• Bank voluntary modifications have not worked.
• Judicial modification does not use any taxpayer money
• Only currently existing loans are eligible.  Future loans cannot be modified; they are not subject to this bill
• Stabilizes blocks, neighborhoods and community real estate values
• Responsibility is spread between the two parties most responsible, lender and homeowner; no one receives a free ride.  Lender’s loan amount is reduced; homeowner must file bankruptcy and function under strict IRS living standards for up to five years
• Homeowners will pay 100% of the present, fair value of the home
• Eliminates predatory loans very quickly
• Voluntary modification has not worked.  Making Home Affordable predicted 4 million modifications.  Less than 400k have been done; when you look at these mods, they really aren't modifications at all.;
• Just the threat of bankruptcy will force lenders to now negotiate in good faith
• These mortgage loans are the toxic loans which the banks want to sell to the US taxpayer in order to clean up their books
• The banking industry created this mess; taxpayers cannot rely on them for a solution.

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24 years of legal experience in helping people.