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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: carranza2 who wrote (30037)	2/27/2008 9:18:41 PM
From: Ilaine	Read Replies (1) \| Respond to of 218201

The statute is being revised all the time, and by the time the House and Senate conferences get done with it, who knows? This used to be permitted before 1978. Here's the text last time it was posted on Thomas, which doesn't give stable URLs, so search Thomas for S.2636. SEC. 411. SPECIAL RULES FOR MODIFICATION OF LOANS SECURED BY RESIDENCES. (a) In General- Section 1322(b) of title 11, United States Code, is amended-- (1) in paragraph (10), by striking `and' at the end; (2) by redesignating paragraph (11) as paragraph (12); and (3) by inserting after paragraph (10) the following: `(11) notwithstanding paragraph (2) and otherwise applicable nonbankruptcy law-- `(A) modify an allowed secured claim secured by the debtor's principal residence, as described in subparagraph (B), if, after deduction from the debtor's current monthly income of the expenses permitted for debtors described in section 1325(b)(3) of this title (other than amounts contractually due to creditors holding such allowed secured claims and additional payments necessary to maintain possession of that residence), the debtor has insufficient remaining income to retain possession of the residence by curing a default and maintaining payments while the case is pending, as provided under paragraph (5); and `(B) provide for payment of such claim-- `(i) for a period not to exceed 30 years (reduced by the period for which the loan has been outstanding) from the date of the order for relief under this chapter; and `(ii) at a rate of interest accruing after such date calculated at a fixed annual percentage rate, in an amount equal to the most recently published annual yield on conventional mortgages published by the Board of Governors of the Federal Reserve System, as of the applicable time set forth in the rules of the Board, plus a reasonable premium for risk; and'. (b) Conforming Amendment- Section 1325(a)(5) of title 11, United States Code, is amended by inserting before `with respect' the following: `except as otherwise provided in section 1322(b)(11) of this title,'.