Legal Question in Bankruptcy in Nevada

Re: bankruptcy law

Cramdowns are for cars not mortgages. Barney Frank's bill will probably not get past the Republicans.

Re: bankruptcy law

Cramdown has been rejected by the U.S. Senate. Senators have defeated an amendment offered by Senator Dick Durbin (D-IL) to the Helping Families Save Their Homes Act (S. 896) by a vote of 45 to 51. It was subject to a 60-vote threshold.

This is the so-called �cramdown� amendment which would allow bankruptcy judges to modify mortgage terms for struggling homeowners. Per C-SPAN, the modification option would be made available to those mortgage loans under $729,000.

Nevada law may soon require mediation in advance of non-judicial foreclosures in certain circumstances.

http://www.nevadaappeal.com/article/20090506/NEWS/905069949/1087/NONE&parentprofile=1058