Posted on Monday (August 3, 2009) at 4:00 am to Bankruptcy Legislation
Written by Craig D. Robins, Esq.
However, last week a Senate Judiciary subcommittee held a hearing to discuss whether the federal voluntary home loan modification programs were working. The committee determined that the programs were not working and that they were providing very little success in stemming foreclosures.
As a result, some senators announced their intention to revive the cram-down legislation which will permit Long Island Chapter 13 debtors to be able to cram-down and modify their mortgages in Chapter 13 bankruptcy cases.
Although any cram-down legislation will have a uphill battle, it is nice to know that some legislators continue to battle the banking and finance industries in an effort to help consumers.