Homeowners who are over their head in debt could soon find relief from their mortgage payments if a new piece of legislation being supported by Barack Obama makes its way through Congress. The bill allow homeowners to go to bankruptcy court and have a judge force the lender to modify the loan to an affordable monthly payment. Borrowers would also need to prove they tried to modify their loans with the lenders before bankruptcy court.
More information can be found in this AP article.
|
|
|
Tweet |
