Reader's Question:
I don't live in California but my friend passed along some information about a "Cram Down" piece you wrote a few weeks ago. First off, thank you for providing a great service and bringing to light many areas of foreclosure the "common folks" simply just don't know about. I heard that the bankruptcy "Cram Down" was approved. Is that true? James, Florida
Christian's Response:
Christian's Response:
Close, but not so quickly!
The U.S. House intended to vote on the measure on 2/26/09 but unfortunately the House delayed the vote. Hang on tight and don't lose hope.
It is a temporary postponement and the house will look at the measure next week (some time Tuesday 3/3/09 or Wednesday 3/4/09).
If this measures passes it would allow judges to establish new loan amounts and new mortgage payments for the homeowner that included their home in the Bankruptcy proceeding.
