Monthly Archives: January 2009

Foreclosures to Increase?

Fannie and Freddie have called a halt to foreclosure sales, and evictions but that November moratorium is set to expire next week.
Yet to come, more resets of ARM interest rates, as bad loans were still being rolled out into the summer of 2007, and have not hit the 2 or 3 year mark at which they reset.
Interest rates are lower, but, some of these were interest only, and now the payment will reset to include principal, and so go up.
Many borrowers were told, don’t worry, you can re-finance when the interest rate resets, your home value will only go up.
Well, that did not happen, and mortgage money is tighter now than it has been for decades.

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Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

Per the American Bankruptcy Institute web site: As the House Judiciary Committee approved mortgage cramdown legislation yesterday by a vote of 21-15, Democratic leaders are preparing to wrap it into the omnibus spending package slated to come to the House floor next week, CongressDaily reported today. House Judiciary Chairman John Conyers (D-Mich.) made three changesContinue Reading

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Chapter 13 Bankruptcy Reform – Judiciary Committe Vote Today

The House Judiciary Committee will meet at 1 p.m. ET today to mark up (consider) HR 200, the “Helping Families Save Their Homes in Bankruptcy Act.” At the time of the mark up their will be a manager’s amendment offered by Chairman Conyers that will embody the language changes agreed to in the Citigroup discussionsContinue Reading

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Chapter 13 Bankruptcy Reform – Bankers Oppose

Stunning news, the bailed out, whose appetite, and need, for our money knows no bounds, oppose Chapter 13 bankruptcy reform that would let homeowners avoid foreclosure and keep their homes by allowing bankruptcy courts to re-write the terms of their mortgages. It is time to yell (OK, maybe speak) to our representatives, that they haveContinue Reading

Cram Down Reform Deleted From Stimulus Bill by White House Action

Chapter 13 reform maybe dropped from stimulus package in the Senate. will check source for below, for now, here it is: Posted: 01/22/09 05:23 PM [ET] Liberal Democratic lawmakers railed Thursday against the tactical decision of President Obama and House leaders to leave a bankruptcy “cram-down” provision out of the economic stimulus package. The provisionContinue Reading

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Loan Modification to Avoid Foreclosure

You want to keep your house, avoid foreclosure, cannot afford the payments after that teaser rate expired, and you make a deal changing the terms. Watch the fine print! Even the Fannie Mae and Freddi Mac mortgage loan modification forms require you to waive your rights against the mortgage company. What rights? All, of course,Continue Reading

One Response to Loan Modification to Avoid Foreclosure


Why not have fun, just because the Government is rescuing the banks who made horrible loans, with our money, does not mean we cannot laugh. You have seen it in the papers and watched it on the news; now is your chance to lead the bailout and save the economy. Help guide U.S. Treasury SecretaryContinue Reading