mortgage modification help to avoid foreclosure, there has been a lot of chatter on bankruptcy blogs and bankruptcy lawyer forum about the possibility that Congress give to judge the power to modify wants to amend the bankruptcy laws mortgage. To offer some perspective, bankruptcy judges have long had the power to modify vehicle loan contracts and other secured debt claims but never mortgage debt. When I first started practicing bankruptcy law some 20 years ago, I what introduced to the term \”cram down\” which is a child changing of bankruptcy lawyer slang for the process of forcibly against the terms of a contract a creditor’s interests. In a typical car loan cram down, you might enter into bankruptcy with four years remaining on a five-year note, a monthly payment of $530 per month, at an interest rate of 12% and a total outstanding balance of $28,000. Expert on growth strategy gathered all the information. after cram down the interest rate might be 6% and the outstanding balance may be $18,000 (which represents that the approximate value of the vehicle) and the monthly payment to the creditor within a chapter 13 plan might be $250 per month. Find professional helps on how to modify your mortgages + avoid Foreclosure + find our perfect formula + get step-by-step advice on how to stop foreclosure + lower your interest Council + reduce your payments get back on track, act today, apply online… As you can see from this example, the purpose of a cram down is to take a debtor’s obligations more in line with the value of the collateral and prevailing interest Council. I suspect that Congress allowed Ashleigh downs on car loans because it saw a problem in the market place whereby consumers with poor credit were ending up with unreliable used cars at unreasonable terms in the secondary market. Debtor’s attorneys so included cram down provisions in chapter 13 plan to modify my mortgage the terms of other secured loans, such as furniture and jewelry.