[quote=BKlawyer]Wouldn’t touch RE with an IRA. I’ve stripped off a number of 2 mtgs. which were IRAs in Chapt. 13 BK cases and the holder ended up getting next to nothing after a 3-5 yr. plan. Additionally, with the mortgage fraud/meltdown continuing, I anticipate Congress to change the BK law at some point in the future to allow strip down on 1st mtgs. as well. If you’ve invested your IRA in a mortgage you will be stripped down and get next to nothing.[/quote]
Thank you for your post, BKlawyer.
When do you anticipate Congress will look into repealing the current BK law (as it applies to lien-stripping on real property secured by a 1st trust deed)?
Would you agree that if Congress DOES take action for BK judges to have the authority to “strip down” 1st mortgages or PM mortgages in BK proceedings that “non-recourse” as we know it will have to end in CA?
And do you see ALL TD’s originated in CA as being “recourse paper” a good or bad thing for the RE market as a whole?
