Bankruptcy Attorney Ventura Oxnard Santa Barbara Bakersfield -California Democrats cheer Obama’s housing proposal, but want much more


Still, the Democrats aren’t holding their breath for GOP cooperation, instead pushing Obama to act on his own. They’re offering several several alternatives to the president’s refinancing plan.One scenario — known as principal pay-down — would allow underwater homeowners who file for Chapter 13 bankruptcy to skip interest payments for five years, instead directing the entirety of their checks toward the principal balance.Another proposal — dubbed principal forgiveness — would let bankruptcy judges reduce, or “cram down,” principal balances outright — a power judges currently have over loans for vacation homes, yachts and other assets, but not for primary mortgages.!/lawyer93001Contact Bankruptcy Attorney Susan J. Salehi to stop your foreclosure today at (805) 654-1467

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