“Short sale” versus short walk
By one expert’s estimate 5.3 million US homes have a mortgage that is more than 20% higher than their home’s value and 2.2 million of those are “under water” by more than 50%. It is …
Foreclosure problem turned into lose/lose by lenders
The headline in the Wall Street Journal said “flippers make a comeback.” The story told of people going to foreclosure auctions to buy and quickly resell houses at a profit. They can do this because …
Student loan modifications very hard to do. Supreme Court to rule.
To protect the more than $600 billion in student loans insured by the federal government, Congress has made it very difficult to modify these loans. Bankruptcy courts are not allowed to reduce the principle except …