28 Jan Mortgage Modification Bill Advances in Congress
The “Helping Homeowners Save their Homes in Bankruptcy Act of 2009”, HR 200, sponsored by Representative Conyers (D-Mich) advanced in Congress yesterday. In a hearing which lasted almost four hours, members of the House committee considering the bill explained why it was so urgent. The congressmen particularly recognize that mortgage lenders don’t feel any reason to negotiate mortgage modification agreements at present. Several members of Congress personally experienced the inability to actually speak with anyone at a mortgage company who was able or willing to consider a loan modification agreement.
Congress is starting to realize that unless lenders face the reality of mortgage modifications in chapter 13, they won’t deal with their borrowers.
As reported previously, HR 200 would help homeowners in many ways:
- Reduce interest rates
- Stretch out terms of the mortgage
- Eliminate adjustments in adjustable rate mortgage
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