Archive for Mortgage Modification Updates

Bankruptcy Law Being Modified

This new bankruptcy law measure could give bankruptcy judges more power to modify primary home mortgages. Congress is poised to give bankruptcy judges more power to modify primary home mortgages in an attempt to halt the foreclosure crisis, a move Democrats and housing advocates have been pushing for two years in the face of stiff [...]

Most Mortgage Servicing Giants Agree To Foreclosure Prevention Plan

Two-thirds of mortgage servicers have agreed to implement the foreclosure-mitigation policies outlined by Treasury Secretary Timothy Geithner last week, a top Senate Democrat said Wednesday. According to a senior financial-industry lobbyist, this includes the four-largest national mortgage servicers: Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.
Senator Charles [...]

Bankruptcy Judges Can Modify Mortgage Loans

You know you’re in a tight spot when Bankruptcy Court begins to look like the least bad solution to a pressing economic problem. But the housing foreclosure situation is pretty ugly, so there we are.  Unfortunately, U.S. Bankruptcy Court isn’t allowed to be part of the solution to rising foreclosures, thanks largely to the mortgage [...]

Mortgage Relief Versus Bankruptcy

Loan Modification Plans- Also known as mortgage modification options has quickly become the best option for homeowners facing home foreclosure. Loan workouts are not the only mortgage relief solution for homeowners looking for protection from foreclosure because of delinquent home loan payments. However; it is an option that can save your home while putting you in [...]

Automatic Stay

Automatic stay is a significant benefit for homeowners in a chapter 7 bankruptcy. The automatic stay provision protects consumers against creditors from debt collector’s debts from because they are not allowed to call or send you additional collection letters.
The creditors are prevented from continuing any legal action against you, or repossess your car or [...]

Lien Stripping Eliminates Home Equity Loans

Debtors who find themselves in serious financial trouble may have or will soon have several liens placed on them. Lien stripping has become a new trend led by lawyers who negotiate a settlement for the 2nd mortgage.  A lien is a recorded document that states that the Debtor owes the creditor a certain amount of [...]

Low Rate Mortgage Relief May Be Temporary

In a recent article, Julie Haviv analyzes the enormous efforts by the Federal Reserve to slash mortgage rates have so far been a success, but homeowners had better refinance fast or seek a loan modification from your lender, because many forecast that the record low interest rates could be gone as soon as this summer. Thirty-year [...]

Debt Relief Companies Expand Services With Debt Settlement and Attorney Backed Mortgage Relief Programs

Amid the ongoing housing and credit crises, even as some of the country’s largest mortgage lenders announce a moratorium on foreclosures and unveil various loan modification initiatives meant to help homeowners stay in their homes, the number of foreclosures nationwide has quadrupled since the fall of 2007. Foreclosure rates rose 81% in 2008 from the [...]