Mortgage to be included in BK in Obama's new plan?

[flower04]

Anyone hear about this? I heard a blurp on the news on the radio. Don't know if it is "on the table" or part of the deal that is being negiotiated. Any thoughts?

[Flamingo]

This thread has a lot of comments, thoughts and info...

http://www.bkforum.com/showthread.php?t=32907

[endisnear]

This thread has a lot of comments, thoughts and info...

http://www.bkforum.com/showthread.php?t=32907

Wow, seems some people would rather not see the govt help out their neighbors to keep their home and would rather their own home values plummet even more??

Isn't BK a sort of "bailout" for those who can no longer pay their debts?? But no one is saying that's not fair that they get their debts totally wiped out now are they?

Sure, i wish we weren't having to file BK, and sure, I wish we weren't on the verge of possibly losing our home if our lender won't do a mod for us. But you know what, we're not dead beats who chose to just not pay our bills, or get into a stupid mtg. We are just one of the unlucky millions who are suffering due to a job loss. My husband has been out of work for over a year now, and with no promising leads on the horizon, we really don't have a choice.

Ok, vent over

[HHM]

There are some problems with the wording of the Bankruptcy portion of the mortgage bail out, so it still needs substantial work. As with the stupid TARP stuff, no one would actually qualify for the mortgage right down as it is currently worded.

[flower04]

Thanks for the link. Glad to find more information. I also looked around and found an article on USA today about it. http://www.usatoday.com/money/econom...ortgages_N.htm

What a mess, helps some, hurts others, isn't a great option for any politican. Of course, I hope it passes so it can help us, but I can understand being bitter if I weren't in the 13 siutation...and even if it passes-who knows how long it will be until anything acutally happens. What a mess.

[floridian]

i thought maybe obama was going to roll back the bk laws, but from what im reading on the net, it aint going to happen...

[jeb]

Ok, vent over

- Hey, you're entitled to 2 vents - you still have one to go. - jb

[Never_Again]

i thought maybe obama was going to roll back the bk laws, but from what im reading on the net, it aint going to happen...

I think that you will find that Obama can't do anything by himself... As I recall, congress makes the laws. The president can ask, suggest, and any number of other things, but he doesn't make laws...

And if anybody is waiting around for Obama to do anything for them, they are sadly misled. This applies to any politician, by the way.

[CatsInTrouble]

I think that you will find that Obama can't do anything by himself... As I recall, congress makes the laws. The president can ask, suggest, and any number of other things, but he doesn't make laws...

And if anybody is waiting around for Obama to do anything for them, they are sadly misled. This applies to any politician, by the way.

But with the majorities he has in both house & senate, we should see SOMETHING happening, less gridlocking, and I for one am looking forward to it.

[Never_Again]

I am glad that you are looking forward to it... I HOPE for the sake of the country that he is successful. However, what I meant was, if you are waiting for the president (whatever party) and the congress (whoever is in the majority) to do something to help you, you will be waiting a long time. It is best to come up with your own plan to get out of your own mess.