More than a million families to benefit from mortgage modification bill in Congress

25 Feb More than a million families to benefit from mortgage modification bill in Congress

More than 1 million households would benefit from seeking protection from creditors under a proposed law that would let bankruptcy judges modify mortgage terms  The House of Representatives is scheduled to vote Feb. 26 on a bill which would allow bankruptcy judges to order banks to reduce the mortgage principal payments and interest rates for homeowners who seek relief in chapter 13. 

According to the Congressional Budget office, Chapter 13 filings are expected to rise 13 percent from 2008, to almost 400,000 this year, even without a change in law.

Not surprisingly, bankers and mortgage brokers oppose this bill.  Did you hear Congress’ reaction to bankers’ excesses during President Obama’s speech last night?  I did.

WE’RE MAD AS HELL AND WE’RE NOT GOING TO TAKE IT ANYMORE. 

Banks can’t be sponsoring fancy golf tournaments or parties or buying private jet airplanes or giving out billions in bonuses while stiffing ordinary American families.  Chapter 13 mortgage modifications won’t save everyone’s home.  But it will help enough people that it will make a real difference in our economy.

Fax or email your congressman and Senators today.  Tell them that America needs mortgage modifications in bankruptcy.  Tell them that you insist on it, for yourself, your neighbors and your neighborhood.  Tell them that you will hold them accountable.  Do it now. The House is voting on Thursday.  Send your Congressman a message today.  Let their phone lines be flooded with the sound of your voices.  Now is the time.

For more information, see Attorney Jill Michaux’ article about the pending legislation in Congress.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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