Is it true Bush helped pass a Mortgage Protection act/plan?

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I heard it passed in December and if one has a home with a mortgage and sell it for less than teh mortgage the back has to take whatever you give them and call it a day. They can't ask for more cash or garnish wages after the sell of the house. Esentially this sounds like a short sell made into law. If this is true what are the pros and cons? Would one be eligible for furture loans or mortgages?

Is it true Bush helped pass a Mortgage Protection act/plan?

I would think not. Otherwise you could sell the house to your brother for $50 and screw the bank. Don't look for a free ride.

Is it true Bush helped pass a Mortgage Protection act/plan?

Not the way the law was written, thank God!

Could you imagine what that would do to your neighbors or the economy if people had that power, the ability to "walk away" from a debt they agreed to pay and leave it for someone else to deal with?

You still need to work with your mortgage company and usually they will require you to sign a document commiting you to continue paying an unsecured lien at close of escrow or the "short sale" deal will not close.

Your best bet is to work with your mortgage lenders loss mitigation department to adjust your payment to an amount that you can continue to pay and stay in the home until your value recovers.

Could you get another home loan after you "walked out" on this one, do you think you deserve one?

Be an adult and show some integrity... pay your debts!

Is it true Bush helped pass a Mortgage Protection act/plan?

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Is it true Bush helped pass a Mortgage Protection act/plan?

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