Legislative Update
As you are probably aware, financial distress legislation is a very fluid area of the law. Congress has recently passed certain relief provisions for homeowners allowing qualifying homeowners to refinance through new FHA backed loans at 90% of the current appraised value of their homes--although this relief comes with significant strings attached. See The "Hope for Homeowners" Law.
There are also additional potential relief measures in the legislative pipeline which may allow a mortgage to be written down to the appraised value of the home in a bankruptcy proceeding. See The "Helping Families Save Their Homes in Bankruptcy Act of 2009"
Click on the links above, to view summaries of selected recent or pending legislation relevant to financial distress.