WRITE YOUR CONGRESSMAN/SENATOR

Have you heard this song before? Among the best forms of assistance in possibly saving your home, or at least reducing the damage to your personal credit standing over time is the loan modification. It helps you by getting you and your lender together on a modification of the terms of your mortgage--ideally to something you can better afford than what you presently have. Some of this has been done with Federal government backing. Admittedly, it hasn't worked as well overall as had been hoped, and there have been definite issues under it, but IT HAS HELPED SOME PEOPLE LIKE YOURSELVES! And something is always better than nothing! Well, the newly anointed chairman of the House Financial Services Committee has now decided to hold hearings on eliminating four programs that are central to loan mods. He feels that they are "failed and ineffective....programs". Collecting his salary and benefits from your tax money, however, is not a failed and ineffective program.
While it is true that holding hearings is the first step to changing or ending a government program and doesn't guarantee that what is sought will actually occur, the fact that the suggestion is even on the table is very scary! If you are considering a loan mod, or if you find yourself in need of possible help with your mortgage, don't waste any time! CALL, WRITE, OR EMAIL YOUR CONGRESSIONAL REPS IMMEDIATELY AND TELL THEM TO OPPOSE THIS PLAN! The home you save may be your own! (And you can take that to the bank!)

More On Chase & Military Families

Further to my post of this morning on cases where JP Morgan Chase is trying to reduce foreclosures of homes owned by military families, NBC News reports that Chase has: 1.)Agreed to lower the interest rate it charges to active duty military personnel to 4%; 2.) Establish an enhanced loan mod program for anyone serving in the mil from September 11, 2001 (not a misprint)(This will be for anyone on active duty having trouble making the payments on a JPM Chase loan.); 3.)establish a 24/7 hotline staffed by mortgage experts so military members can talk with someone about their individual mortgage issues on a JPM Chase loan; 4.)Not foreclose on any active duty mil personnel (as I noted in today's earlier post); 5.)donate over one thousand homes to mil families and vets over the next five years; and 6.)help out vets seeking employment by offering more jobs for military vets.
This action by Chase, along with its admission that it had overcharged about 1,000 mil personnel and wrongly foreclosed on at least 14 of them, has also triggered at least one Congressional hearing and a possible criminal investigation by the South Carolina attorney general (officially unconfirmed by the atty gen of SC). The reason for the Congressional hearing and the possible S. Carolina investigation is that active duty personnel are statutorily protected from many mortgage issues under the Federal Service Members Civil Relief Act. This law generally sets a maximum interest rate for mortgages at 6% per annum for such service members, and precludes foreclosures against their homes.
If you think you've been similarly victimized and are on active duty, you should contact your Congressman or Senator, and possibly an attorney.
Good luck.

JP MOrgan Chase Apology & Mil Suspension

JP Morgan Chase Bank CEO Dimon issued an apology to military families who the bank has foreclosed upon, citing the bank's 'errors' in doing so. Beyond the apology, I don't know what else may or may not have accompanied it. I'm not aware of anything like a promise of money or aid in getting a new home. In fact, I haven't heard of any such thing being offered in addition to the apology. Will the apology lead to lawsuits being filed against the bank by those mil families who lost their homes? Only time will tell.
What is good news, however, is that at the same time, the bank also announced it is suspending all future foreclosure actions against those military families facing the threat of foreclosure. How long the suspension will last is anybody's guess, but my advice would be to contact JP Morgan Chase sooner rather than later and ask exactly what the terms of the foreclosure suspension for military families are--how long will it last; does it cover all JPMChase mortgages for mil families, and so on. Might save your home if you're active military and facing foreclosure.
Good luck!
Also, thanks for the contacts from those of you among my faithful followers. It is appreciated and remember, this blog is for you to benefit from, as well as pass on any helpful info you may come across that can help others like you.

Great News in California

The California Attorney General has announced that it will establish a trust fund to help those whose homes were foreclosed or in foreclosure. The fund, totalling $6.5 million, is funded by the settlement reached recently in a state lawsuit against former senior executives of Countrywide. In the suit, the state claimed that Countrywide, led by these execs, used excessively low teaser interest rates to lure homeowners into taking these loans, usually without any information as to attendant risks in the loans. This fund could help many of you out there if you fit its qualifications. Check with the Cal AG's office for details.
Good luck!

Great News in California

Possible Good News from Little Rhody

The Senator from Rhode Island, Sheldon Whitehouse, has introduced a bill that would allow bankruptcy judges to order lenders to begin mediation with homeowners in danger of losing their homes to foreclosure. The hope is that such a process would result in at least some of the homeowners successfully reaching agreement with the lenders in some way to let the owner keep the home and avoid foreclosure. The bill would not give the BK judges the right to force the lender to reduce the amount owed. However, even mandating an attempt at mediation is a step in the right direction.
Good luck.