obama foreclosure legislation
Obama Signs Help Families Save Their Homes Act
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.
About the Author
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.
Does Michigan represent the end result of America under Obama?
Our “wonderful” liberal governor has done NOTHING for our state. We have the highest un-employment rate in the nation, one of the highest home foreclosure rates, and businesses are closing left and right. People are leaving the state and our wonderful governor is doing NOTHING but try to raise taxes and pull the old liberal leadership agenda; handouts, more taxes, no business friendly legislation.
Is the crisis in Michigan a representation of what America would look like if Obama wins? I think so.
Whittle Dole
GREAT! Good day going! I loved your Romney comment…he has to be the guy!
And a very good morning to you too!!! I not only love the question but, I loved the answer just as much.
Barry isn’t going to win, and I’ll bet a Maine Lobster delivered to your door on that one. 
BTW: I agree on Mitt Romney, he did good things here in the Bay State.
There’s no “H” in my name.
Obama Moratorium Foreclosure Scam
Lenders brace for change
WASHINGTON — Tucked into the landmark financial legislation making its way through Congress are little-publicized provisions aimed at preventing a repeat of the mortgage meltdown that ultimately doomed global financial markets.