A Loan Modification is a permanent change in one or more of the terms of a homeowner’s loan. It allows the loan to be reinstated, and results in a payment the homeowner can afford.

The homeowner must reach an agreement with the lender to modify the loan. Generally the lender will be a little reluctant to agree for a loan modification as modification typically results in less interest.

The …

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… information.

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 bankruptcy judges to modify mortgages on primary residences, and help …

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: … Bankruptcy Modification … By admin | …

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

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… According to the Center for Responsible Lending, the proposed legislation allowing mortgage loan modification in bankruptcy could help 600,000 families avoid foreclosure.

Under the proposed plan allowing mortgage loans modification in bankruptcy, only homeowners with an existing mortgage would be eligible for mortgage loan modification in bankruptcy. Also, the homeowner would have to prove to the bankruptcy court that he/she attempted to modify the mortgage loan with the mortgage …

Comment by jede ferrani: … your home loan. Thanks for sharing. Many people …

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… said:

“As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the Obama plan.”

Originally this foreclosure prevention plan was suppose to help up to 9 million homeowners avoid foreclosure.  However, it has failed to hit the mark.   If we want to quell this foreclosure crisis, we need to get serious about modifying toxic …

Comment by Jacob Decker: … when attempting loan modifications. Please do yourself …

Tags: Bankruptcy foreclosure loan modification Mortgage modification

… The article said:

“Effective Aug. 15, financially troubled homeowners who have an FHA-insured loan can apply for a modification under a program parallel to “Making Home Affordable” to help lower their payments and avoid foreclosure.”

Currently the FHA backs about 5 million loans made to low-income borrowers and those with poor credit. Beginning in August, FHA homeowners facing foreclosure may be able to receive reduced mortgage payments in an effort to avoid foreclosure. But …

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… crisis does not begin to improve by this fall, he will present a revised version of the bankruptcy modification bill. Those changes would include giving homeowners additional time to remain in their homes while paying only the fair-market value of the home during foreclosure proceedings and requiring mandatory mediation for foreclosure. These changes could be quite beneficial to homeowners who are upside down on their mortgages and to those who are succumbing to foreclosure while their …

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… bankruptcy and keep their home?  The short answer is no.  A debtor can discharge the home equity loan in Chapter 7 bankruptcy but they cannot discharge it AND keep their home.  However, if a debtor would like to keep their home, they may be able to file Chapter 13 bankruptcy and repay both their HELOC and their mortgage over a 3 to 5 year period. If, after completing your Chapter 13 bankruptcy repayment plan, there is a balance on your HELOC loan that may be discharged, effectively …

Tags: Bankruptcy Chapter 7 Bankruptcy HELOC Home Equity Loan

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… of the worse pieces of advice given to debtors considering bankruptcy is to get a home equity loan.  That could be a big mistake.  Here a few reasons why getting a home equity loan to avoid bankruptcy might not be the right move for you:

Typically, you can’t use debt to get out of debt. Anyone who has filed bankruptcy can attest to that truth.  For most debtors considering bankruptcy, their financial troubles are caused by two problems, 1) lack of income and 2) too …

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… According to a Treasury Department report, 27 percent of homeowners taking part in mortgage modification trails are delinquent on their mortgage payments.  And while the foreclosure prevention plan was designed to help millions of homeowners facing foreclosure, only about 650,000 borrowers are currently participating in the trail phase of the loan modification program.  A pithy 1,711 homeowners battling to avoid foreclosure have converted their loan modifications to a permanent …

Tags: foreclosure Loan Making Home Affordable Mortgage modification

Has it been 3 weeks, 6 months or a year since you first applied for mortgage modification so that you could avoid foreclosure ?  Has your mortgage servicer lost important documents?  Have they left you on hold for 30 minutes—an hour or “accidentally” dropped the line?  What about the quality of information you receive about avoiding foreclosure?  Is it correct? Timely?  If not, it could be because the person you’re dealing with on the other end doesn’t …

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… House of Representatives approved legislation last week that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business if passed by the Senate.  Under the bill H.R. 3221 –the Student Aid and Fiscal Responsibility Act of 2009, all new student loans would originate with the Direct Student Loan Program as of July 1, 2010. Many big banks and their supporters are lobbying hard to crush the legislation in the Senate so …

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Subprime brokers now in the loan modification business, consumers duped by promise of security for homes.

Most of us have seen at least one infomercial on TV that has tempted us to pick up the phone an order a product.  We are tempted by the hope that the product will make our lives easier or better.  Eventually, one of the local TV stations will run a program and tell us that the product is a deal or a dud.  The …

Tags: Federal Trade Commission loan modification Subprime lending