U.S. Congress - H.R.3778 Home Owners' Mortgage and Equity Savings Act, or the HOMES Act
H.R.3778 - Home Owners' Mortgage and Equity Savings Act, or the HOMES Act
To authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. view all titles (4)
All Bill Titles
- Short: Home Owners' Mortgage and Equity Savings Act, or the HOMES Act as introduced.
- Short: HOMES Act as introduced.
- Short: Home Owners Mortgage and Equity Savings Act as introduced.
- Official: To authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. as introduced.
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Official Summary
10/9/2007--Introduced.Home Owners Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a (mortgage) claim secured by an interest in real property initiated before September 26, 2007, that is the debtor'Official Summary
10/9/2007--Introduced.Home Owners Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a (mortgage) claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage.
Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular income), to consider certain interest, late fees, or other fees to be a voidable transfer if the court finds there was a substantial failure to disclose material terms regarding such interest or fees related to a mortgage claim.
Authorizes delay of the prerequisite that debtor obtain counseling from an approved credit counseling agency before filing the petition in bankruptcy, if the debtor submits to the court a certification that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence.
Directs the Comptroller General to study and report to Congress on the impact of allowing bankruptcy judges to restructure principal residence mortgages on the secondary market for mortgages.
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Recent Blog Coverage
LATEST MORTGAGE RELIEF NEWS « American Mortgage Relief Services
H.R.3609 Emergency Home Ownership and Mortgage Equ⦠[1]; S.2636 Mortgage Disclosure Improvement Act of 20⦠[1]; H.R.3778 HOMES Act [1]; S.2133 HOMES Act [1]. In the News. May 09, 2008 House Passes Comprehensive Housing Package ...
OpenCongress - U.S. Congress - H.R.5579 Emergency Mortgage Loan ...
H.R.3609 Emergency Home Ownership and Mortgage Equ... [1]; S.2636 Mortgage Disclosure Improvement Act of 20... [1]; H.R.3778 HOMES Act [1]; S.2133 HOMES Act [1]. Show More User Statistics... Hide User Statistics. In the News feed ...
Bankruptcy reform international impact from aj griglak home ...
Bankruptcy reform measure, HR 3778, âHome Ownerâs Mortgage and Equity Savings Actâ or. NC), w member of the House reference Services. my Introduction to Student Loan Bankruptcy. business Abuse Prevention and Consumer Protection Act ...
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