A compromise was reached on House Bill 1106- the Housing modification bill. Bankruptcy judges will still have the authority to modify a mortgage in a chapter 13 bankruptcy, but under more limited circumstances than as originally proposed.
The two most significant changes in the compromised package are that the “crawl back” provisions will last for four [...]
Posts from ‘March, 2009’
Compromise Reached on Housing Bill
Why do homeowners get limited relief with mortgage
As the shape of a political compromise on the Helping Families Save Their Homes in Bankruptcy Act emerges, I wonder why modifications for homeowners will come hedged with prerequisites and conditions.
For the past three decades, a debtor in bankruptcy could modify a mortgage on anything but his home. That included a vacation home. No need [...]