Attention all financially hurt and distressed homeowners:
Boy do I have some good news for you this week!
A House committee voted to pass a measure that would allow bankruptcy judges to alter the terms of mortgages on primary residences. Known as a "CRAM DOWN," a bankruptcy judge may be allowed to reduce your principal mortgage balance and monthly mortgage amount if this proposed legislation gets the final stamp of approval. Although we are not licensed attorneys, we are in the business of foreclosure prevention, so I thought we'd pass this one along.
Hmmm, funny how this wasn't headlined on newspapers or blasted all over CNN news.
In my opinion, this is a move in the right direction since lenders today are not only blind but also deaf. It is clearly apparent that lenders are not qualified to fix a disaster they created. So, why not hand it off to a capable unbiased judge that will? Nothing like having a neutral, third party judge that can see right past all the schemes of the banks and false hopes the banks continue to offer distressed homeowners. Leave it to the lender's of today that force a false set of requirements that distressed homeowners must "qualify" for (i.e. Loan Modifications) but then carry an entirely different set of rules and standards for themselves (i.e. Private Lear Jet Clubs and Million Dollar office remodels) while half our country goes broke. They must have learned this technique from the State of California where tax payers must pay their tax bill but, heaven forbid if the state owes you money, they'll just hand you an I.O.U.
Boy do I have some good news for you this week!
A House committee voted to pass a measure that would allow bankruptcy judges to alter the terms of mortgages on primary residences. Known as a "CRAM DOWN," a bankruptcy judge may be allowed to reduce your principal mortgage balance and monthly mortgage amount if this proposed legislation gets the final stamp of approval. Although we are not licensed attorneys, we are in the business of foreclosure prevention, so I thought we'd pass this one along.
Hmmm, funny how this wasn't headlined on newspapers or blasted all over CNN news.
In my opinion, this is a move in the right direction since lenders today are not only blind but also deaf. It is clearly apparent that lenders are not qualified to fix a disaster they created. So, why not hand it off to a capable unbiased judge that will? Nothing like having a neutral, third party judge that can see right past all the schemes of the banks and false hopes the banks continue to offer distressed homeowners. Leave it to the lender's of today that force a false set of requirements that distressed homeowners must "qualify" for (i.e. Loan Modifications) but then carry an entirely different set of rules and standards for themselves (i.e. Private Lear Jet Clubs and Million Dollar office remodels) while half our country goes broke. They must have learned this technique from the State of California where tax payers must pay their tax bill but, heaven forbid if the state owes you money, they'll just hand you an I.O.U.
