ve allowed myself to get into, but not too ashamed to seek help from NACA. I met with a NACA counsel on February 20, 2008. After reading several of your posts, I now believe that there may be RESPA violations in my case too. I believe so be because during my counseling session at NACA, it was revealed to me that I had signed loan documents for 40 year predatory loan. I never give the option to change my mind. At the time of the signing, all I new was that I wanted a home of my own. My realtor had drive out to his home and sign loan documents in his kitchen. He never explained any of the terms of any of the agreements to me, at all. Boy was I set up to fail, but he did say that you will be able to refinance this house is 6 months, with no problems.
Posted on March 5th, 2008 at 6:49 pm
Hey guys my post is filled with typos…i’m not perfect, just worried sick about my situation. I hope that you can look past the typos. Thanks.
Posted on March 5th, 2008 at 6:50 pm
Pamela, what did NACA do about this? Did they help you and what as the outcome? You can visit our homeowners forum at http://www.LoanSafe.org and get help there.
Posted on March 5th, 2008 at 10:24 pm
Moe,
I have not heard anything from NACA. I called for a status update today and remain hopeful. Where should I send my info to at LoanSafe?
Thanks.
Posted on March 18th, 2008 at 9:16 pm
Yep - I would agree with that.. Thanks for the line.
Posted on March 27th, 2008 at 9:05 am
Naca is bunch of hype they make promises and do not keep them they took our money for membership. this is in Inglewood california and there no one else to speak with or to complain with other than the website and we do not know if our complain when anywhere. Our lender just led us on..very disappointed they have no integrity, or morals. No communication with them they lead you on thinking they are doing the job. They offered no help just waited and wasted time. I would not recommend them at all.
Posted on April 24th, 2008 at 2:28 pm
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