The proposed bankruptcy legislation will allow bankruptcy judges to modify mortgages on principal residences by reducing their principal down to the property present fair market value and by changing the interest rate.
Saturday, February 14, 2009
Report that Bankruptcy Mortgage Bill to be part of Obama's Housing Plan
The Washington Post reports today that the bankruptcy mortgage modification bill will be part of President Obama's housing plan to be announced this Wednesday in Arizona. This plan would pull together into one plan the various housing measures presently before Congress.
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