Today the Senate defeated the anti-foreclosure bill 45-51/ The bill was intended to help homeowners keep their homes through the bankruptcy courts. In the bill was the so called cram down provision that allowed bankruptcy judges to reduce the principal on borrower's mortgages. This in turn would have put pressure on the loan servicers to modify the loans prior to borrower's filing for bankruptcy.
Although some analysts have been stating that foreclosure have been slowing, in fact today's report showed that servicers have begun 290,000 new foreclosure proceedings against borrowers. This is a record high in foreclosure filings since foreclosures had started to be tracked in 2007.
If your current situation may be causing you to think that down the road you too may be headed for foreclosure, refinance now. Rates are low compared to last year. If you feel your credit may be to low, you just may qualify for an FHA loan. Call today and let's see if there is something that can be done, before it's too late.
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