In another effort to stem the foreclosure crisis in the US, the house is getting ready to vote on a controversial bill that would allow bankruptcy judges to modify your mortgage!
The cram-down measure, which was introduced by Rep. John Conyers, D-Mich., chairman of the House Judiciary Committee, would allow bankruptcy courts to extend repayment periods, reduce interest rates and fees and adjust the principal balance of mortgages so homeowners can avoid foreclosures.
Funny name for it huh…. “Cram Down” measure.
1 response so far ↓
1 Pamela Davis // Jan 6, 2010 at 5:27 pm
My husband James an I have filed bankruptcy chapter13.Our first court date is scheduled for January20,2010. My is employed in the oilfield catering industry but hasn’t worked since August 2009. We made two small payments of 100.00 each for months Nov. and Dec 09. The Jan.2010 payment is over 1900.00 dollars. Iam the only one working right now and I know I can’t make this payment alone. I am so worried that if my husband doesn’t get to work soon I’m afraid we’ll lose our house. I don’t know what to do. Can you please help us? Thank you,
Pamela Davis.
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