The House votes on Thursday on the amendment to the Bankruptcy Code to allow judges to approve modification to mortgages secured by family homes. Get your two cents in before Thursday.

The bill repeals the banker’s special protection for home mortgages and allows a Chapter 13 plan to fix the interest rate on a home  loan; reduce the principal to the home’s value; and extend the term of the loan.  With these changes, many of my clients could stay in their homes, making mortgage payments.  Without it, they face losing their family home to foreclosure.

Every homeowner, regardless of the terms of their loan, has a stake in this issue.  Foreclosures lower the value of the houses in the neighborhood and further spook the housing market.

I urge you to pick up the phone and call your representative in Congress. Urge a vote for HR 200.  Ask Congress to give homeowners a chance to save their homes, at no cost to taxpayers.