The Helping Families Save Their Homes in Bankruptcy Act of 2009 is pending in Congress. If passed, chapter 13 debtors will be able to rewrite their delinquent mortgage loans by lowering the loan balance to the value of the home, reducing interest rates, eliminating the variable rate and fixing the interest rate, and stretching out the mortgage over 40 years. The goal is to lower the payments enough to make them affordable for the borrower to keep the home and avoid foreclosure of the mortgage.
Mortgage bankers want your home not your money. They oppose the law change and are lobbying against the proposed legislation.
Related posts:
- NPR Airs Story on Judicial Mortgage Modification in Chapter 13 Bankruptcy Here is a report that aired on National Public Radio this morning about the judicial mortgage modification bill pending in...
- Call Kansas Senators to Support Judicial Mortgage Modification in Bankruptcy Judicial modification of residential mortgages in chapter 13 bankruptcy is part of H.R. 1106, which passed in the U.S. House...
- Congress Considers Bankruptcy Change to Help Homeowners Stop Foreclosure Senate Bill 61, Helping Families Save Their Homes in Bankruptcy Act of 2009 was introduced in the U.S. Senate yesterday. ...
- Watch Out for Mortgage Modification Scams Watch out for all the mortgage modification scams out there preying on good people who desperately want to keep their...
- Home Affordable Modification Program Video The U.S. Trustee’s office produced a video and written materials on the Home Affordable Modification Program (HAMP). If you are...
