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Bankruptcy reform to allow modificaion of mortgages is gaining momentum.  Yesterday, legislation was approved 21-15 by a US House Panel.  After stalling in Congress last year, the legislation has gained traction in recent weeks due to the shift in power in Washington and the growing perception that mortgage servicers have not done enough to help strapped borrowers. House Speaker Nancy Pelosi (D, Calif.) said Thursday the measure was a “very high priority” that could move soon, possible as part of the economic stimulus legislation. More likely, it will be attached to other fast-moving legislation, such as a spending bill.

To read more, follow this Wall Street Journal Link.

Written by Michael G. Doan- Presently, Michael is concentrating his practice solely in Bankruptcy Law. He is also a Board Certified Specialist in Consumer Bankruptcy Law by the American Board of Certification, one of one of only fourteen such attorneys in all of California. He owns and manages the Carlsbad Bankruptcy Attorney‘s Office. 

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