Helping Families Save Their Homes Act of 2009
Underwater real estate market may be modified or “crammed down”.
This new legislation will allow Bankruptcy Judges the discretion to modify the mortgage principal balances on primary residences.
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Q: What exactly will the legislation do? A: It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home's current value. The FHA will insure a total of $300 billion of the loans over a three-year period. But th...
08/10/2008
Rainer
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Rita and Ferris Browner
Certified Bankruptcy Preparer/Legal Assistant
Underwater real estate market may be modified or “crammed down”.
This new legislation will allow Bankruptcy Judges the discretion to modify the mortgage principal balances on primary residences.