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Bankruptcy Group Pushes Principal Pay Down Petition

September 27, 2011 John J. Scura III Bankruptcy, Foreclosure

The National Association of Consumer Bankruptcy Attorneys (NACBA) has developed a Principal Pay Down Plan, which would provide immediate relief for qualified homeowners who find themselves underwater on their mortgages.  Economists and other experts all agree that housing must stabilize before we have a full blown economic recovery.   The Principal Pay Down plan proposes to reduce the interest rate on mortgages to 0% for 5 years, monthly payments would be lowered and every dollar applied to the principal.  This Plan provides multiple benefits.  It would help families trying to save their homes, stabilize communities, and help prop up the ever declining housing market. 


I urge everyone to sign the petition that is being submitted to the Obama administration.   Here is the link to the Principal Pay Down Plan proposed by the National Association of Consumer Bankruptcy Attorneys.

We have many bankruptcy clients that would save their home if given a reasonable alternative.  Many owe more than the house is worth and it just does not make economic sense to save the home.  With the Prinicpal Pay down plan, our clients would have some reasonable prospect of saving the home and then would not have to walk away.  If people are not given reasonable alternatives with their housing situation, the market will continue to decline.  In the end, this will also benefit the banks, who also suffer greatly from this housing market.  Bottom line is that the only way to increase consumer confidence is to fix housing.  Like it or not we are a consumer driven economy.  The banks received a bail out and now it is time for the consumer.    

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