The Real Alternative To Walking Away Is A “Back Door Cram Down”

I would not want to be a bank heavy in seconds when people figure this out:

What’s not obvious about [US Bankruptcy Code section 1322] is a loan is not “secured” by your personal residence if there is no value or equity in your home that would go to the lender if the home was sold. That means the loan can be converted to unsecured or the lien “stripped” from the house by “modifying the rights of holders of secured claims.” This turns it into unsecured debt, like credit card debt, which can be discharged...