Is foreclosure on the primary residence prohibited for Jones Act Mariners? I have had to refinance my already upside down home with an additional $9,000 in lawyer/collection fees. I did get a lower rate and a lower payment but for a 40 year term(I may be alive and I do hope I will be OUT of GOM by then). I think this is part of the new HART? program.
No, I believe you still need to pay your mortgage if you refi under HARP.
Down here in Florida, your primary home was protected when it came to Bankruptcy. This was changed because of all of the C.E.O.'s that were robbing the company blind and then buying a home worth Millions then filing Bankruptcy. They would wait until everything cleared then sell the house. You can still protect your primary residence but it is a little harder to do.
So, I guess the laws would be different state to state.
I am not trying to get out of paying my mortgage. If it is not lawful to foreclose under Jones Act, then the $9,000.00 in lawyer/collection fees should not be valid.
Let me assure you even if it is on the books that they can’t foreclose on you it will cost you plenty of dough in lawyer fees to benefit from such exemption!
I’ve never heard of the Jones Act preventing a foreclosure. Sounds like you ended up with a loan modification under the HARP program. Just make sure your payments are on time during the trial period so they don’t refer your case to a foreclosure attorney.
There is a law preventing foreclosure on a home while on deployed on active duty during a time of war, but that is not the Jones Act, nor has did it stop banks from foreclosing, although the property owners won in court.