The national foreclosure crisis is deep into the negative equity phase, as reported in the Christian Science Monitor this week. Negative equity, that is, your home is underwater, worth less than you owe on it. As I have been blogging for years, the answer is judicial mortgage modification, Congress amending Chapter 13 to allow the…
Tag Archive: chapter 13 bankruptcy
Chapter 13 Bankruptcy Reform Passes House Judiciary Committee
Per the American Bankruptcy Institute web site: As the House Judiciary Committee approved mortgage cramdown legislation yesterday by a vote of 21-15, Democratic leaders are preparing to wrap it into the omnibus spending package slated to come to the House floor next week, CongressDaily reported today. House Judiciary Chairman John Conyers (D-Mich.) made three changes…
Chapter 13 Bankruptcy Reform – Bankers Oppose
Stunning news, the bailed out, whose appetite, and need, for our money knows no bounds, oppose Chapter 13 bankruptcy reform that would let homeowners avoid foreclosure and keep their homes by allowing bankruptcy courts to re-write the terms of their mortgages. It is time to yell (OK, maybe speak) to our representatives, that they have…
Chapter 13 Bankruptcy Reform Update
Per O. Max Gardner, North Carolina bankruptcy lawyer extraordinaire: John Logan and the NACTT objected to the proposed Mortgage Bankruptcy Bill because it mandated direct payments on the modified mortgage. I have been a big supporter of Conduit Payments for years and we are working on a new Conduit Payment Rule for the WDNC. I…
