House Democrats are bringing up mortgage bankruptcy and I wanted my homeowners readers to know that blah, blah, blah…blah-blah. Yes, this Washington bankruptcy flap coming from Democrats over the last two years is getting rather old folks. So old that the only word that comes out of my mouth to comment on this news is blah, blah, blah.
The provision is derided as “cramdown” by the financial industry and the Republicans who oppose the effort. The measure would empower bankruptcy judges to rewrite loan terms and lower rates on primary home mortgages. Supporters say it is necessary to force mortgage lenders and servicers to modify loans as the housing market continues to show weakness.
Consumer advocacy groups have argued all year that banks and mortgage servicers are not doing enough to alter home loans in ways that would avoid foreclosures.
Here are few of my articles from the past on this subject.
Bailout includes no bankruptcyaid for homeowners | LoanWorkout.org
Foreclosure Fighter Obama Says, “Allow Bankruptcy Court Judges to …
Will bankruptcy judges get the power to modify the terms of …
Judges would be allowed to rewrite mortgage terms under a …
I have 90 modification clients who will immediately go to bankruptcy after fighting for 6 months to get modified with no luck, only we will be asking for 2% and a principle reduction and we will be going for the lender’s throats after the nonsense that was pulled during HAMP.
Bring it on Baby! I can’t wait to shed some DEBT!