Upside Down Mortgage

Bankruptcy Judges Modify Mortgages

Question: Obama or McCain. Your money on fighting foreclosure?

McCain:
· Give homeowners the chance to have their loan modified, provided they meet certain criteria.

· Offer of financial assistance to borrowers contingent upon lending reform.

· Provide more funding for community development groups so they can expand their home rescue efforts.

Obama:
· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.

· Allow subprime borrowers to challenge foreclosure proceedings if they've been subjected to abusive lending practices.

· Create a 10% tax credit for homeowners who do not itemize their taxes.

· Create a $10 billion fund to help victims of predatory loans.

· Create a separate $10 billion fund to help state and local governments maintain critical infrastructure.

· Authorize bankruptcy judges to reduce mortgage principal.

Answer: HE IS ANOTHER BUSH. OBAMA !!!!!!!!!!!!!!!!!!!!!!!!!

The "Cramdown" Mortgage Bill

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!