U.S. Congress - H.R.1106 Helping Families Save Their Homes Act of 2009
H.R.1106 - Helping Families Save Their Homes Act of 2009
To prevent mortgage foreclosures and enhance mortgage credit availability. view all titles (5)
All Bill Titles
- Official: To prevent mortgage foreclosures and enhance mortgage credit availability. as introduced.
- Popular: Helping Families Save Their Homes Act of 2009 as introduced.
- Short: Helping Families Save Their Homes Act of 2009 as introduced.
- Short: Helping Families Save Their Homes Act of 2009 as passed house.
- Short: Nationwide Mortgage Fraud Task Force Act of 2009 as passed house.
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Displaying 61-90 of 98 total comments.
The first step you can take to stop foreclosure on your home is to avoid giving the bank any reason to believe it will not have its debt repaid! Homeowners will often avoid notices from their lenders after they have missed a payment. A bank, or other lender, seeks foreclosure when it has good reason to believe that it no longer has any chance of repayment of the debt it is owed. This is understandable and usually driven by embarrassment or the sense of helplessness on the part of the borrower. However, by not responding to the lender’s notices, you are giving them their first reason to think you will not be able to repay your loan. This is where Michael S. Richardson and his 25 years of mortgage and real estate experience come in. Just because you are unable to make a payment on your mortgage does not mean you have to lose your home. Let Preventmortgagefraud.com help you.
What is a forensic mortgage audit? This report should be the guideline on whom gets help to save there homes!
A Forensic Mortgage Audit is the comprehensive review of all loan documentation including legal documents, transactional data, and other evidence pertaining to your real estate loan that has been funded. A forensic mortgage audit identifies any illegalities performed by the lender, their broker, or other parties in conjunction with the mortgage. During the audit process, skilled professionals review all documents received from your lender from the date you applied to the date you funded your loan including any envelopes, faxes, and emails to ensure that your loan meets all legal requirements that were in effect at the time the loan was funded.
I vote NO. Even though we are family facing possible forclosure. I would be a hypocrite if I voted for a bill that promoted socialism. It would be against my principles, which are more important than my material possessions. BUT, we are in the situation due to the economic crisis—not irresponsibility. We bought a very modest home ($158,000) well within our means. Then BAM, my husband’s work slowed waaaay down. He’s in construction. His pay was cut by almost 60%. I work as well and even my work slowed and my pay went down 25%. We are hard-working, honest Americans and do not want a hand-out from the government. We would like to bank to work out a restructure directly with us. Not everybody that is losing their home bought a home that they couldn’t afford. Not all of us are willing to compromise our principles—even at a great personal sacrifice!!!!!
My family has tried very hard to work with the bank to modify the loan to no avail. The bank bail out right now has made banks bigger bullies with more money for executives rather than training those who can modify loans. This legislation can actually help main street rather than simple wall street. The banks refuse to learn to help their customers even with the incentives the President’s legislation has given. I vote yes to help my family and many others..regular everyday people. And this is not a bail out for people. This is a bankruptcy judge modifying the loan because even though the banks have been given incentive to do so for some reason or other not all of them are ready to do so due to lack of training OR they just aren’t doing it for whatever reason. This gives the every day family another option for modification which is something they already were seeking but the banks just weren’t doing it for them.
Truth in Lending was created to protect individuals from predatory lenders, it attempts to explain how a loan is calculated and gives a method to help compare one lenders offer to another, These Negative Amortization Loans cannot be clearly shown with a TILA disclosure. Most homeowners where offered what looked like a variable interest loan, and many brokers hid the truth in a paper shuffle or with fraudulent documents. Today the only recourse is to sue them in federal court, but the cost and requirements of proof make most home owners unable to defend their homes.
This law will change things by providing an alternative, making lenders aware the consumer is not totaly helpless, many bankers have received bailouts, and some of them don’t deserve it. The same way there are homeowners that don’t deserve the help they may get when the government helps the rest. People buy houses once or twice in a lifetime, they are not professionals that can clearly understand the 60+ pages thrown in their face on closing. If your loan is not a neg-am you where lucky your broker or bank was not lying. It is a fact that most of the homeowners facing this crisis are shocked and surprised when their payments reset to the full amortization, they had no idea it was going to be that high. Maybe some where stupid, but a great many of them where lied to. Lets hurry up and pass this on the Senate so banks can start behaving, and give a little respect to the American Citizen they intended to fool with the neg-am scam.
