cramdown loan modifications
Posted by NJDave on October 20, 2008 at 07:20:24:
In Reply to: Stalling or Stopping Foreclosure?
Posted by MikeG on October 19, 2008 at 16:52:57:
Stopping foreclosure AND keeping the home can require an extraordinary effort from the homeowner. You can't go to you rlender with hat in hand, ask, and sit back and wait.
There are techniques available for homeowners.
For example, if your loan had predatory characteristics, or was in matyerial violation to state or federal lending law... you might be able to challenge the validity of the loan itself... and compel your lender to agree to more favorable workout terms.
To learn more about cramdown loan modifications, check out www.spoch.org
Follow Ups:
