Upside Down Mortgage

Posts Tagged ‘attorney’

Mortgage Modification Laws

Question: How can congress pass legislation allowing bankruptcy judges to change terms on already written mortgages?

It seems like this would be challanged (sucessfully) in court since the laws when the contract was signed didnt allow modification. I can understand how they could mandate that future mortgages are capable of being modified but not those already written... seems kinda like ex post facto.

Answer: 1. Ex post facto means that Congress is prohibited from making a law retroactively punitive. i.e. Congress couldn't pass a law saying that drinking is illegal again and punish people who drank before the law went into effect. It affects criminal statutes only.

2. Congress is just being Congress. They know there is a large likelyhood that this can be overturned. They just want to tell peopl that they tried.

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Loan Modification Chicago

Several industry experts and top government officials discussed the repossession properties crisis at the 2009 Rainbow PUSH convention which was held in Chicago, Illinois.

The conference, with the theme “A more perfect union-targeted stimulus: The key to reconstruction,” is aimed at initiating the reconstruction process of the country during the worst economic downturn since the Great Depression.

Experts who attended the 38th annual convention agreed that there were some positive developments in the current housing market. But the overall outlook is still not encouraging. They believed that more trouble is looming unless some changes could be made to protect homeowners from the repossession properties crisis.

At the conference, U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan said that working in partnership would greatly help in keeping the American dream alive.

He added that the federal government has so far offered a quarter million loan modifications under its Making Home Affordable program. However, he said that more servicers across the country are still needed to boost the government’s foreclosure prevention efforts.

Meanwhile, Rainbow PUSH Coalition president and founder Reverend Jesse Jackson expressed his concern about the lack of modification that may help troubled borrowers from avoiding repossession properties. He said that many homeowners may be able to pay for their properties if lower rates are available for longer loan terms.

Participants at the conference said that a second wave of repossessions is imminent, and this time the crisis will be driven by massive job loss. According to Jackson, an estimated 600,000 jobs are lost every month, adding that it is wrong to force automobile companies into bankruptcy.

He said that the effects of 20 million repossession houses and increasing student loan crisis are outpacing whatever progress the Obama Administration’s economic stimulus program has so far made.

Nakitra Bailey of the Center for Responsible Lending said that job losses are expected to spread across communities where residents thought they are safe from foreclosures.

Reverend Otis Moss Jr. of the Olivet Baptist Church pointed out the need for intervention from lending institutions and the Congress.

On the other hand, Attorney General Lisa Madigan of Illinois said that her repossession properties prevention hotline has received about 14,000 calls this year. She said that her office hired HUD-approved housing counselors and they do actual loan modification work. Her office also refers troubled borrowers to other housing counselors certified by HUD.

About the Author:

Joseph Smith has been educating buyers on the finer points of Repossession Properties Prevention at ForeclosedPropertiesData.com for over five years.

Source - Convention Focused on Repossession Properties Prevention

Loan Modification Can Stop Foreclosure

Loan Modification Miami

Question: I would like to know about getting a Loan Modification with a company out of state or deal with my mortgage co?

a company in Miami we have already paid them 1300.00 and been waiting for a answer since Oct of 08, I would like to know should I deal with this company or deal with my Lender?

Answer: I have not heard of a single legitimate loan modification company. Not one.

You should just deal with your company yourself. I started my second one for a relative last week, the bank was calling me within 72 hours of me mailing my stuff off to them. I expect we will have a deal within 2 weeks of starting.

You will never hear from that other company. Kiss your money good-bye and call your lender, ask for their modification package.

If you are looking to modify your principle (what I am doing) you may as well get the property appraised now and send that along.

Loan Modification Consultants