Yes it can. A cram down is the process where the principal balance on a loan is reduced to the value of the collateral that has been pledged as collateral for that loan. In the case captioned In re Reinhardt, 563 F.3d 558 (6th Cir., 2009) the court held that a manufactured home that is…
Archives for February 2011
What happens if I file a Chapter 7 bankruptcy in Michigan and I discharge the debt underlying my mortgatge?
Just because the debt was written off does not mean they will release the mortgage. Michigan law (MCLA 600.3175(1)) provides: (1) When a recorded mortgage on real property, land contract, or tax lien (except tax liens held by the state or any political subdivision of the state) on lands or property has been paid or…
Are most debt consolidation plans a rip off?
Most debt consolidation programs in Michigan are a rip off.
The trend for foreclosures and bankruptcy filings in Saginaw Michigan is not good.
The Saginaw News reported today that mortgage foreclosures in Saginaw County rose to 1000 in 2010. Foreclosures for 2009 were 740 and 1130 for 2008. Tax foreclosures increased as well with 837 in 2010 up from 789 in 2009. County Treasurer Marvin D. Hare remarked “Nothing’s any better than it was, and a lot of…