Possible Changes to Bankruptcy Rules Involving Mortgages
Posted on December 17, 2007
Filed Under Pittsburgh Legal Matters
According to www.mortgagenewsdaily.com “the u.s. house judiciary [committee] signed off on [11/12/07] on a bill designed to help certain bankrupt homeowners stay in those homes. The highly controversial bill, which faces significant bi-partisan opposition on the floor, is yet another piece in a crazy-quilt of government and mortgage industry attempts to curtail rising foreclosures and stem the collapse of lending and lenders.
The bill, a substitute version of the Miller-Sanchez “emergency homeownership and mortgage equity protection act of 2007″ allows bankruptcy courts to change the terms of some existing mortgages to the benefit of the homeowner.
Check out the ongoing and updated dialogue on this topic in our bankruptcy Public Forum page.
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