POINTS IN FAVOR OF CHANGE IN BANKRUPTCY LAW - JUDICIAL MODIFICATION OF MORTGAGES
- Bank voluntary modifications have not worked.
- Judicial modification does not use any taxpayer money
- Only currently existing loans are eligible. Future loans cannot be modified; they are not subject to this bill
- Stabilizes blocks, neighborhoods and community real estate values
- Responsibility is spread between the two parties most responsible, lender and homeowner; no one receives a free ride. Lender’s loan amount is reduced; homeowner must file bankruptcy and function under strict IRS living standards for up to five years
- Homeowners will pay 100% of the present, fair value of the home
- Eliminates predatory loans very quickly
Voluntary modification has not worked. Making Home Affordable predicted 4 million modifications. Less than 400k have been done; when you look at these mods, they really aren't modifications at all.;
Just the threat of bankruptcy will force lenders to now negotiate in good faith
- These mortgage loans are the toxic loans which the banks want to sell to the US taxpayer in order to clean up their books
- The banking industry created this mess; taxpayers cannot rely on them for a solution.
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