Possible Changes to Bankruptcy Rules Involving Mortgages
Posted on December 17, 2007
Filed Under Pittsburgh Bankruptcy, Pittsburgh Legal Matters
According to www.mortgagenewsdaily.com “the u.s. house judiciary [committee] signed off on [11/12/07] on a bill designed to help certain bankrupt homeowners stay in those homes. The highly controversial bill, which faces significant bi-partisan opposition on the floor, is yet another piece in a crazy-quilt of government and mortgage industry attempts to curtail rising foreclosures and stem the collapse of lending and lenders.
The bill, a substitute version of the Miller-Sanchez “emergency homeownership and mortgage equity protection act of 2007″ allows bankruptcy courts to change the terms of some existing mortgages to the benefit of the homeowner.
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