Do these mortgage laws even work?

NEW -> Contingent Buyer Assistance Program
irvine_home_owner_IHB

irvine_home_owner_IHB

New member
Obama signs mortgage bill into law:



<a href="http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages">http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages</a>



What I found ironic in this article:



<em>The law ? officially called the Helping Families Save Their Homes Act ? expands an existing $300 billion program that encourages lenders to adjust a mortgage if the homeowner agrees to pay an insurance premium. The program, set to expire in 2011, would swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.



Because of strict eligibility requirements, <strong>only about 50 homeowners are refinancing through the program compared to the 400,000 people it was estimated to help</strong>.



"Too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try," Obama said. "And this bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes."

</em>

What is insanity defined as?



For a many of those 400k people... even a 4% fixed rate loan is unaffordable... and what are these "strict eligibility requirements"? That they can actually afford the payments?



Gah. We'll never see bottom.
 
[quote author="irvine_home_owner" date=1242973708]Obama signs mortgage bill into law:



<a href="http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages">http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages</a>



What I found ironic in this article:



<em>The law ? officially called the Helping Families Save Their Homes Act ? expands an existing $300 billion program that encourages lenders to adjust a mortgage if the homeowner agrees to pay an insurance premium. The program, set to expire in 2011, would swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.



Because of strict eligibility requirements, <strong>only about 50 homeowners are refinancing through the program compared to the 400,000 people it was estimated to help</strong>.



"Too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try," Obama said. "And this bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes."

</em>

What is insanity defined as?



For a many of those 400k people... even a 4% fixed rate loan is unaffordable... and what are these "strict eligibility requirements"? That they can actually afford the payments?



Gah. We'll never see bottom.</blockquote>
The bottom will form by lower prices, just like always. And all government programs will just prolong the agony, just like always.

This program was not designed to help anybody. It was designed to buy votes.
 
[quote author="awgee" date=1242976240][quote author="irvine_home_owner" date=1242973708]Obama signs mortgage bill into law:



<a href="http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages">http://news.yahoo.com/s/ap/20090520/ap_on_go_pr_wh/us_obama_mortgages</a>



What I found ironic in this article:



<em>The law ? officially called the Helping Families Save Their Homes Act ? expands an existing $300 billion program that encourages lenders to adjust a mortgage if the homeowner agrees to pay an insurance premium. The program, set to expire in 2011, would swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.



Because of strict eligibility requirements, <strong>only about 50 homeowners are refinancing through the program compared to the 400,000 people it was estimated to help</strong>.



"Too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try," Obama said. "And this bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes."

</em>

What is insanity defined as?



For a many of those 400k people... even a 4% fixed rate loan is unaffordable... and what are these "strict eligibility requirements"? That they can actually afford the payments?



Gah. We'll never see bottom.</blockquote>
The bottom will form by lower prices, just like always. And all government programs will just prolong the agony, just like always.

This program was not designed to help anybody. <strong>It was designed to buy votes.</strong></blockquote>
EXACTLY!!! anything to appease the masses.
 
Do you want them to pass a bill rewarding the sheeple homedebtors and keep them in the homes they are squatting, or would you rather they pass bills that appease the sheeple homedebtors who are still going to lose thier house?
 
[quote author="no_vaseline" date=1242981447]Do you want them to pass a bill rewarding the sheeple homedebtors and keep them in the homes they are squatting, or would you rather they pass bills that appease the sheeple homedebtors who are still going to lose thier house?</blockquote>


I do not want them to appease anybody. I want them to pass a bill dismantling the Federal Reserve. I want them to abide by their sworn duty and uphold The Constitution.
 
[quote author="awgee" date=1242982831][quote author="no_vaseline" date=1242981447]Do you want them to pass a bill rewarding the sheeple homedebtors and keep them in the homes they are squatting, or would you rather they pass bills that appease the sheeple homedebtors who are still going to lose thier house?</blockquote>


I do not want them to appease anybody. I want them to pass a bill dismantling the Federal Reserve. I want them to abide by their sworn duty and uphold The Constitution.</blockquote>


That was a general question, but thanks for that ray of sunshine Dr. Apocolypto.
 
