April 10, 2009
Mortgage Modification Bill in Senate Not Looking So Good
Thanks to Eric Clark
From the American Bankruptcy Institute 4/9/09
MORTGAGE MODIFICATION, EXECUTIVE COMPENSATION LIKELY TO BE DROPPED FROM SENATE AGENDA
Senate Democratic leaders appear likely to drop several high-profile legislative issues from their agenda, including efforts to tax bonuses paid to corporate executives and giving bankruptcy judges the ability to reduce mortgage payments on the primary mortgages of chapter 13 debtors, according to a CongressDaily report today.
Senate aides said that the legislative agenda this year might increasingly focus on revamping financial regulations -- which could reach the Senate floor in late summer -- and on health care reform. The chamber will reconvene April 20 by taking up a fraud-e enforcement bill that authorizes increasing Justice Department funding and authority to crack down on mortgage fraud and other crimes related to federal assistance programs. Those efforts come as more high-profile legislation sits on the back burner in the face of opposition from Republicans and moderate Democrats. Senate Majority Leader Harry Reid (D-Nev.) and Senate Finance Chairman Max Baucus (D-Mont.) have said that they have not dropped efforts to craft a bill slapping heavy taxes on bonuses for firms such as American International Group that received bailout money, but Democrats have no immediate plans to move an AIG bill in the face of White House concerns and strong opposition from the banking industry. Also faltering is mortgage cramdown legislation that lobbyists and some senators say lacks the votes to pass. Reid has said previously that he is prepared to drop the cramdown language provision from a broader housing bill if the votes are not there.
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A Mortgage Modification is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage.
The most common mortgage modifications are listed below:
lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above
Check out this public service site at http://mortgagemodificationinfo.org
Posted by: beachdude | Apr 20, 2009 8:52:39 PM
Here is a web seminar that can provide information about the various finance solutions, debt relief options, and foreclosure alternatives, to assist homebuyers.
Posted by: Steve Jenkins | Sep 8, 2009 10:28:51 AM
Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the mortgagor and mortgage .In general,any loan can be modified.
Posted by: loan modification | Oct 6, 2010 9:58:34 AM