Comments on: House Judiciary Committee Narrowly Passes Mortgage Relief Legislation

By: Richard K. Gustafson

Richard K. Gustafson — Mon, 30 Jun 2008 17:22:34 +0000

I wish I could tell you that your experience would get better by trying again, but I honestly don’t know. At a recent seminar I attended, there was a large contingent of lawyers who represent mortgage companies and they claim their clients are working with people more and more, but they also admit that sometimes they can’t convince their clients to budge. Supposedly the mortgage companies are becoming more open to alternative resolutions, but time will tell.

By: Gardenia

Gardenia — Tue, 03 Jun 2008 03:03:00 +0000

Hello,

I am currently in the midst of a Chapter 13 bankruptcy filing with Legal Helpers. The DDP has been filed, and I should get a hearing date in the next 2 weeks, per Legal Helpers. Richard, as you are an attorney with Legal Helpers, I would also like to know how this pending legislation affects those who have already, or are in the middle of (like myself), filing bankruptcy? My mortgage arrears (2 months’ worth) are to be included in the bankruptcy, but what about the question posed by Pat G, regarding my mortgage balance being more than what my house is worth? Also, I tried approaching my mortgage company through their loss-mitigation program, but was turned down. The reason? My “overall debt” (meaning I owe more than what I make), makes me ineligible to renegotiate my mortgage terms. Is that crazy or what? I’m begging them to lower my mortgage payments, or at the very least, to renegotiate my mortgage terms (adjustable rate), and their response to me is that I am too far in debt to get a break from them!!! I just recently read an article which stated that 80% of these loss-mitigation programs are designed to set the homeowner up for failure or rejection, due to the fact that the mortgage companies are beholden to their investors first, and have no interest in helping people save their homes. Sorry to go on and on. Again Richard, any advice you could give would be greatly appreciated.

By: sh

sh — Mon, 19 May 2008 05:08:45 +0000

does this apply to those that have already filed bankruptcy. does anybody know where in memphis I can go to try to get out of my bankrupcty

By: sh

sh — Mon, 19 May 2008 05:07:48 +0000

so have they passed anything…does this apply to those that have already file bankruptcy?

By: Richard K. Gustafson

Richard K. Gustafson — Sun, 11 May 2008 06:06:11 +0000

Unfortunately, this legislation has stalled (are we surprised?). Instead alternatives have been introduced and I know all parties are “negotiating” solutions. We’ll see if the American public will get any relief… Can you tell I’m not optimistic? :-)

By: deborah

deborah — Sat, 03 May 2008 11:51:11 +0000

Yeah , thats right, and I really hope that President Bush will sign the chatper 13 mortage rate problem, thats where all the smucks are really taking not only our homes but our lives and our money.

By: Pat G

Pat G — Sat, 08 Mar 2008 13:36:32 +0000

Someone had brought to my attention that, although the lending industry is trying to work things out, including the President, the counties, to which people pay property taxes, are not. I thought about this and agree. If property values are down, then how can the counties increase property taxes? I know they base the taxes off of the loan or purchased amount, but if the property is worth less than what it was paid for then, how again? It just might be that increase puts people financially over the limit. And it seems to me as though this is being overlooked. Shouldn’t there be at least a stay?

By: Jeannie Klever

Jeannie Klever — Tue, 04 Mar 2008 13:49:33 +0000

What about homes that were put into ‘Pre-Foreclosure’ status?

By: AARKIEAM FIELDS

AARKIEAM FIELDS — Sun, 02 Mar 2008 05:46:40 +0000

I have owned my house for almost 9 years and have struggled only in the last 3 years paying bills. This bill is very important because pay scales haven’t risen with the rate of inflation and this has caused individuals to fall behind. Homeowners need this one time relief just to get caught up and Mortgage Companys aren’t willing to help those who have low credit score or even restart loans.

By: yolande d

yolande d — Sat, 09 Feb 2008 10:40:58 +0000

this is a very important lesgislation that will help homeowners and the ecomy we all need to work on it so it can pass