More on the new law... pay attention graphrix:



<blockquote>Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS?



NEW FEDERAL LAW AFFECTING DISTRESSED PROPERTIES



This week, President Barack Obama signed into law the Helping Families Save Their Homes Act of 2009 to help homeowners and lenders avoid foreclosure. Previously included in this bill was a measure to allow bankruptcy judges to modify mortgage loans for principal residences, but the U.S. Senate did not pass this "cram-down" legislation.



The Helping Families Save Their Homes Act of 2009 contains various new laws to address the national foreclosure crisis. Major provisions that may affect California REALTORS? and your clients include the following:



HOPE FOR HOMEOWNERS (H4H) REVAMPED: The new law loosens the H4H program requirements to help homeowners refinance out of their troubled mortgages and into more affordable, fixed-rate FHA-insured loans. Originally launched in October 2008, the H4H program intended to help 400,000 distressed homeowners, but in the program's first seven months, it only helped one family stay in its home. The maximum loan-to-value ratio for an FHA refinance is 96.5% of the appraised value. If refinance proceeds are insufficient to pay off existing liens, the existing lienholders must voluntarily agree to a short payoff, but a new inducement is an opportunity for them to share in the homeowner's equity. Other changes to the H4H program include monetary incentives for both the participating servicers of the existing loans and originators of the FHA refinance. Millionaire borrowers (with net worth over $1 million) are now excluded from the program. HUD will establish the requirements and standards to implement the H4H program as revised.

<span style="color: red;"><strong>LONGER STAY FOR TENANTS OF FORECLOSED HOMES: Effective immediately, an REO lender or buyer who acquires title through a foreclosure sale must give at least a 90-day notice to terminate a bona fide tenant as defined. A 90-day notice to terminate is sufficient for a month-to-month tenant or if a new owner will occupy the property as a primary residence at the end of the 90 days. Otherwise, a tenant with a one year or other fixed-term lease with a remaining lease term exceeding 90 days can stay in the premises until the remaining lease term ends. This new 90-day notice requirement applies to foreclosures of a federally-related mortgage loan or residential real property, except for properties under rent control, rent-subsidized programs (such as Section 8), or other state laws that provide additional protections for tenants. This law expires on December 31, 2012. </strong></span>

NOTIFICATION OF TRANSFER OF MORTGAGE LOANS: The Truth in Lending Act now requires a lender to whom a mortgage loan is sold or otherwise transferred to notify the borrower in writing of such transfer within 30 days. The notice must include the new lender's identity, address, telephone number, authorized representative's contact information, and other relevant information. This measure should help alleviate the problem borrowers often face in determining who owns their mortgage loans.

Other provisions of the Helping Families Save Their Homes Act include a 4-year extension of the $250,000 FDIC deposit insurance to December 31, 2013, protection for loan servicers who establish qualified loss mitigation plans from liability for an alleged breach of duty to maximize mortgage values for their investors, $130 million for foreclosure prevention counseling and education, and $2.2 billion to strengthen homeless programs.



President Obama has also signed into law the Fraud Enforcement and Recovery Act (FERA) which authorizes the Department of Justice to prosecute mortgage fraud crimes against private mortgage brokers and companies that previously were not regulated by the federal government. FERA also earmarks almost $500 million for federal enforcement agencies to investigate and prosecute mortgage fraud and other fraud crimes.</blockquote>


-IR2
 
First thing that pops into my mind is who does the tenant pay rent to during the remainder of the lease. If the tenant does not pay the rent, do they still get to stay in the home? If the tenant does not pay rent, do they lose bona-fide tenant status?
 
[quote author="IrvineRealtor" date=1243046820]More on the new law... pay attention graphrix:



<blockquote>Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS?



