PROPOSED LAW COULD HELP PEOPLE IN FORECLOSURE

1. Only existing mortgages are eligible.

2. Homeowners need to try to contact the mortgage holder regarding loan modifications before filing the bankruptcy.

3. Only major violations of the Truth In Lending Act would cause lenders to forfeit their claims in a bankruptcy.

Keep referring back to PetersonLawPa.com for updates as this important legislation moves forward.

Posted on February 19, 2009