HOW CAN I USE THE NEW BILL TO HELP STOP FORECLOSURE

Question

i have tried to have my current mortgage co help me with this.... however they only respond with " it only goes into effect on or about sept, oct... i believe the bill was intended for those who are currently in the foreclosure process..

Answer 1

They were correct.  Many of the provisions in the bill don't go in to effect until Oct. 1.  It is estimated that 200,000+ homes will go in to foreclosure between then and now.

Answer 2

Actually, a number of the sponsors had asked the mortgage companies to suspend foreclosure actions on "any borrower who might qualify." Unfortunately, that's neither practical nor possible in most cases.

And, it's SOOO early in the process that it's not clear exactly how this bill will be implemented.

While this is supposed to "go into effect" on October 1, many in the industry (myself included) don't expect this to really help anyone until we're well into 2009.

Furthermore, this will only help about 1 in 5 (or less) of those who will be in foreclosure in the next 12 months.

So, that's the bad news.

Now for the good news:

It's easier now to get a loan modification than ever before... IF you know how to work the system.

It might help you to understand exactly why the mortgage industry makes no sense.

Go to my website and sign up for the "Foreclosure Avoidance 101" series. It will help you to make sense of what's being done here, why you're being treated this way, and what you can do about it:

http://foreclosureresolutioncenter.com

If you really want to find a way to avoid foreclosure and keep your home, then you'll take the sixty seconds and sign up for the free information.

Best of luck to you.

Answer 3

Not positive on this, since I haven't read the bill.  But my understanding is if you are already in foreclosure you do not qualify.  

Answer 4

There are actually companies that will work with you to buy your mortgage away from your mortgage company and avoid your foreclosure. Try looking into it at http://www.speedyrealestate.info. Good luck!