… has failed to deliver and many homeowners and legislators are ready to get more aggressive with mortgage lenders.  Last year it seemed almost certain that legislation would pass allowing homeowners to modify their toxic mortgages during bankruptcy; but the measure fell 15 votes short of passage in the Senate.  The bankruptcy bill had strong support amongst ordinary Americans; but banking giants and their supporters strongly opposed the measure claiming that it would lead to high interest …

Comment by Jim Ince: … to the mortgage companies!

Tags: Bankruptcy foreclosure Mortgage

Permalink: /bankruptcy/legislators-consider-mortgage-modification-during-bankruptcy-again/

… 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/

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/

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 …

Tags: Bank Bank of America Mortgage modification

Permalink: /loans-mortgages/mortgage-modification-workers-have-no-previous-banking-experience/

… 3 to 4 million Americans facing foreclosure; but so far only 360,000 homeowners have received mortgage modifications on a three month trial basis. Why is that? .

The truth of the matter is that the mortgage industry has no incentive to modify mortgage so that struggling homeowners can avoid foreclosure.  They are the prime reason that we are in the foreclosure crisis and have so far escaped any consequences for their actions.  A matter of fact, they have received numerous bailouts …

Tags: Financial services foreclosure Mortgage United States

Permalink: /bankruptcy/voluntary-mortgage-modification-program-fails-america-time-for-bankruptcy-cramdowns/

… the bankruptcy court denied a motion to approve/disapprove an agreement to modify a residential mortgage.

The bankruptcy case details:

“The Chapter 13 debtors asked the bank­ruptcy court to approve a modification of their home mortgage. The lender agreed to reduce the mortgage payments for three years and to add the arrearages to the principal amount of the loan. The lender joined the debtors in seeking court approval in order to be sure that the modification is acceptable under …

Comment author: Mortgage Modifications

Permalink: /chapter_13_bankruptcy/mortgage-modification-in-chapter-13-bankruptcy/

When a debtor fighting foreclosure receives a loan modification there is a possibility that it may have a negative impact on their credit report.  Mortgage modifications are reported to the credit bureaus in one of two ways:

Settled or charged off. If you were fighting foreclosure and received a mortgage modification that decreased the principal of your original mortgage, the lender will probably report the original …

Tags: Credit Report Debt Mortgage modification

Permalink: /managing-your-finances/how-mortgage-modifications-impact-your-credit-report/

… it goals.  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 …

Tags: foreclosure Loan Making Home Affordable Mortgage modification

Permalink: /foreclosures/27-percent-of-homeowners-in-making-home-affordable-program-are-delinquent-on-mortgage/

… hoping that this time legislators will give American homeowners a fighting chance to battle mortgage lenders who are not responsive under the voluntary modification programs.

UPDATE: Take Action Now!!

Contact Your Representative to Support this Legislation!

To contact your representative:

1. Phone toll free at: 877.354.4958

2. Put in your zip code

3. When you reach the receptionist:

State your name

Say that you are a constituent

Ask the …

Tags: Bankruptcy foreclosure Law Mortgage modification The Wall Street Reform and Consumer Protection Act United States

Permalink: /dallas_bankruptcy/mortgage-modifications-in-bankruptcy-maybe-this-time-around/

… mortgages and facing imminent foreclosure ; but they’re having a hard time taking advantage of mortgage modifications that could help them avoid foreclosure. The government’s Making Home Affordable program has experienced sub par involvement from mortgage servicers and only 9 percent of eligible borrowers facing foreclosure have been able to obtain mortgage modifications through the program.

Many homeowners facing foreclosure are frustrated and stymied by the mortgage modification …

Comment by @ICGNYC: … with the loan modification department. Bring any …

Permalink: /foreclosures/facing-foreclosure-many-homeowners-at-mortgage-servicers-mercy/

The mortgage industry is fighting with its very last breathe trying to defeat the “ Helping Families Save Their Homes in Bankruptcy Act of 2009 ” by spreading myths and untruths about how the new bankruptcy law would affect the economy, future mortgages and the mortgage industry itself. If the bankruptcy law passes it would give bankruptcy courts the power to modify toxic mortgages of homeowners …

Permalink: /loans-mortgages/mortgage-industry-fights-mortgage-modification-in-bankruptcy-with-myths/

Senator Dick Durbin, D-Ill. is pressing for a mortgage modification proposal that would allow bankruptcy judges to modify Chapter 13 bankruptcy debtors’ mortgages on their primary residences. Senator Durbin does not believe that voluntary efforts will stem the foreclosure crisis we are currently facing and hopes to take more proactive measures at stemming the crisis.

“With the economy officially in a recession and the …

Permalink: /foreclosures/senator-presses-for-mortgage-modification-proposal/

… home mortgages in Chapter 13 bankruptcy. Currently, the law for Chapter 13 bankruptcy allows modification of nearly any type of loan with the exception of a residential home mortgage. Under the proposed bill, homeowners may be allowed, with the supervision of the bankruptcy court and bankruptcy trustee, to modify their home mortgage in Chapter 13 bankruptcy. The debtor would be required to repay through Chapter 13 bankruptcy, the actual value of the home and interest rates deemed …

Permalink: /loans-mortgages/congressional-leaders-move-to-allow-mortgage-modification-in-chapter-13-bankruptcy/