WashingtonWatch.com - H.R. 5579, The Emergency Mortgage Loan Modification Act of 2008

Comment by Tracy (December 22, 2008, 01:00:00)

Mon, 22 Dec 2008 00:00:00 EST

I am an actual homeowner, not like these other sale people trying to use this space as free advertising. Here is an email for you pbakervp@yahoo.com, if he can help you, you'll actually receive what others only talk about....

Comment by Gavin from florida (December 6, 2008, 01:00:00)

Sat, 06 Dec 2008 00:00:00 EST

I have found that the best mitigation out there is at Mortgage Mitigagtion services at loanmitigationonline.com or call mike at 866-578-2025 x-107 He help me stop my foreclosure and got me a better payment that fit my budget and he got most of my late payments removed from my credit report....

Comment by James (November 23, 2008, 01:00:00)

Sun, 23 Nov 2008 00:00:00 EST

Get a forensic audit before you agree to a modification. I had mine done at www.nationalloanaudits.com. They found TILA violations and referred me to an attorney who is handling my case on contingency....

Comment by Dave from LA (November 21, 2008, 01:00:00)

Fri, 21 Nov 2008 00:00:00 EST

I went to http://www.loanmodassistant.com It was $199 and guaranteed. The government says that make sure you get a guarantee and I don't think it can be beat ever. I was with U.S. Bank on my 1st and 2nd mortgage. went from a 12.75 on 1st and 13 on 2nd to 6.% on both loans. I saved $812 each month. I hope this helps someone....

Comment by Maria (November 16, 2008, 01:00:00)

Sun, 16 Nov 2008 00:00:00 EST

don't be so quick to sign up without considering doing a forensic loan audit with U.S. Lender Audit.Their website is www.uslenderaudit.com and by far they provide the best audit, uncovering violations and much more used as a much more powerful negotiating tool for loan modifications, and loan settlement.Borrowers don't realize that many lenders are trying to hide their mistakes, so many borrowers who may not know the difference, sign up for loan modification, and when you look at the fine line printing, a borrower may be waiving their rights to a better loan modification or even a loan settlement.You guys really need to check these guys out. Their report uncovers so much. And, there are those other companies that are making claim to do similar services, but after my research and learning about so many attorneys giving accolades to their services.They may cost a little more,but it's worth every penny whenyou have that much more that could be uncovered and potentially save thousands....

Comment by bob (November 6, 2008, 01:00:00)

Thu, 06 Nov 2008 00:00:00 EST

This bill isn't anywhere near enough. It should require that servicers refinance all ARM loans including investors and second homes to a 30 year fixed. anyone who doesn't think this mess will be cleared up in 5 years isn't paying attention....

Comment by Janice (October 29, 2008, 01:00:00)

Wed, 29 Oct 2008 00:00:00 EDT

Should I pay fee's up front for modifaction? I'm not sure who to trust...

Comment by Krystal Covington (October 28, 2008, 01:00:00)

Tue, 28 Oct 2008 00:00:00 EDT

I used www.creditmodamerica.com in Florida and they got me a 4% rate, and it only cost me $1395! BEAT THAT!!!!!! LOL Oh yea, Chris was my rep...he was awesome!...

Comment by Barney McMurray (October 22, 2008, 01:00:00)

Wed, 22 Oct 2008 00:00:00 EDT

wow I used www.proloanmods.com I had a 9.25% rate they got me 5.9% fixed and charged me $1950. Did I get a good deal? Im now saving $600 a month but with all these talks of other companies it has me wondering if I could have gotten a better deal...

Comment by Stacy in Texas (October 15, 2008, 01:00:00)

Wed, 15 Oct 2008 00:00:00 EDT

I just contacted Advanced Loan Modification based in California and they are currently working on my mortgage modification. I had to pay 1495.00 up front and will have to pay 1495.00 when it is completed. I am hoping that all goes well as I also got into my home during the sub-prime lending craze. My intrest rate is over 11% and I am hoping that this will help me!...

Comment by nerissa (October 14, 2008, 01:00:00)

Tue, 14 Oct 2008 00:00:00 EDT

I want to know the requirement for loan modification and about how much approximately it cost in legal fee?...

Comment by FELY (September 23, 2008, 01:00:00)

Tue, 23 Sep 2008 00:00:00 EDT

I want to know the requirements for loan modification. I called my lender but they are not very helpful with my situation. Do I have to miss payments in order for the to modify my loan?...

Comment by Mortgage Modification (September 15, 2008, 01:00:00)

Mon, 15 Sep 2008 00:00:00 EDT

We actually have a nice, simple to understand, run down of modification proceedings and methods at our Mortgage Modification website in the services section. You can get a pretty good idea if the company you're going with is good or not by checking to make sure the use similar methods....

