H.R.7328: To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes.

To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. 12/10/2008--Introduced. Homeowners' Protection Act of 2008 - Amends the federal bankruptcy code to eliminate the pre-petition credit counseling requirement for a debtor under chapter 13 (Adjustment of Debts of an Individual with Regular Income) who is facing foreclosure, if the debtor submits to the court a certification that the debtor has received notice that the holder of a claim secured by the debtor's principal residence may commence foreclosure. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment [...]

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