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January 13, 2009


Wally Kalbacken

As a Wisconsin and Georgia admitted attorney (awaiting admission in Florida) who occasionally does bankruptcy work - I can't wait to see how this plays out in South Florida. The degree to which people are underwater there is staggering and any avenue for cramdowns is going to be exploited to the hilt.


The most common mortgage modifications are listed below:

lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above

Check out this public service site: http://mortgagemodificationinfo.org


I am a Georgia attorney who has a client in bankruptcy who received approval for a mortgage modification. One term of the modification was that the stay must be lifted. Once the stay was lifted the mortgage company rescinded the modification and is now foreclosing. Anyone else see this type of fraud? What did you do?

Chris parker

Nice Article; Obama loan modification is the federal government’s answer to the rising need of preventing foreclosures for American homeowners. http://www.obama-loanmodification.com

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