This article discusses minor changes to the U.S. Bankruptcy Code that would make avoiding foreclosure possible for a homeowner who (a) is presently not able to make the mortgage service payments but (b) could make payments for a mortgage that is reduced to the market value of the property and to a fixed market mortgage rate. This article does not address the political issue of what protections Congress might decide to provide mortgage owners and servicers as a part of such legislation.
Samuel Bufford, The Chapter 13 Alternative: a Legislative Solution to Undersecured Home Mortgages, 45 U. Rich. L. Rev. 1091 (2011).