WE PETITION THE OBAMA ADMINISTRATION TO:
Experts agree that in order for the economy to recover, the housing market first must be stabilized by preventing avoidable foreclosures. While there is no single solution to the foreclosure crisis, one promising approach is the Principal Paydown Plan, which would provide immediate relief for qualified homeowners in bankruptcy who find themselves underwater on their mortgages. By reducing the interest rate on mortgages to 0% for 5 years, monthly payments would be lowered and every dollar applied to the principal. This Plan would provide help for many American families trying to stay in their homes, stabilize communities, and bolster the housing market and economy as a whole. Developed by the National Association of Consumer Bankruptcy Attorneys, the plan is ready for immediate adoption.
For one possible option see my blog on the Loss Mitigation Program now available in bankruptcy cases filed in New Jersey.