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HOMES Act

To authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes.

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& more...apos;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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Sponsor

• Rep. Steven Chabot [R, OH-1]

Committees

• House Judiciary
• 1 more
  • House Judiciary
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Amendments

This bill has no amendments.

Amendments to H.R.3778

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 09, 2007

Related Bills:

• S.2133

Related Issue Areas:

• Social services
• Real estate appraisal
• Mortgages
• Mortgage interest rates
• 11 more
• Law
• Foreclosure
• Finance
• Debtor and creditor
• Counseling
• Congressional reporting requirements
• Congressional investigations
• Congress
• Bankruptcy courts
• Bankruptcy
• Housing

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Blog Coverage

March 06, 2008 Bankruptcy reform international impact from aj griglak home ...

Bankruptcy reform measure, HR 3778, “Home Owner’s Mortgage and Equity Savings Act” or. NC), w member of the House reference Services. my Introduction to Student Loan Bankruptcy. business Abuse Prevention and Consumer Protection Act ...

Source: Bankruptcy mortgage
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December 12, 2007 House mortgage relief bankruptcy bill moves forward

The bill, HR 3778, is not expected to be taken up by the full House until after New Year’s. Prospects in the Senate are uncertain. Relief would be available to people who file for Chapter 13 bankruptcy protection and cannot pay all ...

Source: Mortgage Insider
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October 08, 2007 Bill Action: Introduced: HR 3778: To authorize bankruptcy courts ...

Rep. Steven Chabot [R-OH] introduced HR 3778: To authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. [This event matched these trackers: Active Legislation ]

Source: Active Legislation -- Tracked by GovTrack.us
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