H.R.225 - Emergency Homeownership and Equity Protection Act

To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. as introduced.
  • Short: Emergency Homeownership and Equity Protection Act as introduced.

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  • Today: 2
  • Past Seven Days: 5
  • All-Time: 7,328
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/07/09
 
 
 
 
 
 
 

Official Summary

Emergency Homeownership and Equity Protection Act - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's princip

Official Summary

Emergency Homeownership and Equity Protection Act - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of:
(1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or
(2) debts secured or formerly secured by debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current value of such real property is less than the secured debt limit. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on the debtor's principal residence. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by:
(1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest;
(2) waiving early repayment or prepayment penalties; and
(3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that:
(1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and
(2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts:
(1) any payments to claim holders whose rights are modified under this Act; and
(2) any unpaid portion of a claim as reduced.

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Organizations Supporting H.R.225

  • American Association of Retired Persons

Organizations Opposing H.R.225

  • Mortgage Bankers Association




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