S.2136 - Federal Government - A bill to address the treatment of primary mortgages in bankruptcy, and for other purposes.

Helping Families Save Their Homes in Bankruptcy Act of 2007 - Amends federal bankruptcy law to permit a bankruptcy plan to: (1) modify a loan secured by the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and (2) provide for payment of such loan at a fixed annual percentage rate of interest, over a 30-year period.

Exempts a chapter 13 debtor from the requirement for credit counseling if the court receives certification that debtor's principal residence has been scheduled for a foreclosure sale.

Conditions any fees, costs, or charges that may be added to the mortgage debt during pendency of the bankruptcy case upon notice to the court within a specified deadline.

Requires the court to waive such additional fees, costs, or charges if the court has not been notified on time.

Permits a bankruptcy plan to provide for waiver of any prepayment penalty contained on a claim secured by debtor's principal residence.

Authorizes the trustee in bankruptcy to request joinder or substitution for the debtor as the real party in interest in any action in state or federal court with respect to a claim or defense asserted by an individual debtor that was not scheduled in the debtor's petition. Permits the debtor to proceed as the real party in interest if the trustee does not make such a request.

Amends the judicial code to authorize the court in any core proceeding under bankruptcy law to hear and determine a proceeding in lieu of referral to arbitration if the case involves an individual debtor whose debts are primarily consumer debts.

Exempts from the estate in bankruptcy up to $75,000 of the debtor's aggregate interest in real property used as debtor's principal residence if the debtor is age 55 or older.

Prohibits the court from allowing a claim that is subject to any remedy for damages or rescission due to failure to comply with the Truth in Lending Act or any other state or federal consumer protection law.