Helping Families Save Their Home in Bankruptcy Act of 2009
Who Is Protected / Who Qualifies
The Helping Families Save Their Home In Bankruptcy Act of 2009 has seen a tremendous amount of press coverage so far and will surely see more as it makes its way to the White House for President-Elect Obama’s signature.
Houston Foreclosure and Bankruptcy attorney Jason Sughrue has followed The Helping Families Save Their Home In Bankruptcy Act of 2009 for the 3rd year in a row now. Jason has followed it since it was part of the Foreclosure Prevention Act and continues to track its progress now that it is being considered as part of the new economic stimulus package.
Jason Sughrue has studied The Act itself as well as the expert commentary. The Helping Families Save Their Home In Bankruptcy Act is going to protect Hundreds of Thousands of American Homeowners from losing their home to foreclosure.
Mr. Sughrue boils the qualifications for protection under this act down to 4 simple characteristics. To qualify a homeowner must:
- File For Protection Under Chapter 13 of The Bankruptcy code.
- Have an Adjustable Rate Mortgage
- The Home At Issue Must Be The Homeowners Homestead
- The Term of the Mortgage must be no longer than 30 years.
Call the Sughrue Law Firm today to set up a free consultation to see how The Helping Families Save Their Home In Bankruptcy Act my be able to help your family deal with the current mortgage crisis.
Alternatives To Actually Filing Bankruptcy And Still Modify Your Adjustable Rate Mortgage
Before advising a client to file a Bankruptcy, The Sughrue Law Firm examines Alternatives to Bankruptcy. Even those homeowners that would qualify under The Act should consider Non Bankruptcy alternatives. Simply asking your mortgage company to work out a modification to avoid a Chapter 13 is often sufficient pressure to start a successful mortgage modification.
How Will The Act Help Your Family?
Interest Rate Reduction + Principal Reduction
Houston Area Foreclosure and Bankruptcy Attorney Jason Sughrue summarizes the current mortgage crisis that hundreds of his clients are experiencing as having two tragic elements. Many of Attorney Jason Sughrue’s clients are being forced to:
- Pay More for their home than its worth
- Pay An Interest Rate that has been ''adjusted'' to a point they cant afford it
By no fault of their own many of the clients of The Sughrue Law Firm have seen a major decrease in the value of their family's home. At the same time their mortgage company has taken it upon itself to raise Adjustable Rate mortgage interest rates time and again. In some cases rates have gone from as low as 6% to as high as 12%. The numbers speak for themselves.
The Helping Families Save Their Homes In Bankruptcy Act would allow a Bankruptcy Judge to confirm a Chapter 13 plan that reduced not only the Interest Rate but also the Principal Due (known as a Cram-down). In theory, a Homeowner who owed $225,000.00 on a home that had a market value of $200.000.00 and whose interest rate had adjusted to 12% could realize a principal and interest rate reduction that would reduce their monthly payment from $2348.99 to $1199.10.
*The Sughrue Law Firm has been designated as a debt relief agency by Congress under the United States Code. We proudly help people file for bankruptcy relief under the Bankruptcy Code.
723 Main St. Ste 801
Houston, TX 77002
ph: 713-518-1833
fax: 713-228-0201
