Helping Families Save Their Homes in Bankruptcy Act of 2007

A bill to address the treatment of primary mortgages in bankruptcy, and for other purposes.

10/3/2007--Introduced.
Helping Families Save Their Homes in Bankruptcy Act of 2007 - Amends federal bankruptcy law to permit a bankruptcy plan to:
(1) modify a loan secured by the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and < more...br />(2) provide for payment of such loan at a fixed annual percentage rate of interest, over a 30-year period. Exempts a chapter 13 debtor from the requirement for credit counseling if the court receives certification that debtor's principal residence has been scheduled for a foreclosure sale. Conditions any fees, costs, or charges that may be added to the mortgage debt during pendency of the bankruptcy case upon notice to the court within a specified deadline. Requires the court to waive such additional fees, costs, or charges if the court has not been notified on time. Permits a bankruptcy plan to provide for waiver of any prepayment penalty contained on a claim secured by debtor's principal residence. Authorizes the trustee in bankruptcy to request joinder or substitution for the debtor as the real party in interest in any action in state or federal court with respect to a claim or defense asserted by an individual debtor that was not scheduled in the debtor's petition. Permits the debtor to proceed as the real party in interest if the trustee does not make such a request. Amends the judicial code to authorize the court in any core proceeding under bankruptcy law to hear and determine a proceeding in lieu of referral to arbitration if the case involves an individual debtor whose debts are primarily consumer debts. Exempts from the estate in bankruptcy up to $75,000 of the debtor's aggregate interest in real property used as debtor's principal residence if the debtor is age 55 or older. Prohibits the court from allowing a claim that is subject to any remedy for damages or rescission due to failure to comply with the Truth in Lending Act or any other state or federal consumer protection law.

Sponsor

• Sen. Richard Durbin [D, IL]
• and 13 Co-Sponsors
  • Sen. Joseph Biden [D, DE]
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Christopher Dodd [D, CT]
  • Sen. Dianne Feinstein [D, CA]
  • Sen. Thomas Harkin [D, IA]
  • Sen. John Kerry [D, MA]
  • Sen. Robert Menendez [D, NJ]
  • Sen. Barack Obama [D, IL]
  • Sen. John Reed [D, RI]
  • Sen. Charles Schumer [D, NY]
  • Sen. Sheldon Whitehouse [D, RI]
  close

Users Tracking [5]

Users who are tracking this bill are also tracking:

• S.2636 [2]
• H.R.1257 [1]
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• H.R.1433 [1]
• H.R.2015 [1]
• H.R.2831 [1]
• H.R.1820 [1]
• H.R.1992 [1]
• H.R.2792 [1]

Committees

• Senate Judiciary

Amendments

This bill has no amendments.

Amendments to S.2136

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
October 03, 2007

Related Bills:

• S.2636

Related Issue Areas:

• Finance
• Actions and defenses
• Bankruptcy
• Bankruptcy courts
• 13 more
• Consumer credit
• Consumers
• Counseling
• Damages
• Debtor and creditor
• Foreclosure
• Housing
• Law
• Mortgage interest rates
• Mortgages
• Parties to actions
• Social services
• Trusts and trustees

In the News

January 29, 2008 Alliance To End The Foreclosure Crisis Launched

... supports HR3609 (The Emergency Home Ownership and Mortgage Equity Protection Act) and S.2136 (The Helping Families Save Their Homes in Bankruptcy Act). ...

Source: Mortgageorb, CT
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December 15, 2007 Helping borrowers will help neighborhoods

S. 2133 and S. 2136 would permit modification of mortgages under Chapter 13 of the federal bankruptcy code. One notable House effort is HR 3609 A key ...

Source: Milwaukee Journal Sentinel (subscription), WI
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December 04, 2007 Council vacates easement to make way for Giant Eagle

The second resolution urges the US Senate to pass S. 2136, known as The Helping Family Save Their Home Act of 2007, which would allow the federal government ...

Source: Lancaster Eagle Gazette, OH
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Blog Coverage

May 02, 2008 S. 2136, Helping Families Save their Homes in Bankruptcy Act of 2008

Cost estimate for the bill as ordered reported by the Senate Committee on the Judiciary on April 3, 2008.

Source: Recent CBO Cost Estimates
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April 23, 2008 Deaths mount (Emergency cash loans) in Kenya as talks ...

... The Emergency Home Ownership and emergency cash loans Mortgage Equity Protection Act of 2007) and emergency cash loans Senate (S.2136, The Helping Families Save Their Homes in Bankruptcy Act of 2007) to deal with the US mortgage ...

Source: emergency cash loans
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March 18, 2008 Bankruptcy Judges to Adjust Mortgage Balances and Rates - S.2136

... I could report that the “Stupid” sign was above the left side of the isle exclusively but it was not. Sen. Arlen Specter [R-PA] sponsored S.2133 Home Owners' Mortgage and Equity Savings Act. This Bill goes even further than S.2136: ...

Source: Real Estate Forums
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