FORECLOSURES AND THE BANKRUPTCY BILL – GOD SAVE US FROM THE HYPOCRITES!

PUH-LEEZE, SENATOR!

Real estate analysts expect more than 1 million families to lose their homes as a result of the sub-prime debacle and other sleazy tricks banks and mortgage companies used to talk people into mortgages they could not afford.

Capitol Hill, responding to the anguished cries of the dispossessed, is denouncing the situation and promising relief. But among those crying “foul” are those, some Democrats among them, who helped create the crisis.

These are the Senators and House members who voted for the 2005 Bankruptcy bill. All-in-all 18 Democrats in the Senate and 73 Democrats in House joined with 55 and 229 Republicans, respectively, to pass this gift to the banking and credit card industries.

As a result, many people no longer qualify for the bankruptcy protection that would have saved their homes. A piece on CBS MarketWatch describes the problem. Citing a March study by Credit Suisse Group, it reports:

At least part of the blame, says the report, lies with a bankruptcy law passed in 2005. The law raised the bar for people to qualify for Chapter 7 "fresh start" bankruptcy proceedings. Chapter 7 can enable individual filers to wipe away debts such as credit-card and medical bills so they can continue to make their mortgage payments. With access limited, more subprime borrowers are forced into Chapter 13, where some can't maintain their payment schedules for more than a couple of months.

The Kings, for example, had thought about filing Chapter 7, but made too much money to pass the new bankruptcy law's means test, said Mr. King, an airline baggage handler.

"It's become harder to file for Chapter 7 to release debt burdens," said Jay Guo , a director in Credit Suisse's asset-backed securities research group in New York and the lead author of the study. "Going forward," he added, "delinquent loans are more likely to go into foreclosure directly rather than into bankruptcy," resulting in [more foreclosures].

Ignoring mountains of data showing the vast majority of those resorting to bankruptcy protection were forced into it by job loss or medical bills, Congress voted to make it far more difficult for ordinary working Americans to qualify. Instead many of these people were to be forced to carry their debt for much of the rest of their lives.

To make the pill even more bitter, these legislators offered loopholes for the wealthy: the ability to shelter tens of millions of dollars in a “home” or in complicated trusts only available to the very rich.

One leading Democratic Senator defended his vote for the Bankruptcy bill in the 109th Congress by saying he had voted for it in the 108th and had to “be consistent.” To which Senator Kennedy responded, “Anyone who can’t explain a change of position doesn’t belong in the U.S. Senate.”

Perhaps the Senator will have an easier time explaining why he voted to throw people out of their homes.

That said, it’s time to completely rewrite the Bankruptcy bill before hundreds of thousands more families lose their homes.

Comments

[John]

Hi, nice blog. Pretty informative. But,before you start signing papers with a broker, it is important to discuss fees. Brokers work on a commission basis and often receive lender fees. The broker is usually paid by the buyer or lender. You can pay the broker with cash, rebates, or proceeds from your loan. The fees are added to your total amount.

thanks, john http://www.thejohnbeck.tv

[John]

In the US nearly 750,000 owners are in trouble – this is up about 96% for the first eight months of this year (2007). You must first asses your ability to make payments on your loan before you consider the steps that need to be made to stop foreclosure and the refinance options available to you. If you are buried in debt then you may not b able to carry the burden of even a lower payment. You must ask yourself if the lower payment is better for your budget than getting in a lower rent situation. If saving your home from foreclosure is a viable option to consider then you must make contact with the lender who is trying to foreclose on your property. It is likely that they are already in contact with you so this may be easy to do. If you are several months over due you might need to make up a payment or two to negotiate with them to stop foreclosure. You can also show proof of your progress to refinance your home and stop foreclosure. The loan company or lender you are dealing with may have private investors that can help you out. Many foreclosure investors are in constant contact with lending institutions seeking loan opportunities for foreclosure properties.
http://www.thejohnbeck.tv

[Bobby Korey]

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[verzekering vergelijking]

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[austin jackson]

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[austin jackson]

save your home: get a stop foreclosure loan

before you do anything, you must recognize the position you are in.
it is important to accept your dilemma and then prepare to move forward. start by contacting your lender and inform them that you understand you may be facing foreclosure action and that you are willing to save your home. next, you can seek a stop foreclosure loan through your current lender or a different one. loan modification kits can be a helpful guide too.

• What is it? A stop foreclosure loan is essentially a second loan. This loan is used to pay off what you owe from the previous unpaid months. It helps bring your mortgage account back to current status.
• How do you get one? Which ever bank gives you a stop foreclosure loan, they will do so based on your ability to repay; just like any other loan. Therefore, you must create a balance sheet or financial portfolio. Accuracy and honesty is of the utmost importance. You do not want to deceive yourself or the bank about your ability to repay or you may find yourself in the same position. List your assets and liabilities. Or more simply, your income and expenses. This allows you to present a case for repayment based on potential cost cutting that will provide additional cash.
• Possible Shortfalls? The interest rate on a stop foreclosure loan should not be higher than your current loan. Ideally, it should be lower so as to give you some relief. Additionally, some of these loans may be based on any equity you have built up in the house. Therefore, a default on both the mortgage and stop foreclosure loan may leave no equity at all. It also may make the house less attractive to potential buyers if a sale is your only option.
• Should you do it? If you are facing certain foreclosure, seeking a stop foreclosure loan seems like an easy decision. It instantly brings your mortgage back to current status and essentially gives you a second chance. Be careful of the interest rates before agreeing to one and remember to shop around with different lenders before agreeing to a rate.

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