Good news! Yesterday, the Senate and the House introduced the "Helping Families Save Their Homes in Bankruptcy Act." This legislation would allow judges to modify mortgages in bankruptcy. Passage of this act would be a huge help to many homeowners who are facing foreclosure.
This is not the first time that mortgage modification in bankruptcy has been proposed but each time the lender's lobbyists have prevailed. It is estimated that there will be 8 to 10 million foreclosures in the next four years and Congress now looks like they may be willing to help out with this crisis.
I will keep you posted as this legislation progresses.
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