Cramdowns on the First Mortgage on the Residence? I thought that was prohibited? By David C. Nalley, Esq., Partner
The general rule in Chapter 13 cases is that the first mortgage on the residence is protected by the antimodification provision of 11 USC 1322(b)(2). Accordingly, in virtually every case, a consumer Debtor has two choices when it comes to addressing the mortgage on their home. 1. They can surrender the property to the secured … Read more