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Bankruptcy

: The Law of Second Chances

ONE LAST SHOT TO GET A CRAMDOWN BILL PASSED - WE NEED YOU NOW EVERYONE!-

By R. Grace Rodriguez, Esq.

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I am a member of the National Association of Consumer Bankruptcy Attorneys. We just received word from Maureen Thompson our Director for Legislation. She tells us that it looks the the cramdown bill, known as Helping Families Save Their Homes in Bankruptcy Act of 2009 (S. 61) is going to come up for a vote next week! This bill would give bankuptcy judges across the county the power to reduce the balance owed on a mortgage to fair market value. This bill is extremely important if most homeowners are going to be able to stay in their homes duing these tough economic times!

Unfortunately for the average homeowner, is not sufficiently organized to hire the largest lobbying firm in Washington DC to help get this bill passed. However, the National Association of Federal Credit Unions sure has the money and the clout to hire Patton Boggs LLP to try to squash the cramdown bill. Earlier this week, they informed Illinois Sen. Dick Durbin that it still had questions about Democrats' plans to let cash-strapped homeowners modify their mortgages through bankruptcy proceedings. They unanimously voted to oppse the cramdown bill.

Folks, this is a do or die vote. We the people have to come together and call our senators and insist that they vote in favor of this Bill. If you are facing foreclosure you owe it to yourself to be a part of those who lobby congress today! Tell them we need Senate Bill 61 today!Please contact your senator today and beg them to see that we need this bill if we are going to help people save their homes.

If you don't know who you senator is try this link:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

This link will identify your representative and provide you information on how to contact them.

Here is the letter we got:

Dear NACBA Member:

There is now talk that S. 61, the judicial mortgage modification bill (as it has been come to be known) may be on the Senate floor for consideration as early as next week. If there turns out to be the case, we will have our work cut out for us in order to be successful. I recognize this isn't much notice, but that is the way the Senate works sometimes. So, this may be our best and only shot at getting this bill passed into law.

Please look to NACBA for updates tomorrow. Once we know what bill will be on the floor and what the process will be, we will send out updated talking points and information. Even if you have called/emailed your Senators in the past, we will be asking you to do the same again. Having said that, it will be most productive to hold off on those calls, emails and faxes until we know exactly what they are being asked to support. But, be sure to check your email; I expect we will be sending out multiple updates as new information becomes available.

Maureen Thompson

NACBA Legislative Director

Full post as published by The Law of Second Chances on April 24, 2009 (boomark / email).