Home Foreclosure Reduction Act of 2017

Summary

Home Foreclosure Reduction Act of 2017 This bill 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 the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the property's value was less than the applicable maximum amount of noncontingent, liquidated, secured debts. The bill applies the credit counseling requirement to a Chapter 13 debtor who certifies receipt of notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it. Courts must disallow a claim that is subject to any remedy for rescission under the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment. A Chapter 13 bankruptcy plan may modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this bill and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice The bill authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence. A debtor is not liable for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. The bill adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the claim as reduced and modified, completion of all payments under the plan, or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith and the court does not find that the debtor has been convicted of obtaining by actual fraud the extension, renewal, or refinancing of credit that gives rise to a modified claim. Upon request, the court may confirm a plan proposing a reduction in the interest rate on the loan secured by such security interest and that does not reduce the principal, if certain requirements are met. The bill excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced. The federal judicial code is amended to prescribe standing trustee fees regarding certain payments received under a Chapter 13 bankruptcy plan.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 January 2017

   Introduced

   Referred to the House Committee on the Judiciary.

   Source: IntroReferral

2. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

4. 12 January 2017

   Referred

   Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

   Source: Committee

5. 26 July 2018

   Passed

   ASSUMING FIRST SPONSORSHIP - Mr. Jeffries asked unanimous consent that he may hereafter be the first sponsor of H.R. 134, a bill originally introduced by Representative Conyers, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 January 2017 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 3 January 2017

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Rep. Conyers, John, Jr. [D-MI-13] · D · Sponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Jackson Lee, Sheila [D-TX-18] · D · Sponsor
• Rep. Jeffries, Hakeem S. [D-NY-8] · D · Cosponsor
• · hsju00 · Standing

Related records

• related to ← Home Foreclosure Reduction Act of 2015