Following the housing crisis of 2008, congress and President Bush created the Federal Housing Finance Agency, which is an independent agency that oversees Fannie Mae, Freddie Mac, and Federal Home Loan Banks. At a recent meeting with congress, the FHFA's Director, Edward DeMarco, promised to review a new plan that will help homeowners who file Chapter 13 bankruptcy.
The plan would allow homeowners who file Chapter 13 to pay down loan principal, instead of interest, for a five-year period. This allows homeowners to reduce -- or even eliminate -- negative equity in their homes. In other words, the plan helps people get out of the situation of being "upside down" or "underwater" on their loans. To qualify, homeowners would have to settle claims against loan servicers. This would reduce litigation and will hopefully reduce the number of homeowners facing foreclosure or filing bankruptcy.
If you are facing a Florida Foreclosure Lawsuit and are at risk of losing your home or are considering filing bankruptcy, contact a Florida Foreclosure Defense Attorney today for a complimentary consultation to discuss your options.
