Yesterday, Citigroup came forward in a deal with Senate leaders to support legislation that would allow bankruptcy judges to alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow. The so-called “cramdown” proposal has been kicked around for a while now but has not yet made its way into law. It appears as if the legislation to make this change will find its way into President Elect Obama’s stimulus package and may become law soon.
About Ben
Ben Pargman is founder and CEO of The Short Sale Service, Inc. the original third party Short Sale negotiation team. He is an attorney, author, real estate investor, and national authority on Short Sales.
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