Helping Families Save Their Homes Act
Major Provisions of H.R. 1106
The following is a summary of H.R. 1106, the Helping Families Save Their Homes Act, as passed by the U.S. House of Representatives on March 5, 2009. Prevention of Mortgage Foreclosures Modification of Residential Mortgages. Amends Federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income) to exclude from the computation of debts the secured or unsecured portions of: (1) debts secured by the debtor’s principal residence if the value of the residence is less than the applicable maximum amount of noncontingent, liquidated, secured debts; or (2) debts secured or formerly secured by…
