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SPDR S&P Homebuilders ETF Message Board

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  • wobatus wobatus Jul 26, 2010 3:02 PM Flag

    Why nothing can fix housing

    Bankruptcy Code section 1322(b)"subject to the provisions of subsections (a) and (c) of this section, the plan may...(2) modify the rights of holders of secured claims, OTHER THAN A CLAIM SECURED ONLY BY A SECURITY INTEREST IN REAL PROPERTY THAT IS THE DEBTOR'S PRINCIPAL RESIDENCE..." emphasis supplied. This section in general prevents cramdown of a residential mortgage in Chapter 13. You can cure arrears over the life of a chapter 13 plan, but have to make the ongoing payments, and you can't reduce the mortgage lien to the current value of the property.

 
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