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The House Rules Committee just minutes ago agreed to allow the bankruptcy modification amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!

H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others  will help financially distressed families avoid foreclosure. This amendment will empower …

Comment author: House Rules Committe Agrees to Consider Bankruptcy Modification … Leading just to Me

Comment by House Rules Committe Agrees to Consider Bankruptcy Modification … Leading just to Me: [...] here:  House Rules Committe Agrees to Consider …

Comment author URL: http://leading.justtome.com/house-rules-committe-agrees-to-consider-bankruptcy-modification/

Tags: Bankruptcy Community Action Financial services foreclosure Mortgage United States House Committee on Rules

Permalink: /breaking-news/house-rules-committe-agrees-to-consider-bankruptcy-modification-amendment-today/

Tareq and Michaele Salahi, the now infamous “White House party crashers” apparently filed Chapter 7 bankruptcy early in 2009 with $335,000 in assets and $965,000 in liabilities after their vineyard company, Oasis Enterprises went downhill. The Salahis reportedly had $81,000 in credit card debt and several lawsuits against them for everything from non-payment on credit card fees to failing to pay their gardener.  Some pundits following …

Tags: 2009 White House gatecrash incident Bankruptcy Michaele Salahi Tareq Salahi

Permalink: /bankruptcy/white-house-party-crashers-filed-bankruptcy/

… resourceful, or whatever you chose, but Tareq and Michaele Salahi somehow outsmarted the White House Secret Service enough to not only get into the White House, but also to get close enough to the president to meet him and shake his hand.  The story is a weird one for sure, and it’s not often that you can mention President Obama, aspiring “The Real Housewives of D.C.” stars, a popular Virginia winery, and bankruptcy in the same story.

The bankruptcy portion of the story is what …

Tags: Bankruptcy Real Housewives State Dinner Tareq and Michaele Salahi The Oasis Winery White House

Permalink: /breaking-news/couple-that-snuck-into-white-house-controls-a-winery-that-filed-for-bankruptcy-in-february/

… on the minds of those considering filing for bankruptcy is whether they’ll be able to buy the house they’ve dreamed of owning post-bankruptcy.  For many, it seems like an impossibility, but it’s not.  It’s true, though, that most lenders are going to want you to wait at least two years after receiving your bankruptcy discharge (i.e. forgiveness) before they’ll consider giving you a mortgage loan.

Once that two-year waiting period is over, however, it shouldn’t be too …

Permalink: /after-bankruptcy/buying-a-house-post-bankruptcy/

… payments AND my current mortgage payments?

What sacrifices am I willing to make to keep my house?

Are there other home-related expenses that strain my budget and may make it difficult to repay back mortgage payments in bankruptcy? Maintenance, high water bill, expensive to heat or cool?

When a debtor files for Chapter 13 bankruptcy he/she is required to make payments to the bankruptcy trustee to “cure” the amount of the mortgage that is delinquent AND he/she must continue …

Permalink: /chapter_13_bankruptcy/keeping-your-house-with-chapter-13-bankruptcy/

… News, one in five Dallas- Fort Worth area homeowners with mortgages now owe more than their house is worth.

The article said: At the end of the first quarter, about 17 percent of D-FW-area mortgage holders were “upside down” in their debt…That’s a slightly higher share than at the end of 2008, according to a new report released Wednesday.

This loss of home equity is pushing more homeowners into foreclosure. Many homeowners who can no longer afford their home are …

Permalink: /economy/more-dallas-fort-worth-homeowners-facing-declining-house-values/

… bill H.R. 1106 which allows modification of toxic mortgages during bankruptcy passed through the House of Representatives last night. This is great news for Dallas- Fort Worth homeowners facing foreclosure. The bankruptcy bill was passed with a vote of 234 to 191 in favor of homeowners facing foreclosure.

The bankruptcy bill included some changes that require homeowners to prove that they actually requested a modification through their mortgage company before filing for …

Permalink: /breaking-news/bankruptcy-bill-passed-by-house/

According to an article in the Star-Telegram, House Democrats have created a compromise bankruptcy bill that would allow mortgage modification in bankruptcy under the strictest circumstances, if approved by the House on Thursday. The new language includes the following restrictions:

Debtors seeking mortgage modification in bankruptcy would need to prove that they attempted to modify their mortgage with the mortgage company. The …

Permalink: /breaking-news/house-democrats-reach-bankruptcy-bill-compromise/

… would give bankruptcy courts the power to modify toxic mortgages in bankruptcy is heading to the House of Representatives on Thursday. The bill will allow bankruptcy courts to help homeowners avoid foreclosure by decreasing interest rates on their mortgage, decreasing the principal of the mortgage and/or extending the life of the mortgage to up to 40 years. But the bill (HR 1106) is facing tough opposition from many mortgage industry lobbyists.

“We continue to be opposed to …

Permalink: /bankruptcy/bankruptcy-reform-bill-headed-to-the-house-of-representatives/

According to an article in the Star-Telegram, the House and Senate are scheduled to vote on the Obama Administration’s $789 billion stimulus plan by Friday. The plan, which is touted by President Obama as a tool that will “save or create more than 3.5 million jobs and get our economy back on track” is filled with tax cuts and incentives to encourage consumer consumption which could prevent some companies from going bankrupt by saddle …

Permalink: /breaking-news/house-and-senate-scheduled-to-vote-on-789-billion-stimulus-plan/

This week the House passed an $819 billion stimulus package in the hope that it will help create more jobs and slow the recession gripping the nation according to an article in the Dallas Morning News . Texas legislator Chet Edwards, who helped write the bill urged officials to pass the stimulus package because Texas is at risk of going bankrupt.

The article said:

"It’s important to pass this …

Permalink: /job_loss_unemployment/the-house-passes-819-billion-stimulus-package-but-will-it-create-jobs/

The House Judiciary Committee has approved a bankruptcy reform bill that will allow bankruptcy judges to modify mortgages for people facing foreclosure.

The bill’s sponsor, Democratic Rep. John Conyers Jr. spoke of the importance of the bankruptcy reform :

"We have block after block of “for sale” and foreclosure signs – feeding off each other, driving down home values, …

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