Comment by Sorry didn't put link (September 15, 2008, 01:00:00)

Mon, 15 Sep 2008 00:00:00 EDT

We actually have a nice, simple to understand, run down of modification proceedings and methods at our < a href="http://www.loanmortgagemodification.com">Mortgage Modification website in the services section. You can get a pretty good idea if the company you're going with is good or not by checking to make sure the use similar methods. Again the site is www.loanmortgagemodification.com...

Comment by Carl Morgan (September 13, 2008, 01:00:00)

Sat, 13 Sep 2008 00:00:00 EDT

GMA Modification (www.gmamodification.com) was awesome! They negotiated $9000 worth of attorney fees and late charges off my deed in lieu....

Comment by Sonia Milson (September 13, 2008, 01:00:00)

Sat, 13 Sep 2008 00:00:00 EDT

Yes I went with www.gmamodification.com too, they were great, got me down from an 11.75% to a 6.00% fixed. I though I was going to lose my house, but this service was the only reason I didnt....

Comment by Joel Johnson (September 11, 2008, 01:00:00)

Thu, 11 Sep 2008 00:00:00 EDT

I think this pretty much sums up the state of affairs when it comes to the real estate market and home foreclosures. Home foreclosures are on the rise still, as those who were able to hold out are starting to feel the pressure of the slowing economy. With the recent debacle at the federal level concerning Fanny Mae and Freddy Mac... this is going to be an issue for a long time coming. Now the mortgage companies are in so deep that it will take a long time for these lending institutions to recover. Check out some other organizations that have felt the pain Organizations Not even the wealthy are immune to the gradual slowing of the economy. Take a look at some of the recent news about other people involved. Or the latest news! But we would never be in this mess if people weren't overspending their means....

Comment by Maxine Kilpatrick (September 3, 2008, 01:00:00)

Wed, 03 Sep 2008 00:00:00 EDT

After researching all the companies, I also tried using www.proloanmods.com I was in the same situation as Mr. Rocket. I had a 10.75% rate. I'm now at a 6.0% fixed rate and I'm not afraid of losing my house anymore. The people over at www.proloanmods.com were amazing. They listened to me and understood what I was going through. In the end, they were very affordable. I'm glad I did my research on them, it paid off!...

Comment by bobby rocket (August 7, 2008, 01:00:00)

Thu, 07 Aug 2008 00:00:00 EDT

I used a company by the name of professional loan modifications. www.proloanmods.com they were able to do what 80 loan officers couldn't and got me a 6.5% fixed rate instead of the 11% arm I was on. I would recommend them to everyone....

Comment by Susan Williams (July 11, 2008, 01:00:00)

Fri, 11 Jul 2008 00:00:00 EDT

It is about time that the government is doing something about this mortgage crisis. I was able to educate myself about loan modifications at (www.modify.be) They answered all the questions I had and pointed me in the right direction to get help....

Revision by webmaster (May 23, 2008, 01:00:00)

Fri, 23 May 2008 00:00:00 EDT

H.R. 5579 would remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans.

Detailed Summary

Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.

States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties.

Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure.

Declares that, absent contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons (including any person obligated pursuant to a derivatives instrument to make specified payments) for entering into a qualified loan modification or workout plan for loss mitigation purposes.

Defines "qualified loan modification or workout plan" as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization at any time; and (3) does not require the borrower to pay additional points and fees.

States that, for purposes of a qualified loan modification or workout plan, negative amortization does not include capitalization of delinquent interest and arrearages.

Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by a pool of assets that includes residential mortgage loans; and (2) holds such loans.

Status of the Legislation

Latest Major Action: 5/1/2008: Placed on the Union Calendar, Calendar No. 382.

Points in Favor

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Points Against

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Comment by Jennifer Lutz (May 12, 2008, 01:00:00)

Mon, 12 May 2008 00:00:00 EDT

This type of legislation is a step in the right direction. I'm sure companies like MIZNA (loanmod.com) will benefit from these efforts. They guided me through the loan modification process....

Revision by webmaster (May 2, 2008, 01:00:00)

Fri, 02 May 2008 00:00:00 EDT

H.R. 5579 would remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans.

Detailed Summary

Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.

Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure.

Declares that, absent specific contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes.

Status of the Legislation

Latest Major Action: 5/1/2008: Placed on the Union Calendar, Calendar No. 382.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)

Status as of May 1, 2008

Thu, 01 May 2008 00:00:00 EDT

5/1/2008: Placed on the Union Calendar, Calendar No. 382.

Revision by webmaster (April 25, 2008, 01:00:00)

Fri, 25 Apr 2008 00:00:00 EDT

H.R. 5579 would remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans.

Detailed Summary

Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.

Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure.

Status of the Legislation

Latest Major Action: 4/23/2008: House committee/subcommittee actions. Status: Ordered to be Reported (Amended) by Voice Vote.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)