National CAPACD

Support the Helping Families Save Their Homes Act

The Senate will be considering S. 61, The Helping Families Save Their Homes in Bankruptcy Act of 2009, which will provide essential support for President Obama's foreclosure prevention plan. The plan would provide critical changes to a flawed process that desperately needs reform.

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June 18, 2013

Subject:

Dear Senator

I write to urge your support for this bill that is essential for the success of President Obama’s plan to rescue families from foreclosure.   As you know far too many families are on the verge of losing their homes as a result of the combined impact of declining incomes, falling real estate values, and unforgiving high mortgage costs.  The problem is no longer limited to those with predatory loans but is impacting others who in a normal market could refinance their homes in the event of economic hardship.  Today, with many homeowners ‘under water’ due to no fault of their own, we need new policies and protections against foreclosures.

S. 61 and the President’s plan will restore fairness to bankruptcy laws by proving homeowners with the option to seek bankruptcy court assistance in restructuring their debts to prevent foreclosure, relief that is permitted today for corporations and owners of yachts and vacation homes but denied to homeowners.  The proposed legislation will not excuse families from paying their mortgage.  Rather, it will give judges the authority to modify unaffordable loans for families who are facing foreclosure and cannot obtain an affordable voluntary modification.

With the protections offered by S. 61 and the President’s plan, homeowners will have a fighting chance to negotiate fair terms with loan servicers and those often invisible holders of ‘securitized’ mortgages.  Most homeowners today are unable to reach agreements with lenders that offer meaningful relief.  But a consumer’s right to seek bankruptcy relief is restored then we will have a more even playing field.

Our communities desperately need relief from this present foreclosure crisis—a crisis that is bringing down our entire economy.  For all these reasons we urge you to support S. 61.

Sincerely,

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