The American Bankruptcy Institute analysis of the bill that passed the House Judiciary Committee is that not all mortgages are eligible to be modified by the bankruptcy court:. A further amendment made it clear that the bill would not change any obligations for loans backed by Veterans Affairs, the U.S. Department of Agriculture or the Federal Housing Administration, whose mortgages are fully insured against losses in foreclosure.
Actually, the provision says that the government guarantee of these mortgages is not modified, though the other end can be, as long as someone (the taxpayer) makes up the difference.
So, your VA, GHA, DA mortgage can be modified, so long as the mortgage company (not likely) or the government (bingo) makes up the difference between what is owed and what the new modified mortgage pays.
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