A Bankruptcy Lawyer’s Blog

Mortgage Bankruptcy Bill 2009 – Does Obama’s Bankruptcy Bill Provide Foreclosure Relief

Obama’s Economic Stimulus Package has come with several relieves to the home owners. He has used affordability & loan modifications to save the homes. Now the Mortgage Bankruptcy is being considered in US Government now-a-days.

Will Obama’s Bankruptcy Bill provide foreclosure relief to the home owners?

. Obama’s Mortgage Bankruptcy Bill 2009 is primarily helpful in helping the home owners who have already filed an insolvency or they are forced to file one in order to save their homes. Here are the key features of this bill that would help you understand it better:

. Mortgage Bankruptcy 2009 authorizes the judges in an extended way in adjusting the home owners’ mortgage terms.

. Now the judges would have the ability to modify the terms in the Chapter 13 proceedings. They would also have the authority to write off or minimize some of the debts of the family or the individual.

As explained by the Federal Government official, This bill is the most tangible step that would help the US fall out from the real estate depression that is sweeping away the nation. This bill would help the working families who are willing to repay their debts. They would now be able to do so under the court supervision

The bill is yet to meet some amendments. One of the important amendments stipulates that only the mortgages entered in to before the date of enactment of the legislation would be eligible.

It has modified the laws on Chapter 13 Insolvency as a result of which the procedure would become simpler.

The Mortgage Bankruptcy Bill 2009 does not focus on promoting bankruptcy to save the homes. It is meant for the home owners who have already filed an insolvency and yet want to pay back their loans & simultaneously wish to save their home. This tips would make the things a bit simpler for the authorities dealing such cases and the people involved as well. It is sure shot step to save people’s homes and lend them a helping hand!

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