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Principal Paydown Plan – Foreclosure Prevention?

Last month foreclosures filings for Milwaukee County were up 34%.  Foreclosures continue to be a drag on the economy.   The National Association of Consumer Bankruptcy Attorneys is petitioning the Obama Administration to adopt a plan to paydown mortgage principal under the supervision of the Bankruptcy Courts.  You can help make this happen!

Please act now to show your support for the Principal Paydown Plan!  Sign the petition and then share this message with your clients, friends and family!

NACBA has been urging the Obama Administration to enact the Principal Paydown Plan (“PPP”) as one meaningful step to address the current foreclosure crisis.   Just recently, the Administration launched an effort to encourage the American public to create, share and sign petitions that communicate views about the government’s actions and policies.   We have created a petition for the Principal Paydown Plan – sign it now to show your support!

A key feature of the Principal Paydown Plan provides that underwater homeowners who file Chapter 13 bankruptcy can apply all of their monthly mortgage payments to principal for five years by reducing the interest on their loan to zero for that period. This will dramatically reduce negative home equity, which virtually every housing economist has cited as the leading factor pushing up home foreclosures nationwide.

Show your support – sign the petition now!

The Administration will decide which petitions to further review based on the number of signatures a petition receives.  Help us make sure the PPP gets the attention it warrants – after you sign the petition, please encourage your friends, family members and clients to do the same.  Together we can make this happen!

Thank you for all you do!!

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