Homeowners get more housing help from Washington, but no mortgage bankruptcy assistance. No bankrupcty help for you, to the back of the line!
The U.S. House of Representatives on Tuesday approved the final revisions to yet another housing bill that will offer more incentives for lenders to promote more refinance and loan workout options for more struggling homeowners. The bill, originaly introduced by Senate Banking Committee Chairman Christopher Dodd, D-Conn, also makes it easier for a borrowers to qualify for the Hope for Homeowners program.
Important facts for homeowners:
- Hope for Homeowners program to be revised and able to refinance 400,000 homeowners
- $2.2 billion into the largest federal homeless aid program ever over the next two years.
- Tenants who face eviction because of a predatory landlord’s could remain in their lease or be given 90 days to vacate.
- Banks could rely on more rescue funds from government underwriters.
- There is no bankrupcty provisions to help you
The U.S. House of Representatives on Tuesday approved the final tweaks to a housing rescue bill that will aid the homeless and aims to save families from foreclosure.
Bank of America, JPMorgan Chase and Wells Fargo & Co led the effort to strike the bankruptcy provision, which would have let judges “cramdown” the amount of an outstanding mortgage loan.
“The banks who brought us this crisis in America have resisted this chance to do something about mortgage foreclosure,” Senator Richard Durbin, an Illinois Democrat, said of the provision that failed in late April.
Lenders warned that investors would be spooked by the uncertainty of giving bankruptcy judges broad new powers.
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Love the look and feel of this site.
What is really being done for current homeowners barley hanging on by using credit and any means needed to keep payments current? Is it worth paying bills on time and sacraficing your future by being further in the hole?
colorado capital stole my money and lost my home to forclosure after a year attempting to work with them DO NOT TRUST THIS COMPANY OR ITS SHAMEFUL EMPLOYEES
There is no way out to people upside down or with negative equity, Loan modifications are taking too long and are not accepted all the time. Banks are selling the notes to Investors that will take the terms of a short sale and deduct the losses from corporate taxes. There is no help from the Government programs unless you have an FHA loan and are NOT behind on the payments.
People are buying houses for 50% or less of what they were sold in 2005, bottom feeders or criminal Loan modification companies are cashing big!!!!!!! do not fall for it!!!!!
It’s time to short sale and rent for a fraction of the payment you make now.
In 2 years you can buy again!!!!!!!!
There will be a massive law suit against Banks that lower the priciple amount to new buyers for more than 100 to 200k and deduct the losses to rich investor,
the homeowner could be given de same chance and improve the chances to stay in their homes. Stay away from Aurora Loan Services,they are in shambles and now they are selling all loans to Investors in California……..
I am a big fan of not throwing good money after bad. If it feels bad every time you pay it, maybe it just isn’t worth paying.
Sometimes you have to throw out a little of your morals to not be miserable.
LOan modifications are key to help the housing market and your blog is informative and enlightening. I