Citi letting judges alter mortgages.

[flippinout]

Citi group and some democratic lawmakers have agreed to let bankruptcy judges alter home loans to prevent foreclosures.

It is said that a change in the bankruptcy law could help ease the foreclosure crisis that is going on now in the real estate world.

It has been said that the banking industry has been against this, but now some of the banks are showing some interest in this inovative idea to put the bottom back in real estate.

In order to qualify, borrowers would have to prove that they had asked their lenders to modify their loan before they filed for bankruptcy.

Will this be the answer to the foreclosure problem. This is another wait and see issue.

[badmomma]

Thank you for sharing this information. It will help many people to know that they will have to prove they asked for an alteration. If you ask and they say they can't help and no paperwork changed hands then you will have no proof. Now people know to get the denial in writing.