Hello everyone! Sorry I didn't catch the questions earlier.
OK, this bill has passed the House, but has Ranjen mentioned, the Bush Administration has threatened to veto it. He says that is rewards reckless lenders and speculators. This is the same rhetoric that they have been saying for the past year.
The facts are that yes, lenders and speculators will be helped by any bill that involves foreclosure prevention. This stance of not wanting to pass a bill because it will reward these people is just ridiculous.
This will not be able to be taken advantage of until it Bush signs it into legislation which may not happen.
As far as this being retroactive, or being able to apply this to a loan that has already been modified, there is nothing usually in a
loan modification agreement that states that loan cannot be modified again. Sometimes the pooling and servicing agreements which govern the loss mitigation on your loan, may have a provision against this.
Now, all we can do is see what the Bush Administration has planned as fas as if they will veto this bill and the administration has publicly said they would.
Business as usual in Washington.........