by Moe Bedard
This Thursday the House of Representatives is expected to vote on a bill that would provide much needed help to struggling homeowners. The bankruptcy bill that we have been talking about for well over a year on LoanWorkout.org, HR 200, would allow bankruptcy courts to modify mortgages and slash principles for underwater homeowners.
See Moe’s past bankruptcy blog posts [...]
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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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