Congress just recently introduced legislation, which if passed, will allow homeowners to renegotiate their home loans without the consent of the lender.  This new legislation under Title 11 is court ordered and there is very little a lender can do to oppose it.  Essentially, it would allow a mortgage to be rewritten as follows: 1) Principal balance reduced to fair market value of the property; 2) Interest rates reduced to a reasonable rate; and 3) Term of loan spread over up to 40 years. 

SO, HERE’S WHAT YOU CAN DO TO HELP TODAY - contact your Congressperson and tell them that you support S. 61 and HR 200.  Together, we can make a difference!

To read more about this sweeping new legislation which may soon be law, please click here.

Written by Michael G. Doan 

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This entry was posted on Wednesday, January 7th, 2009 at 1:42 pm and is filed under General Bankruptcy, Mortgage Relief. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.