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How Many Mortgages Are Being Rewritten?

By Andy Miofsky, Illinois Bankruptcy Attorney on Sep 26, 2007 in Bankruptcy Myths, Illinois

Over the past year I asked several creditor attorneys to provide me with their loss mitigation procedures in an effort to rewrite mortgage loans. Not one said they could do that. There is a lot of news these days that mortgage lenders are helping homeowners stave off foreclosure or bankruptcy by rewriting adjustable rate mortgages into lower interest fixed rate loans. I am not seeing evidence of that phenomenon.

I have been keeping a list of all the mortgages that my clients have reworked this year. Here is what I have so far.

1. _____________________________________________________________________

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