Will the HR 200 bill allow the court system to decide to lower my mortgage to the appraised value and wipe out my first?

I am battling foreclosure and thought 1106 would help me but it did not get through the Senate. I have no bills only a car and can no longer afford my two mortages. One home. Will HR 200 wipe out my first and refi my home for the appraised value so I can keep it? I am currently in a three month trial modification, which is just a bandaide to the problem .I am considering Chp 13 if this bill will help me. Thanks

Asked on June 8, 2009 under Bankruptcy Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

This is something you should be posing to your state reps and your Dept of Financial Institutions.

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