A contract should be enforced unless there was some type of coercision. It is a binding agreement and if they aren’t enforced then what is the point. People should take the time ot read it and know what they are getting into. Ignorance is no excuse. I was a loan officer and tried to explain to people when I thought they were taking a big risk, but they didn’t want to hear it. They wanted the house no matter what. So what if there is no money left over to buy groceries or pay the light bill. And if I didn’t get them the loan they would go to someone else who would.
For those of you who say lenders should work it out. In most cases where they modify the loan, it ends up back in foreclosure in less than a year. So modifying the contract is only delaying the inevitable.
The statement from Crystal: So modifying the contract is only delaying the inevitable.
Is certainly not true. There is no evidence of this being true, if it is I challenge her to provide it.
Many home owners have: 1. Gotten other jobs. 2. Borrowed from family members. 3. Rented out rooms to others in need.
Many are wanting to cooperate with the mortgage company. The persons, like Crystal, had better hope that there is relief for the homeowners, because if there is not, the foreclosures will drive the economy and home prices to a new all time low.
Sort of like; “You haven’t seen nothing yet!”
When you buy a car you get one long preprinted contract, and attention is brought to each section, with clear and consistent truth in lending disclosures, this helps control the crooks and lowers disputes later on. But mortgages are a ridiculous bunch of plain paper copies, that in most cases are not even numbered or organized, giving consumers no point of reference, and the volume of redundant typing is there only to add confusion, signature pages are single pieces of paper that have no link to the rest of the document, a greedy broker can simply switch the signature page from false to real documents and ripp everyone off!
Things are getting way out of hand with our gov’t. They are not listening. We have got to MAKE them hear us! Any suggestions? I write my congressmen almost daily and I get an automated response email or letter. I’m sick of this! Is anyone else as tired as I am? It seems that others are speaking out as well with no response. Our gov’t officials are supposed to work for us! I am attending a ‘TEA Party’ on April 15th but who’s to say that will work? I think we need a revolt! If everyone in America stopped paying taxes would they listen? I think they would have to! We could all claim married and 9 and then refuse to pay. I don’t think that is unAmerican. I think it is revolution in its greatest, loudest form! What do you all think???? They can’t arrest the entire nation! Can they?
BREAKING NEWS – The Republicans lost the election, and they have a dwindling minority in the House and Senate. The majority of American citizens do not agree with you. There will be plenty of room in prisons for people who choose to break the law by not paing taxes, and your choice to not pay your share will likely result in a large fine anyway. Thanki you for paying for the debt the Republicans ran up. That 32% who are opposed to the Democrats agenda are the problem with America anyway.
BREAKING NEWS – Democrats have just passed the largest budget deficit in HISTORY. And no, I don’t want to hear the Democratic talking point “Well, Obama inherited a 1.3 trillion deficit” because it’s a load of crap. Just because you inherit it doesn’t mean you need to go and QUADRUPLE it! (http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/) Seriously, it what warped world when you’re in debt over your eyeballs do you go and continue to spend more money that you don’t have? If you or I do that, it means we’re headed for bankruptcy, and pretty soon, so will our country if this doesn’t stop!
PRINCIPLE: AGAINST
Federal Government meddling, should be States that decide.
Increases power of the Federal Government, reduces individual responsibility. Trust those to fix what they messed up.
If they want to help people they should consider how to get them into a house they can afford. They obviously got into more house than they should have been able too. They need a place to live, but if they can’t afford the house, what is the chance they can afford the taxes on the house or the insurance?
Not everyone got into a house they cant afford. I can afford my house but only barely now that the mortgage company has raised my interst rate. I am not at a 10.6% interest rate on a $272,000 loan becuase the bank says that my variable is not linked to the federal prime but to their own internal prime (what ever the heck that is). So while interest rates are at an all time low my payment keeps going up due to the raise in interest rate every 6 months. The bank wont do a mod and says I cant afford my house so I claime chapter 13 and now these same people that said I couldnt afford my payment if they lower it down to $1700 or so seem to think my chapter 13 payment should be raised to 4k becuase I can afford that payment.
