Some relief for homeowners facing foreclosure is in the pipeline. A House committee approved a bill last week that would allow bankruptcy judges to order banks to reduce mortgage payments. That’s known as a “cram down.”
We’ll keep a close eye on this bill as it makes it’s way through Congress.
It wasn’t late at night, nor in a dark alley, nor inside a smoke-filled dimly lite room when it happened. It was in the comfort of their own home. It was only 5 months since they had closed on their new home mortgage. Then one day, a mortgage representative contacted them to say that their home loan was sold and the new lender needed updated information. The representative request was received with some questioning, but because he spoke with such certainty and authority, they yielded to his instructions.
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