Short Sale, Foreclosure and Strategic Default

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Tuesday, October 23, 2007

Bankruptcy change and foreclosure remedies

This proposed change to the bankruptcy laws could give consumers more leverage with the lenders when negotiating to avoid foreclosure

Bankruptcy change could save 600,000 homeowners - Oct. 1, 2007: "NEW YORK (CNNMoney.com) -- One consumer group estimates that 600,000 foreclosures could be avoided over the next two years by making a simple change to the bankruptcy code. The Center for Responsible Lending (CRL) calls it a tweak, but it could be a significant change for homeowners and the market for mortgage-backed securities."

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