CRAM DOWN
In real estate, cram down refers to the reduction of various classes of debt to a lower amount, with acceptance by the bankruptcy court.
Cram down is a legal process that allows a court to reduce the amount of debt owed by a borrower to a lower amount. This process is often used in bankruptcy cases to help borrowers who are struggling to pay off their debts.
In real estate, cram down can be used to reduce the amount of debt owed on a property, such as a mortgage or a lien. This can help the borrower to avoid foreclosure and keep their property.
Cram down is typically used in situations where the borrower is unable to pay off their debts and is facing financial hardship. The bankruptcy court will review the borrower’s financial situation and determine whether cram down is an appropriate solution.
If the court approves the cram down, the borrower will be required to make payments on the reduced debt amount. This can help the borrower to get back on their feet financially and avoid foreclosure.
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