Iral Toven
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 19 Feb 2010
Location: Washington
|
| Principal Reduction on Rental Properties |
 |
|
I recently read an article by Liz Weston regarding foreclosure and she made the following statement: .....lawmakers dropped the ball by not giving bankruptcy judges the power to modify home loans. (Bankruptcy judges already have the power to "cram down," or reduce, mortgage principals on rentals and vacation property but lack the ability to do so with mortgages on principal residences.)
Since bandruptcy judges have the ability ot "cram down" or reduce mortgage principals on rental properties, what would be my procedure to get a bankruptcy judge to reduce the principal on my rentals? I have talked with a bankruptcy attorney who told me that I would need to file for a chapter 13 and it wouldn't be worth the cost. I am also not behind in payments but this extremely distressed real estate market makes payments difficult.
Thank you to anyone who can provide additional information!
|
