Forclosure prevention plan

This article is written for realtors. Homeowners need to know this also. Will you see it in plain english in the press our local papers, the LA times, NO. It is informative. Here is the added fact..really bad behavior is going on out there now. Scamming -its like a scam-lord. Some people are pretending to be the leasing agent and take a deposit on a property they have no right to. It is forclosed and they are faking ownership. I spoke to a savvy agent who said..this…if you get a NOD notice of default. Cancel your phone. Get another phone and let your lender know it. People will be calling the old number and going over to your home..Don’t let them in, don’t discuss it with whoever shows up. Get a qualified agent and get some information that way. Otherwise…you don’t know who you are dealing with.

here is the article

Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate on Wednesday approved a version of the latest foreclosure-prevention plan.

The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.

The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.

The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.

The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.

The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.

Source: The Associated Press, Ann Flaherty (05/06/2009)

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