Homeowners struggling to pay their mortgages may receive some help from the federal government. The House of Representatives Financial Services Committee is considering a bill that would reduce mortgage loan amounts through bankruptcy proceedings. 

The proposed legislation was created in response to lawmakers' belief that banks and other lending entities are doing a poor job modifying mortgage loans. These entities have been prodded by the federal government in the past to help homeowners refinance their mortgages. 

Missing mortgage payments can lead to financial hardship for many homeowners, and could result in bankruptcy. If you or anyone you know is considering filing for bankruptcy protection, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.