A very important consideration when you’re trying to prevent foreclosure is your loan-to-value ratio. This is the measure of what you owe on the home, versus what it’s worth.
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If you weren’t already aware of the power of the U.S. Government as an investor, CITI has agreed to support bankruptcy cramdowns to help homeowners avoid foreclosure.
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The solution du jour floating around in Congress is a proposed provision to allow mortgage cram-downs on personal residences through bankruptcy to stop foreclosure. Senator Dick Durbin has once again rolled out this proposed legislation. As usual, Democrats think it’s a stellar idea, while Republicans are outraged at the thought.There is a tremendous amount of confusion as to how this would work in practice. However, my goal here is not to write a treatise on bankruptcy cram-downs to stop foreclosure. Rather, I want to focus on how effective they would be in helping homeowners to stop foreclosure.
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