3.0.0 6431 2023-01-11T13:21:19Z 2023-01-11T13:21:19Z House H HR 2010-11-18 111 hsju00 Judiciary Committee House Standing hsju09 Commercial and Administrative Law Subcommittee Referred to 2010-12-20T18:57:43Z Referred to 2010-11-18T15:02:50Z 2010-12-20 hsju09 Commercial and Administrative Law Subcommittee 1 House committee actions Referred to the Subcommittee on Commercial and Administrative Law. Committee 2010-11-18 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2010-11-18 Sponsor introductory remarks on measure. (CR E1979) IntroReferral B00100 9 Library of Congress 2010-11-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-11-18 Introduced in House IntroReferral 1000 9 Library of Congress M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 N Finance and Financial Sector Bankruptcy Housing finance and home ownership Finance and Financial Sector 00 2010-11-18 Introduced in House 2011-01-28T19:17:29Z Protecting Homeowners and Foreclosure Stabilization Act of 2010 - Amends the bankruptcy code to make an exception to the requirement that the bankruptcy court grant relief from a stay, on the request of a party in interest, by terminating, annulling, modifying, or conditioning the stay for cause, including the lack of adequate protection of an interest in property of that party in interest. Excludes from mandatory relief from a stay on these grounds any stay of the foreclosure of the debtor's principal residence.

Amends Chapter 13 (Adjustment of Debts of an Individual with Regular Income) of the bankruptcy code with respect to discretionary contents of the debtor's plan for adjustments of his or her debts. Allows the plan, subject to certain conditions, to modify the rights of the holder of a claim for a loan: (1) originated before the effective date of this Act, and (2) secured by a security interest (including a subordinate security interest) in the debtor's principal residence that is the subject of a notice that a foreclosure on the loan may be commenced.

Specifies as such conditions that the plan: (1) prohibits, reduces, or delays any otherwise permissible adjustments to the interest rate applicable on and after the date of the filing of the plan; (2) modifies the terms and conditions of the loan to provide for the payment of interest accruing after the date of the order for relief at a fixed annual rate equal to a specified rate, plus a reasonable premium for risk; and (3) provides for payments of the modified loan directly to the claim holder.

Allows a claim to be reduced under this Act only on the condition that, if the debtor sells the principal residence securing the claim before receiving a discharge from debt, and receives net proceeds from that sale, then the debtor agrees to pay the claim holder 30% of the capital gains if the residence is sold within 10 years after the plan's effective date.

Extends from 14 to 30 days the deadline, under the Federal Rules of Bankruptcy Procedure, for the filing of a debtor's plan after the filing of a Chapter 13 petition, if the debtor's plan would modify the rights of a claim holder pursuant to this Act.

Exempts from the credit counseling requirement any debtor whose principal residence is the subject of a notice of foreclosure (or similar notice under state law).

Makes it one of the duties of a debtor in a voluntary case under chapter 13, in which a debt is secured by a lien on the debtor's principal residence, to certify under penalty of perjury that, before the filing of the petition, the debtor requested the holder of the claim for such debt to modify the debt.

]]> Protecting Homeowners and Foreclosure Stabilization Act of 2010 Display Title Protecting Homeowners and Foreclosure Stabilization Act of 2010 Official Title as Introduced To amend title 11 of the United States Code to modify the application of chapter 13 with respect to principal residences that are the subject of foreclosure. Introduced in House IH Short Titles as Introduced Protecting Homeowners and Foreclosure Stabilization Act of 2010 Introduced in House 2010-11-18T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr6431ih/xml/BILLS-111hr6431ih.xml 2010-12-20 Referred to the Subcommittee on Commercial and Administrative Law. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.