Bankruptcy

Mortgage Modification Program Enacted By Federal Government

By Jonathan Alper

I receive several emails and calls daily from people with problem home mortgages. This week several people have asked me whether they qualify for help under the government?s new mortgage assistance program. I read an article in the Wall Street Journal that described the two mortgage assistance programs implemented this past week. The Journal article included a chart that helped explain the program benefits and qualifications. I have reproduced the Wall Street Journal chart to assist Blog readers.  WHO WOULD QUALIFY

I know nothing other about the new mortgage program other than what is in the Journal?s chart. I am following the proposed Chapter 13 bankruptcy amendments which would allow people with upside-down primary residences to reduce mortgage principal to current market value with conditions. A Chapter 13 law has been passed by the house and a similar law is awaiting Senate consideration.

posted by Jonathan Alper, bankruptcy and asset protection attorney, Orlando, Florida

posted by Jonathan Alper, bankruptcy and asset protection attorney, Orlando, Florida

Full post as published by Florida Bankruptcy Law on March 07, 2009 (boomark / email).