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Wednesday, March 4th, 2009

Speak Out to Save Homes from Foreclosure

A foreclosure occurs every 13 seconds, according to the Center for Responsible Lending.

It’s time to stop the madness.

The Helping Families Save their Homes in Bankruptcy Act, H.R. 1106, aims to do just that.

The bill would allow bankruptcy judges to modify the terms of mortgages, which could potentially help millions of people save their homes and repay their past-due debts.

What You Can Do to Help Save Homes from Foreclosure

It’s time to take part in the democratic process. Tell your elected official you support passage of H.R. 1106.

It’s simple. Take 20 seconds to fill out a form that will e-mail a prewritten message (that you may edit) to your official or call a toll-free number to tell your representative’s office directly.

E-mail: Fill out the 20-second basic form and click “Send E-mail.” www.nacba.org/TellCongress

Call: Phone 877-354-4958 (9 a.m.-6 p.m. EST only). You’ll be told specific suggestions for the substance of your phone conversation and then you’ll be asked to enter your ZIP code to be connected to your representative.

Spread the Word!

Pass this on to friends, family and colleagues. It’s important that our voices are heard when it comes to filing for bankruptcy.

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Posted in Bankruptcy Filing Requirements, Mortgage Foreclosure, Setting the Record Straight about Bankruptcy | No Comments »

Tuesday, December 9th, 2008

Durbin Makes Another Push for Bankruptcy Bill

Although Illinois Senator Dick Durbin's planned press conference on the Helping Families Avoid Foreclosure bill was a bit overshadowed by the arrest of Illinois governor Rod Blagojevich, Durbin's message remains the same:  allowing bankruptcy courts to rewrite home mortgage loans is a critical step toward ending the foreclosure crisis that's been mounting for more than two years and shows no signs of slowing down.

Durbin's bill, which failed to gain traction last year, would correct an absurdity in the current bankruptcy code that makes home loans one of the few items virtually untouchable by the bankruptcy court.

Not only can the bankruptcy court already rewrite other types of loans, such as auto loans, but even mortgage loans can be rewritten if those loans are attached to second homes, commercial property, or virtually anything other than the one asset most Americans most want to protect:  their homes.

The bill's sponsors believe that approximately 1/3 of the up to eight million homeowners facing foreclosure in the coming years could be helped directly by the bankruptcy courts, and speculate that the availability of relief in the bankruptcy courts might push mortgage lenders to work with borrowers to rewrite loans.

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Posted in Bankruptcy News and Events | No Comments »