freyasfav
October 8th, 2008, 02:28 PM
I recorded the VP debate & Biden absolutly shocked me, suprise, I know.
I wrote down his quote, "...Obama & I support it, we should be allowing bankruptcy courts to be able to adjust-not just the interest rate you are paying to be able to stay in your home, but be able to adjust the principle that you owe. The principle that you owe."
Please someone tell me I misunderstand. Is this not saying that if I buy a $100,000 home & can't pay, not only can my interest rate be adjusted, but it can in fact be turned into an $80,000 home-in essence. Sounds to me, if I truly understand the implications, that bankruptcy courts will hold the power to over rule the cost of the house. Like if I put a tv on layaway and can't pay-a third party can just come in and say I get it at half-price SCREW WAL-MART. Right? I HOPE I'm just mistaken, no court-NOTHING holds such a right in a legitimate sale. If you understand this to be so, or hold the knowledge that it means something else, please tell me. Appreciated.
I wrote down his quote, "...Obama & I support it, we should be allowing bankruptcy courts to be able to adjust-not just the interest rate you are paying to be able to stay in your home, but be able to adjust the principle that you owe. The principle that you owe."
Please someone tell me I misunderstand. Is this not saying that if I buy a $100,000 home & can't pay, not only can my interest rate be adjusted, but it can in fact be turned into an $80,000 home-in essence. Sounds to me, if I truly understand the implications, that bankruptcy courts will hold the power to over rule the cost of the house. Like if I put a tv on layaway and can't pay-a third party can just come in and say I get it at half-price SCREW WAL-MART. Right? I HOPE I'm just mistaken, no court-NOTHING holds such a right in a legitimate sale. If you understand this to be so, or hold the knowledge that it means something else, please tell me. Appreciated.