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Exceptions Cloud 'Cram Down' Rules.(Brief Article)
Attorneys Marc Ben-Ezra and Asher Perlin say that while home mortgage lenders benefit from favorable treatment under the bankruptcy code, they must watch out for exceptions that might allow bankrupt debtors to reduce the size of their mortgage obligation.
Recently, the two attorneys outlined the ramifications from a "recent flurry of cases in Federal Courts of Appeals" that have limited this protection for both undersecured and wholly-secured mortgage loans.
For instance, the courts seem to have made an exception for "balloon mortgages," treating them as short-term mortgages and allowing the debtor to seek a modification of the debt amount, the attorneys said in a recent article. Short term mortgages are largely considered exempt from the anti-cram down provisions.
While no binding court decision on the balloon mortgage question has been issued, they say ...
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Source: HighBeam Research, Exceptions Cloud 'Cram Down' Rules.(Brief Article)