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'Struggling homeowners may not lose their homes if law is passed'

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Struggling homeowners may not lose their homes if law is passed

01/28/09 12:39

Homeowners struggling and in danger of losing their homes may have a lifelife if a law is passed that Congress is considering.

Congress is considering changing current bankruptcy law so that bankruptcy judges may restructure mortgages on a homeowner's primary mortgage by adjusting interest and principle as well as other items.

Proponents say this change could be a home saver for borrower's dealing with unaffordable mortgage payments, falling housing values and other financial woes.

It is hoped that this will curtail foreclosures in an already unstable housing picture.

Link: Foreclosure debate shifts to bankruptcy court - Business First of Columbus:

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foreclosures Ohio 'Struggling homeowners may not lose their homes if law is passed'