Tuesday, April 28, 2009

Loan Modification Bill Up for Vote in the Senate


I have just learned that the Helping Families Save Their Homes Act will be up for a vote in the Senat later this week. It is estimated that this bill will save 1.7 million homes nationwide. What does this mean for you? If you are a homeowner in trouble this could be just the help you need. If passed, this bill will put pressure on the lenders and the investors to really make meaningful loan modifications. Why? Because in order to qualify for this bankruptcy loan modification relief, a homeowner must have attempted to get a loan modification from their lender. My personal opinion is that bankruptcy filings will not increase as much as you might initially think - I think this legislation will provide a great incentive for loan modifications.

Please email your Senators and the White House today!

Want to know more about the bill? Here is a brief summary of the legislation. And here is a state-by-state breakdown of the 1.7 million homes nationwide that this bill will help save.

1 comment:

Mortgage Refinancing said...

Interesting!

The loan modification process can be frustrating and confusing for many distressed homeowners. But you have to know what exactly is loan modification. A loan modification is a permanent change in one or more terms of a borrower's home loan.