Peter is the nation's leading authority on foreclosure prevention, attorney performed loan modification and loss mitigation strategies. His firm The Loan Modification Network connects homeowners with a team of specialsts in all fifty states to assist homeowners in foreclosure prevention solutions and loan modifications. Call1-877-840-MODS (6637) or go to http://www.us-loan-modification.com to learn more.
Posted on Zillow.com….this legislation should go a long way to helping homeowners achieve successful loan modifications with their lenders. Attorney performed loan modifications continue to be the most effective way to prevent foreclosure and lower mortgage payments. P.C.
President Obama Signs ‘Helping Families Save Their Homes’ Act By: Mary Miller
Yesterday, President Obama signed the Helping Families Save Their Homes Act of 2009 (S.896) into law. The goals of this law are to prevent mortgage foreclosures and enhance mortgage credit availability.
Some of the highlights are listed below. The law:
- Improves the Federal Housing Administration’s (FHA) Hope for Homeowners program, by reducing the program fees and streamlining borrower certification requirements. It also allows the Department of Housing and Urban Development to make incentive payments to participating loan servicers and originators.
- Expands the reach of the Making Home Affordable Programs by allowing FHA lenders to offer more substantial loan modifications. And, it protects loan servicers who modify loans from lawsuits as long as the loan modification is consistent with Hope for Homeowners program. Up until now, servicers have been reluctant to modify troubled loans, fearing lawsuits from the investors who own the loans.
- Gives the FHA additional enforcement tools to police lenders who employ false or misleading marketing tactics.
- Streamlines how HUD supports homeless support programs across the country, by giving local communities greater flexibility with how they use federal funding.
- Finally, it includes an amendment (S.AMDT.1035) to the Truth in Lending Act which states that any creditor who purchases or is assigned a mortgage loan must notify the borrower in writing within 30 days. If notification is not given, borrowers are allowed to recover damages.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Obama Signs Help Families Save Their Homes Act
- Obama's Loan Modification Plan Expands to Help More Homeowners
- Mortgage Investors Getting Protection From Obama’s Housing Bill
- Feldman Law Center – The Specifics of President Obama’s Plan
- Feldman Law Center- The Specifics of President Obama's Plan
- Mortgage Fraud Bill Signed, Sealed & Delivered
- Feldman Law Center - President's plan
- Will Senate Spit or Swallow the Cramdown Bill?
Mortgage Refinancing for Millions of Homeowners with Obamas Stimulus
By: MPetrone | 18/12/2009Mortgage refinancing opportunities now exist for nearly all homeowners. Regardless of your financial situation or if you have a bad mortgage, there is now Government backed mortgage refinancing help available. Never before has such an extensive plan been enabled that offers so many homeowners help. Here is what you need to know so you can use this plan for yourself.
President Obama Offers Help for Homeowners who are Refinancing a Mortgage
By: MPetrone | 18/12/2009Are you struggling to make your monthly mortgage payments? Facing foreclosure and want to save your home? Afraid that you will get denied a mortgage refinancing due to bad credit or an upside down mortgage? Then odds are that you will find help with President Obamas “Making Home Affordable” stimulus plan. Find out how you can take advantage.
New Mortgage Stimulus Refinancing and Modification Options
By: MPetrone | 18/12/2009With so many mortgage foreclosures and defaults happening, it makes me wonder why more homeowners are not using President Obamas “Making Home Affordable” plan for themselves. This program allows homeowners in all types of financial situations to easily get the help they need to properly refinance a mortgage, lower monthly payments, avoid foreclosure, and save money. Here are some of the major benefits of President Obamas stimulus program.
Refinancing a Mortgage with Bank of America and President Obamas Stimulus Plan
By: MPetrone | 18/12/2009Bank of America is offering new mortgage refinancing options to homeowners tanks to President Obamas “Making Home Affordable” plan. This plan is aimed at helping homeowners avoid foreclosure and save money through new options for mortgage refinancing or modification. Millions of people are able to use Bank of America and this Government plan for themselves. Here is how.
The Presidents Mortgage Refinancing and Modification Stimulus Plan
By: MPetrone | 18/12/2009Homeowners are finding relief from President Obamas mortgage stimulus program. This program allows mortgage refinancing and modification for nearly all homeowners, regardless of their financial situation. With this plan people can easily lower their monthly payments, save money, and avoid foreclosure. Here are some of the main points of Obamas stimulus program.
Mortgage Rescue Plan to Rescue The Homeowners
By: Ashley Parker | 18/12/2009Due to financial crisis, many homeowners have been struggling to make the payments of their monthly mortgages. They are almost at the edge of losing their homes. To overcome the situation, Obama government has launched a great plan to lower down the burden of homeowners' monthly mortgage payments.
What Are FHA Housing Loans?
By: Al Hardy | 18/12/2009FHA Housing Loans have become the only low down payment option available in today's housing market. They have become very popular and they may be the only way that you can get a mortgage for your dream home!
Reverse Mortgages and exactly how they work
By: Paul Ingersole | 18/12/2009The reverse mortgage concept came about because of the amount of cash poor retirees having to sell the homes to live. Most of these people owned or had very significant equity in their principal residence but were quite cash poor. The best part about a reverse mortgage is that the borrowers have no restrictions on what they use the money for. Whether they want to use the money to travel or give their grandchildren money for university they have choice.
Obama extends mortgage refinancing program
By: Peter Collins | 01/07/2009 | LoansThe Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part. Borrowers whose loans are now worth up to 125% of their home's value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit was 105%.
The History ARMs and the Errors Who Love Them
By: Peter Collins | 24/06/2009 | LoansBehind Adjustable Rate Mortgages
Loan Modification Job Oppurtunity
By: Peter Collins | 29/05/2009 | ResumesAmerica's leading intake center for Attorney Loan Modification firm looking for qualified individuals join the fastest growing sector of the real estate industry!
It appears the law of unintended consequences has struck again in the form of new “behind the scenes bailout” program for the banks. I love it!!! Tha
By: Peter Collins | 27/05/2009 | LoansIt appears the law of unintended consequences has struck again in the form of new “behind the scenes bailout” program for the banks. I love it!!! That’s sarcasm for those of you not familiar with my common sense morality and twisted sense of humor)
What Goes Up, Must Come Down
By: Peter Collins | 27/05/2009 | MortgageWhat goes up must come down. The larger question is where is the bottom, and when will we find it? P.C. From
Obama Signs Help Families Save Their Homes Act
By: Peter Collins | 22/05/2009 | MortgageThis legislation should go a long way to helping homeowners achieve successful loan modifications with their lenders. Attorney performed loan modifications continue to be the most effective way to prevent foreclosure and lower mortgage payments.
Types of Foreclosure
By: Peter Collins | 14/05/2009 | MortgageIn the United States, there are two primary types of foreclosure in most common law states. Judicial and Non-Judicial. Other types of foreclosure are considered minor because of their limited availability. All are coverd in this article
Facing Foreclosure? Call Your Lender, Then Call An Attorney
By: Peter Collins | 27/04/2009 | MortgageIf you're in trouble, don't wait for someone from the government to lend a hand. As soon as you think you may miss a payment, call your lender or loan servicer to establish that you are a responsible homeowner who wants to do the right thing. If you're lucky -- and especially if your setback is temporary -- your lender will offer a solution.