Loan modifications have a track record of not working with over 90% only after 6 mos.
What is needed is what is called a "cram-down" where bankruptcy Judges are given the authority to reduce the mortgage loan amount.
The house once taken by Foreclosure would sell for current value or less so why not keep the borrower/homeowner in their own home and reduce the loan to the value of the house?
Congress will need to change the bankruptcy laws in oder for this to start. Bankruptcy judges can reduce investment property and 2nd homes/vacation but not primary homes.
Let's stop the Foreclosures and start helping our own neighbors and neighborhood.
Or do you like the bailout money going to the CEO's?
