by Moe Bedard
Obama Bankruptcy quotes from July 2008:
Families, he said, who “are being preyed upon by predatory lenders. If you’re protecting America, America should be protecting you from unfair bankruptcy laws.”
He said he would create a “fast-track bankruptcy practice” for military families, which would ease restrictions against declaring bankruptcy, eliminate “unnecessary” paperwork and “let them keep a greater share of the value of their home.”
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by Moe Bedard
I have been writing about mortgage bankruptcy for quite sometime and the how it would benefit struggling homeowners. So, I thought I would condense some of bankruptcy basics for you to study and get educated on the subject.
Please remember that Citi is the only lender that has agreed to cooperate with the new bankruptcy deal and it is with conditions. The bankruptcy bill has not been passed and conditions must be met to qulaify.
In a statement, Citigroup said it would support Durbin’s legislation provided that it applied only to mortgages in effect before passage of the act. To be eligible, borrowers would have to contact their lenders and try to work things out before filing for bankruptcy.
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