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Remember, bankruptcy judges already have this ability when dealing with mortgages on vacation homes and investment properties. Why shouldn't they have it where it's needed most, on family homes?
The fact is, we have to act, and act now.
The bill before Congress, even without the bankruptcy provision, is far better than nothing. Yet President Bush has threatened to veto it, and pressure is on the Senate to "compromise," which may mean delivering even less help than the House bill promises.
If real aid for troubled homeowners has to wait until the next administration takes office, it will be too late for many.
Make your voice heard now; there remains a chance substantive legislation could be approved. I like the change in bankruptcy laws because it's cheaper for you and me and avoids letting lenders off the hook, but any law that keeps families in their homes is worth your support.
This link will help you find your House representative, and you can find your senators here. Here's a sample message:
"Please help stem the tide of foreclosures. Approve legislation that would help troubled borrowers save their homes, and give bankruptcy judges the ability to modify mortgage terms. Thank you."
Liz Pulliam Weston's new book, "Easy Money: How to Simplify Your Finances and Get What You Want Out of Life," is now available. Columns by Weston, the Web's most-read personal-finance writer and winner of the 2007 Clarion Award for online journalism, appear every Monday and Thursday, exclusively on MSN Money. She also answers reader questions on the Your Money message board.
Published May 19, 2008
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