Did you know that a Bankruptcy Judge can modify a mortgage on investment property? This does not apply to Chapter 7 cases but does apply to Chapter 13 cases. Currently, judges cannot modify mortgages solely secured by your personal residence. (There are a few exceptions but this is the general rule.) This is what the new bankruptcy legislation is attempting to fix.
It also appears that the mortgage modification bankruptcy legislation will not be part of the economic stimulus package. However this legislation still has the support of President Obama and the Democratic legislature.
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The most common mortgage modifications are listed below:
lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above
Check out this public service site: http://mortgagemodificationinfo.org
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