While there’s a lot to criticize about the American Housing Rescue and Foreclosure Prevention Act, there is one very positive aspect to this bill…
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Looks like Lending Tree is getting into the pseudo-foreclosure prevention business. They’re motto was (is), “When banks compete, you win.”
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With FHA being named the patron saint of homeowners trying to avoid foreclosure by virtue of the American Housing Rescue and Foreclosure Prevention Act, you would think that they’d be relatively easy to work with, right?
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There are many questions that have not been answered about the new foreclosure prevention bill, because nobody has a crystal ball.
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Congress is on the brink of passing the anti-foreclosure bill, the Foreclosure Prevention Act of 2008 (HR 3221), but how will lenders respond? While the sole focus of everyone involved has been “how to get this bill passed,” nobody has taken the time to explain how this bill would work in the “real world.”
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Less than 24 hours after passing the new foreclosure legislation, The American Housing Rescue and Foreclosure Prevention Act, New York Congressman Barney Frank urged lenders to halt foreclosures until their new bill takes effect…
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San Diego’s city attorney is suing four current and former Countrywide officers in an effort to see San Diego become a “foreclosure sanctuary.”
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One of the possible long-shot opportunities for some homeowners trying to avoid foreclosure was the possibility that their loan might be purchased by another investor, allowing them to re-write the terms of their loan. However, the servicing rights would also have to be transferred, in order to do the wheeling and dealing needed to restructure the loan in a way that ensures long term success.
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When you look at how the congressional efforts to help homeowners avoid foreclosure have evolved, you begin to wonder, “Who’s in control here?”
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For some time now, I’ve been questioning just how much foreclosure assistance homeowners are going to get as a result of the federal foreclosure program that’s waiting for Congressional fine-tuning.
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