Fate of mortgage cramdown bill???

[baileys dad]

It seems as if there has been very little in the media in regards to the so-called mortgage cramdown bill (HR 1106). This the so-called stick to go along with the carrot in terms of Obama's mortgage rescue plan. The basic idea is that, under certain circumstances, if you worked in good faith to get a modification and the lender did not grant one, then the bankruptcy courts could do so. The original house bill was passed, albeit in a watered-down form due to pressure from finanncial lobbyists.

This week, I am going to call my US Senators office and see if they support the bill and hopefully find out who is against it as well. The link to your senator's office is U.S. Senate: Senators Home. Please call this week and voice your opinion. Even if you are not considering BK, you may benefit from the passing of this bill as it will give servicers and lenders something to think about before they decline to give you and others a modification.

[mtg2008]

I will call them.

I just found out Wamu offered me modificaiton with same rate. I was very upset, and they told me at least I got 30 fix rate at 6.625%. They said there is nothing else they can do. I have been current on my mortgage, but it is a rental, and we did put down a lot of money 4 years ago when we bought it. The mortgage is much more than the current value. Can anyone tell me if I file Chap13 bk, is there a possibility for lender to reduce the priciple to the current value for rental property? (I talked to one of the Attoney office, the guy I talked to told me something like that, but I just do not trust anyone unless they provide anything in writing)

Thanks.

[baileys dad]

Hello mtg2008,
Google HR1106, I don't know if it applies to rentals as well. I am going to call senators offices today.

[shelleyhuff]

They need to get this going now,, I do call my self everyone else who has any thoughts of bk should also.