justments to such rate of interest applicable on 
and after the date of filing of the plan; 
‘‘(B) by modifying the terms and condi-
tions of such loan to provide for the payment 
of interest accruing after the date of the order 
for relief under this chapter at a fixed annual 
rate equal to the currently applicable average 
prime offer rate as of the date of the order for 
relief under this chapter, corresponding to the 
repayment term determined under the pre-
ceding paragraph, as published by the Federal 
Financial Institutions Examination Council in 
its table entitled ‘Average Prime Offer Rates— 
Fixed’, plus a reasonable premium for risk; and 
‘‘(C) by providing for payments of such 
modified loan directly to the holder of such 
claim; and’’, and 
(2) by adding at the end the following: 
‘‘(g) A claim may be reduced under subsection 
(b)(11)(A) only on the condition that if the debtor sells 
the principal residence securing such claim, before receiv-
ing a discharge under this chapter and receives net pro-
ceeds from the sale of such residence, then the debtor 
agrees to pay to such holder if such residence is sold in 
the 10-year period beginning on the effective date of the 
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plan, 30 percent of the capital gains, if any, as defined 
in section 1001 of the Internal Revenue Code of 1986.’’. 
SEC. 4. EXTENDED PERIOD FOR FILING CERTAIN CHAPTER 
13 PLANS. 
If the debtor’s plan modifies the rights of a holder 
of a claim under section 1322(b)(11), then for purposes 
of rule 3015(b) of the Federal Rules of Bankruptcy Proce-
dure a reference to ‘‘14 days’’ shall be deemed to be a 
reference to ‘‘30 days’’. 
SEC. 5. EXEMPTION FROM COUNSELING REQUIREMENT. 
Section 109(h) of title 11, the United States Code, 
is amended— 
(1) in paragraph (1) by striking ‘‘(2) and (3)’’ 
and inserting ‘‘(2), (3), (4), and (5)’’; and 
(2) by adding at the end the following: 
‘‘(5) The requirements of paragraph (1) shall not 
apply with respect to a debtor whose principal residence 
is the subject of a notice of foreclosure (or similar notice 
under State law).’’. 
SEC. 6. REQUIREMENT TO REQUEST MODIFICATION. 
Section 521(a) of title 11, the United States Code, 
is amended— 
(1) in paragraph (6) by striking ‘‘and’’ at the 
end, 
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(2) in paragraph (7) by striking the period at 
the end, and 
(3) and inserting after paragraph (7) the fol-
lowing: 
‘‘(8) in a voluntary case under chapter 13 in 
which there is a debt secured by a lien on the prin-
cipal residence of the debtor, certify under penalty 
of perjury that before the filing of the petition debt-
or requested that the holder of the claim for such 
debt modify such debt.’’. 
SEC. 7. RULE OF CONSTRUCTION. 
Nothing in this Act or the amendments made by this 
Act shall be construed to modify any obligation of the Fed-
eral Housing Administration, the Veterans Administra-
tion, or the Department of Agriculture under a contract 
that guarantees or insures the payment of any part of a 
loan secured by a security interest in a principal residence. 
SEC. 8. EFFECTIVE DATE; APPLICATION OF AMENDMENTS. 
(a) EFFECTIVE DATE.—Except as provided in sub-
section (b), this and the amendments made by this shall 
take effect on the date of the enactment of this Act. 
(b) APPLICATION OF AMENDMENTS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this Act shall 
apply with respect to cases commenced under title 
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11 of the United States Code before, on, or after the 
date of the enactment of this Act. 
(2) LIMITATION.—Paragraph (1) shall not 
apply with respect to cases closed under title 11 of 
the United States Code as of the date of the enact-
ment of this Act that are neither pending on appeal 
in, nor appealable to, any court of the United 
States. 
Æ 
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