Daily Real Estate News 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)Scott Chappell and Brian Bean
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