NEW FEDERAL LAW AFFECTING DISTRESSED PROPERTIES



This week, President Barack Obama signed into law the Helping Families Save Their Homes Act of 2009 to help homeowners and lenders avoid foreclosure. Previously included in this bill was a measure to allow bankruptcy judges to modify mortgage loans for principal residences, but the U.S. Senate did not pass this "cram-down" legislation.



The Helping Families Save Their Homes Act of 2009 contains various new laws to address the national foreclosure crisis. Major provisions that may affect California REALTORS? and your clients include the following:



HOPE FOR HOMEOWNERS (H4H) REVAMPED: The new law loosens the H4H program requirements to help homeowners refinance out of their troubled mortgages and into more affordable, fixed-rate FHA-insured loans. Originally launched in October 2008, the H4H program intended to help 400,000 distressed homeowners, but in the program's first seven months, it only helped one family stay in its home. The maximum loan-to-value ratio for an FHA refinance is 96.5% of the appraised value. If refinance proceeds are insufficient to pay off existing liens, the existing lienholders must voluntarily agree to a short payoff, but a new inducement is an opportunity for them to share in the homeowner's equity. Other changes to the H4H program include monetary incentives for both the participating servicers of the existing loans and originators of the FHA refinance. Millionaire borrowers (with net worth over $1 million) are now excluded from the program. HUD will establish the requirements and standards to implement the H4H program as revised.

<span style="color: red;"><strong>LONGER STAY FOR TENANTS OF FORECLOSED HOMES: Effective immediately, an REO lender or buyer who acquires title through a foreclosure sale must give at least a 90-day notice to terminate a bona fide tenant as defined. A 90-day notice to terminate is sufficient for a month-to-month tenant or if a new owner will occupy the property as a primary residence at the end of the 90 days. Otherwise, a tenant with a one year or other fixed-term lease with a remaining lease term exceeding 90 days can stay in the premises until the remaining lease term ends. This new 90-day notice requirement applies to foreclosures of a federally-related mortgage loan or residential real property, except for properties under rent control, rent-subsidized programs (such as Section 8), or other state laws that provide additional protections for tenants. This law expires on December 31, 2012. </strong></span>

NOTIFICATION OF TRANSFER OF MORTGAGE LOANS: The Truth in Lending Act now requires a lender to whom a mortgage loan is sold or otherwise transferred to notify the borrower in writing of such transfer within 30 days. The notice must include the new lender's identity, address, telephone number, authorized representative's contact information, and other relevant information. This measure should help alleviate the problem borrowers often face in determining who owns their mortgage loans.

Other provisions of the Helping Families Save Their Homes Act include a 4-year extension of the $250,000 FDIC deposit insurance to December 31, 2013, protection for loan servicers who establish qualified loss mitigation plans from liability for an alleged breach of duty to maximize mortgage values for their investors, $130 million for foreclosure prevention counseling and education, and $2.2 billion to strengthen homeless programs.



President Obama has also signed into law the Fraud Enforcement and Recovery Act (FERA) which authorizes the Department of Justice to prosecute mortgage fraud crimes against private mortgage brokers and companies that previously were not regulated by the federal government. FERA also earmarks almost $500 million for federal enforcement agencies to investigate and prosecute mortgage fraud and other fraud crimes.</blockquote>


-IR2</blockquote>
So does the tenant have to pay the rent to the bank once the property is foreclosed? And if the tenant keeps paying the rent then the bank can not evict the tenant until 90-day after the lease term is up?
 
[quote author="awgee" date=1243047381]First thing that pops into my mind is who does the tenant pay rent to during the remainder of the lease. If the tenant does not pay the rent, do they still get to stay in the home? If the tenant does not pay rent, do they lose bona-fide tenant status?</blockquote>


I'm going to guess "bona-fide tenant" just means somebody who's paid rent at some point in the past and hasn't left. That is, not a squatter. You can kick out squatters immediately.



Am I right?
 
[quote author="awgee" date=1243047381]First thing that pops into my mind is who does the tenant pay rent to during the remainder of the lease. If the tenant does not pay the rent, do they still get to stay in the home? If the tenant does not pay rent, do they lose bona-fide tenant status?</blockquote>


Tenancy is merely the possession and use of real estate owned by another party. There is no involvement of payment, necessarily.



