Real Estate Committee

ABI Committee News

Mortgage Lienstripping Bill Advances in the House

Written by: Prof. Jack F. Williams
ABI Resident Scholar

The House Judiciary Committee approved an amendment in the nature of a substitute for H.R. 200 on January 27, sending the bill to the House floor where it may be attached to another measure for fast action.  The bill is entitled “Helping Families Save Their Homes in Bankruptcy Act of 2009.”  The purpose of the bill is to provide a means through chapter 13 for a debtor to avoid a foreclosure and keep the primary residence.  The bill is aimed at helping chapter 13 debtors who might have the means to afford their home, although they may no longer be able to afford their current mortgage.  The core of the bill gives a bankruptcy judge in a chapter 13 case the discretion, within choreographed steps, to reduce the mortgage amount and alter other key terms on the principal residence, while partially protecting the lender in the event of a later sale after the property has appreciated in value.  The bill is also intended to curb certain perceived abusive practices by lenders and servicers.  

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Committee Session at the 27th Annual Spring Meeting

The 27th Annual Spring Meeting will be held April 1-4 at the Gaylord National Resort and Convention Center, just south of our Nation's Capitol in National Harbor, Md. This year's conference will have a special focus on the tough policy choices facing the new administration and Congress. The Real Estate Committee will hold a joint session on Thursday afternoon at 4:00 p.m. with the Asset Sales Committee and the National Auctioneers Association. Gary S. Jacobson of Herold and Haines, PA in Warren, N.J. will moderate the panel for the session entitled "Maximizing the Value of Commercial Real Estate, Machinery and Equipment and Intellectual Property through the Auction Process." Panelists will include David A. Fiegel of GoIndustry USA in Owings Mills, Md., Cathy Rae Hershcopf of Cooley Godward Kronish LLP in New York, Stephen M. Karbelk of the National Commercial Auctioneers in Tulsa, Okla. and Daryl Martin of CONSOR Intellectual Asset Management in La Jolla, Calif. Click here to register now!