About three years ago, at the height of the mortgage crisis, there was a push to give judges power to force lenders into loan modifications or loan principal reductions. Attorneys and judges made a plea to state and federal legislatures to give bankruptcy judges power to force the lender to modify loans and/or reduce mortgage balances to the current fair market value.
Nothing changed. Bankruptcy judges were not given the power to require the lender to modify a loan or reduce loan principal.
Read the rest of the article at Fox Business
No comments:
Post a Comment