I’m sorry for your poor decision to accept an ARM. But that is not mine or anybody else’s fault or burden to bear.
It is time to stop all bailouts, to both homeowners and the big corporation. It increases the dependency on the government. The government should not be picking winners and losers. All a bailout does is reward irresponsible behavior. Any moratorium on foreclosures could put the banks in jeopardy. If a corporation deemed “too big to save” fails, another business will eventually take its place. People need to read the terms of a contract carefully before signing it, and have an attorney look at it if necessary.
Yes, “Stop the bailouts” Bankers got theirs, now they want it to stop. I never saw a contract that said the government had to give them billions. This cramdown law is not a bailout, it is a lifesling, it will not cost taxpayers a cent and it will help neighborhoods.
Banks are using the billions they received to lobby against this bill…
Ridiculous!
A big mistake! I feel for those people who got in way over their heads, but we have no right to renegotiate contracts that were agreed upon between individuals and the bank.
We do have a right to renegoniate contracts – it is called consumer protection. This was eroded under Republicans, because they were elected by bank and finance contributions. Consumer protections are coming back. Adjust for that.
Let’s look at this…
Banks and consumers enter into a high risk contract, banks are experts, consumers are not. When the bubble bursts, the taxpayer gives billions to the banks to bail them out but the consumer should end up homeless. What you mean is only Banks have rights… Right?
“Banks are using the billions they received to lobby against this bill…
Ridiculous!”
“Banks and consumers enter into a high risk contract, banks are experts, consumers are not. When the bubble bursts, the taxpayer gives billions to the banks to bail them out but the consumer should end up homeless. What you mean is only Banks have rights… Right?”
AGREE!!!
you are not doing these people any favors, let them fall on their face, they will get up brush themselves off and maybe, just maybe they will live within their means
If you let them fall in their faces, another house in the neighborhood will be empty, and drag the values of the entire neighborhood with it. Shoot yourself in the foot! The left one! the one that has the ugly toe nail! Maybe it will learn from the pain, Maybe they will have to amputate and you will be rid of that stupid foot forever.
… Get it?
Here is the bottom line. I’ve already replied to a few people with this line, so here’s the general one. If you took an ARM, I’m sorry for your poor choice, but that isn’t mine or anyone else’s fault or burden to bear. If you’re in an ARM, it’s for one of two reasons: You either couldn’t afford a conventional mortgage (which should have been a warning flag to you) or you’re an investor that couldn’t unload your suddenly devalued property. I have little sympathy for either. Anyone with any common sense knows ARMs are incredibly huge risks for borrowers, and rarely ever drop in rate. Yet people still take them anyway. I and I’m sure many others would rather not reward stupidity.
Who else are we expected to bailout, the drug pushers when they run out of stash? The gun runners when they run out of ammo? You guys have gone completely money crazy, and it’s not your money to blow. What a joke you all have become and especially BO. He’s so in over his head he’ll never see daylight again. I hope the Tea Parties, which have started as a whisper, end as a resounding roar loud enough to get all of you who have participated in this madness out of the Senate and Congress.
If you took an ARM you are DEAD, you are WORTHLESS, and STUPID and will get NO BAILOUT. (Unless you are a BANK), beacause BANK’s are better than simple consumers, BANKS are good and they deserve big BAILOUTS.
Banks can get into ARM’s and taxpayers will rescue them, because when they got into ARM’s they did not do it because they where stupid, they can’t be stupid because they are BANKS. Worst of all is that consumers taken by the ARM scam are not asking for BAILOUTS, the BK law will not use any of this money, all it will do is maybe cut into some of the undeserved bonuses the BANKS are paying, most won’t even have to file BK because the BANKS will be motivated to modify and avoid the cost of foreclosures. It is stupid to object to this legislation.
The banks don’t deserve the bailouts anymore than the people do! The problem is that we have a bunch of morons in DC that keep spending our money when we don’t want them to. I was against all the bailouts too, I’m against DC running Detroit, and I’m against any more spending when we don’t have the income to do it!