What's the status of H.R. 1106?

[vaytee]

What's going on with the H.R. 1106 bill? Did it pass the Senate? If not then what's next? If they vote against it is there anything else that can be done to help us homeowners who had to file bk to save our homes?

[Moe Bedard]

No it did not pass.............there is a thread here in the bankruptcy section of the forum where a discussion had taken place on this bill.
Obama Bankruptcy Bill At Risk - No Teeth Water Down ?

[vaytee]

Thanks, I'm very disappointed to hear that.

[michaela54]

Is there any chance this bill can come back revised again in some other form. Or we dead in the water. I too was hoping for this bill to pass we are in the final phase filing our BK 13 and it looks like we will elliminate the second and other debt we still however will be underwater with our loan as well as a disgusting loan that changes daily based on the libor.

[Walking Away]

It looks like the bill is dead for now. I think it will come back later this year after the next wave of foreclosures sends housing down another 10%. It would be smarter to bring it back as the House had done it. Simply allow judges to lower interest rates for now. That has a decent shot of passing, but allowing judges to lower the principle balance will not pass

[michaela54]

Thank you for taking the time to response to my question.

[franklinco]

I guess the bell rang and another round is going on regarding the cramdown. Posted is what I just crossed on the BK network.

Excerpt:
Cramdown On First Mortgages Gets A Second Look By Senate

By Carmen Dellutri, Attorney at Law on Jul 24, 2009 in Bankruptcy Practice and Procedure, Benefits of Bankruptcy, Florida

Several months ago, there was a bill before Congress which, if passed into law, would have allowed Bankruptcy Judges to modify first mortgages on homesteads. However, the bill failed in the Senate. As of now, the Bankruptcy Code does not allow a debtor to cramdown the mortgage on his first mortgage. So, many people are giving back their homes to the creditors when they are told that they are not eligible for a modification of their mortgage.

The reason that the Bill didn’t pass was because the Senate voted against it. The Bill passed in the House of Representatives, but it didn’t build any steam in the Senate. Likewise, the President didn’t get involved and pressure any members of the Senate despite a campaign promise to pass this bill.Yesterday, the Senate Judiciary Subcommittee on Administrative Oversight and the Courts held a hearing where testimony was taken on the issues. Hopefully, the Senate will begin to understand that the Obama plans have failed miserably, and after two years of no-policy, it is time to do something which they should have done a long time ago.

Take Southwest Florida for instance, where the jobless rate is over 10% and the foreclosures are through the roof. The average home has lost over 50% of its value in the last two years. We are a perfect example of why there is a need for this legislation.

Yet, we have been waiting two years with no relief in sight. Don’t get me started on Local and State Government either.

This post was submitted by Carmen Dellutri, Esq.
End Excerpt:

Let's see where this leads before we all end up without homes.