"Squatting" (aka adverse possession) has some protections also, but much more limited. Even bk's "Willie" deserves some dignity.
 
So... uh... I just need to do a long term lease with someone who I think is going to foreclose and once they do I can live rent-free like some of those homedebtors?



What will the government think of next?
 
[quote author="Geotpf" date=1243049556][quote author="awgee" date=1243047381]First thing that pops into my mind is who does the tenant pay rent to during the remainder of the lease. If the tenant does not pay the rent, do they still get to stay in the home? If the tenant does not pay rent, do they lose bona-fide tenant status?</blockquote>


I'm going to guess "bona-fide tenant" just means somebody who's paid rent at some point in the past and hasn't left. That is, not a squatter. You can kick out squatters immediately.



Am I right?</blockquote>


I remember when we lived in the Netherlands the laws prevented property owners from evicting squatters or even turning off the utilities. Yes, the property owner had to pay the utilities for the squatters, and there were very few homeless people.









Aside: my seven year old daughter refers to homeless people as hobos. And she asks us all sorts of serious questions about hobos. She cracks me up.
 
[quote author="irvine_home_owner" date=1243052434]So... uh... I just need to do a long term lease with someone who I think is going to foreclose and once they do I can live rent-free like some of those homedebtors?



What will the government think of next?</blockquote>




hey, its only fair! why should only the damn homedebtors benefit?



<strong>Free rent for all!</strong>
 
[quote author="IrvineRealtor" date=1243049658][quote author="awgee" date=1243047381]First thing that pops into my mind is who does the tenant pay rent to during the remainder of the lease. If the tenant does not pay the rent, do they still get to stay in the home? If the tenant does not pay rent, do they lose bona-fide tenant status?</blockquote>


Tenancy is merely the possession and use of real estate owned by another party. There is no involvement of payment, necessarily.



"Squatting" (aka adverse possession) has some protections also, but much more limited. Even bk's "Willie" deserves some dignity.</blockquote>


I thought the only real rights a squatter had was that if they lived openly (can't hide like Wille) somewhere for some very long period of time (many years) and weren't kicked out, they get ownership via homesteading rules. But the cops can (and usually will) come and kick a squatter out in an abandoned house at any time, immediately, with no warning.
 
[quote author="IrvineRealtor" date=1243046820]More on the new law... pay attention graphrix:



<span style="color: red;"><strong>LONGER STAY FOR TENANTS OF FORECLOSED HOMES: Effective immediately, an REO lender or buyer who acquires title through a foreclosure sale must give at least a 90-day notice to terminate a bona fide tenant as defined. A 90-day notice to terminate is sufficient for a month-to-month tenant or if a new owner will occupy the property as a primary residence at the end of the 90 days. Otherwise, a tenant with a one year or other fixed-term lease with a remaining lease term exceeding 90 days can stay in the premises until the remaining lease term ends. This new 90-day notice requirement applies to foreclosures of a federally-related mortgage loan or residential real property, except for properties under rent control, rent-subsidized programs (such as Section 8), or other state laws that provide additional protections for tenants. This law expires on December 31, 2012. </strong></span>





-IR2</blockquote>


Cash for keys, now get the fawk out. Otherwise they will want to get out. Lives can be made miserable when you know BK and and what shrimp paste smells like. I have other ideas, which for legal reasons, I will not mention here.
 
[quote author="graphrix" date=1243082459]Cash for keys, now get the fawk out. Otherwise they will want to get out. Lives can be made miserable when you know BK and and what shrimp paste smells like. I have other ideas, which for <span style="color: red;"><strong>legal </strong></span>reasons, I will not mention here.</blockquote>


<img src="http://unrealitymag.com/wp-content/uploads/2009/01/caddyshack.jpg" alt="" />



Gambling is illegal at Bushwood, sir - and I <strong>never </strong>slice.
 
You must log in or register to reply here.
Back
Top