Comments on: HR 1728: Mortgage Reform and Anti-Predatory Lending Act Weekly Roundup

By: angie

angie — Fri, 10 Jul 2009 18:29:01 +0000

Hi Mark, many thanks for your summary on the Mortgage Reform Act etc.

I was told by a third party that under this Act that owner financing through Real Estate Contracts were going to be limited to 1 every 3 years?????

Any insight would be greatly appreciated.

Angie

By: H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act | REALTYResolve Blog

Wed, 24 Jun 2009 21:47:25 +0000

[...] to find on H.R. 1728 came from a set of links that I found at the tail end of an article entitled HR 1728: Mortgage Reform and Anti-Predatory Lending Act Weekly Roundup. I’ve included these links below for anyone looking to gain a deeper understanding of the [...]

By: James

James — Sun, 14 Jun 2009 12:44:32 +0000

There is a grass goots movement starting at http://www.hr1728.org there is info and many links.

By: MBD

MBD — Wed, 10 Jun 2009 05:03:46 +0000

Where does it specifically talk about Short Sale or Loan Modification attorneys or anyone collecting a fee?
Where does it specifially address third parties buying and selling mortgages on the secondary market etc.?

By: 6figures

6figures — Thu, 28 May 2009 11:46:47 +0000

Wow..this is pretty heavy stuff. Thanks for posting the article. This has the potential to really change things.

By: jae lynne

jae lynne — Mon, 25 May 2009 19:48:48 +0000

Good Post Mark – I had not heard about this until your post. Thanks for keeping us up to date.

By: Mark Madsen

Mark Madsen — Sun, 24 May 2009 06:09:26 +0000

Thanks for helping clarify that point a little James. I’ve been having a few conversations with loan mod companies and attorneys who are all trying to figure out exactly what this bill means to their industry.

Please let us know if you find anything else out.

By: James N

James N — Sun, 24 May 2009 02:36:20 +0000

Good article. In reading the language after the section that it says 3rd parties cannot charge for a loan mod UNLESS…

unless the modification renewal, extension or amendment results in a significantly lower annual percentage rate on the mortgage, or a significant reduction in the amount of the outstanding principal on the mortgage, for the consumer and then only if the amount of the fee is comparable to fees imposed for similar transactions in connection with consumer credit transactions that are secured by a consumer’s principal dwelling and are not high-cost mortgages.

This seems to suggest it will be allowable but only if you can produce results.

By: Twitted by southcitylights

Twitted by southcitylights — Sat, 23 May 2009 19:34:45 +0000

[...] This post was Twitted by southcitylights – Real-url.org [...]