Bankruptcy courts can currently renegotiate the terms of a mortgage loan on a vacation home and on a boat. They cannot renegotiate the terms of a mortgage loan on a home that is the homeowner’s primary residence.
How is it OK to work out new loan terms on a person's boat or second home but not their main residence? Doesn't that seem just a little slanted in favor of the wealthy? Hmmmm?
I actually wish someone would come here and comment, and give me a reasonable explanation why this isn't just a benefit for only people wealthy enough to own a second home or boat. In the spirit of the 52 to 48 folks, I'm ready to listen. Seriously.