Proposed bill would allow principal write-downs in bankruptcy courts

The section-by-section analysis accompanying the bill indicates that the provision is designed to allow the court to "look through the formalities of a ‘sale’.." In addition, the bill would undo much of the additional protection from bankruptcy attack that secured creditors obtained from last year’s revision of Article 9 of the Uniform.

 · Ring Around Bankruptcy Law: Don’t Fall Down. other than a claim secured only by a security interest in real property that is the debtor’s principal. a lot of conflicting stories regarding the treatment of mortgage cram downs and strip downs in the various bankruptcy courts. Some attorneys have proposed cram downs on first mortgages.

Signature. As the current Homestead is confusing as to which spouse needs to sign and file the document, the proposed bill requires both spouses to sign the instrument if they are residing together. Second Homestead. The new Homestead bill indicates that a second Homestead filing now will relate back to the date of the first filing. Trust.

The amendment would allow debtors to propose certain modifications to mortgages in chapter 13 plans. If the proposed modifications conformed to the law, the plans would be confirmed — end of story. I have never restructured a car loan, and under the amendment (should it pass) I wouldn’t restructure mortgages, either.

CMBS Delinquencies and Special Servicing Hit Record Highs CMBS delinquency slows most since financial crisis, still hits record high Delinquencies on state HFA mortgages hit record high Jon Prior was a reporter with HousingWire through late 2012.

What to Expect at a Chapter 7 Creditors Meeting Rubin: Sharon McPhail resurfaces at a charter school Under a bill awaiting. year after the governor proposed structural changes for Detroit’s school system. Legislators and special interests are.

UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT IN RE NEW INVESTMENTS, INC, The bankruptcy court confirmed New Investments’s plan. a debtor whose plan proposed to cure a default would allow him to avoid having to pay a higher, post-default.

PMI to pay underwater borrowers to stay put The best way to avoid paying pmi is to make a 20 percent down payment on your home so that you don’t need it at all. Failing that, you should do your best to stay away from FHAs. Because they’re intended for riskier borrowers, you end up paying PMI for the life of the loan, regardless of how much equity you’ve built.

is $500,000, a bankruptcy court could allow the investment property mortgage loan to be stripped down to $300,000. The remaining $200,000 of the mortgage loan balance would become unsecured debt, which would be lumped together with other unsecured debt and can be reorganized and written down.

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As currently proposed, both the Senate bill and the House bill would allow bankruptcy judges to approve bankruptcy plans of consumer debtors that modify primary residence mortgage loans. The Senate bill would add a new subsection to section 1322 that would permit a Chapter 13 plan to modify an allowed secured