By: Scott Fink, Esquire
Yesterday, the House Judiciary Committee approved a slightly modified version of the proposed amendments to the Bankruptcy Code, known as the “Helping Families Save Their Homes in Bankruptcy Act of 2009” or H.R. 200. The Bill will now move to the full House of Representatives for debate and a possible vote.
The Bill, which closely mirrored the Senate version, was altered to exempt VA and FHA loans from modification and also make provisions for lenders whose loans are modified in bankruptcy to share in a portion of any appreciation on the real estate upon a sale in the future.
We will continue to monitor the situation closely and update you as more information becomes available.
If you have any questions on this information, please contact Mr. Scott D. Fink, Esq. Scott is an associate in the Bankruptcy Department of Weltman, Weinberg & Reis Co., L.P.A. in Brooklyn Heights, Ohio. He can be reached at (216) 739-5644 or via e-mail at firstname.lastname@example.org.
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