The Helping Families Save Their Homes in Bankruptcy Act is expected to come to the floor of the House as early as Wednesday February 25th. The bill will give bankruptcy judges the same power to modify mortages on family homes as they now have for vacation homes, apartment buildings, and commercial property.
The bill would give distressed homeowners a more even playing field to make payment arrangements that are viable over the long term, at no cost to the taxpayer. There is no subsidy here, no incentive payments, no paying the bank’s losses. Just a chance to put troubled loans back on track and to free the lenders from the constraints imposed by mortgage securitization that current hinder meaningful modification outside of bankruptcy.
Pick up the phone right now and tell your Congressional representative that you support HR 200. All you have to tell the Representative’s staff member is that you support the passage of HR 200 to help stop the housing decline. If you are faced with foreclosure, share that fact. Find the name and phone number of your representative at Save Home With Bankruptcy.