Louisville Kentucky
CramDowns Mortgage Cram Down Modifications
Click here for your free
Bankruptcy Cramdown Modification & Foreclosure
Manual.
A Bankruptcy Cram Down is when the mortgage
interest rate or principle can be modified in a bankruptcy.
Instead of contacting the mortgage company for a modification or
workout of the mortgage, a Chapter 13 is filed and modifications
are made to the mortgage principle to reflect the actual value of the home or the interest rate
and monthly payment is altered to a normal interest rate.
For years we have been able to avoid second
mortgages on a home if the second mortgage has no equity.
In 2009 our president introduced a change to the bankruptcy code
that will allow bankruptcy judges to alter first mortgages as
well. Although we will have to see exactly how this will
work Cramdowns will allow the bankruptcy court to
allow persons to alter predatory mortgages into mortgages that
can be paid with reasonable rates.
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