Obama Signs Help Families Save Their Homes Act
Posted on Zillow.com….this legislation should go a long way to helping homeowners achieve successful loan modifications with their lenders. Attorney performed loan modifications continue to be the most effective way to prevent foreclosure and lower mortgage payments. P.C.
President Obama Signs ‘Helping Families Save Their Homes’ Act By: Mary Miller
Yesterday, President Obama signed the Helping Families Save Their Homes Act of 2009 (S.896) into law. The goals of this law are to prevent mortgage foreclosures and enhance mortgage credit availability.
Some of the highlights are listed below. The law:
Improves the Federal Housing Administration’s (FHA) Hope for Homeowners program, by reducing the program fees and streamlining borrower certification requirements. It also allows the Department of Housing and Urban Development to make incentive payments to participating loan servicers and originators. Expands the reach of the Making Home Affordable Programs by allowing FHA lenders to offer more substantial loan modifications. And, it protects loan servicers who modify loans from lawsuits as long as the loan modification is consistent with Hope for Homeowners program. Up until now, servicers have been reluctant to modify troubled loans, fearing lawsuits from the investors who own the loans. Gives the FHA additional enforcement tools to police lenders who employ false or misleading marketing tactics. Streamlines how HUD supports homeless support programs across the country, by giving local communities greater flexibility with how they use federal funding. Finally, it includes an amendment (S.AMDT.1035) to the Truth in Lending Act which states that any creditor who purchases or is assigned a mortgage loan must notify the borrower in writing within 30 days. If notification is not given, borrowers are allowed to recover damages.
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