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Possible changes to Bankruptcy Code - modifying mortgage terms and the appraiser

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justsayno

Thread Starter
Freshman Member
Joined
Feb 4, 2008
Professional Status
Certified Residential Appraiser
State
California
The Democratic leaders are pushing the Foreclosure Prevention Act - including the notion of allowing judges to modify the terms of mortgage loans during bankruptcy proceedings. (Currently, Chapter 13 bankruptcy code allows judges to reorganize an individual's debt, but not their primary home mortgage).

If this goes through, how will the lenders respond? Think they'll order an appraisal?
 
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