If you’re under water in your mortgage and thinking about selling your home for a loss, a new bill from 46th District Sen. David Frockt aims to give you some extra protection.

The bill would require banks to choose between two options, either selling off the debt they didn’t recover from the home sale or taking it as a tax write-off, rather than the common practice of doing both.

“What we do in this bill is essentially provide the same type of protection to homeowners who are not yet in foreclosure but are at risk for foreclosure,” Frockt said. “I think in doing so, what we’re going to do is clear out and make some of these sales go quicker, and that’s better for the overall health of the real-estate market.”

Some may say the bill is essentially forcing banks and lenders to take a loss, but Frockt disagrees.

“If a homeowner in distress is in a short-sell situation anyway, the  bank is taking a loss anyway because realistically they are not going to collect the full amount of the debt,” he said.

According to the Maple Leaf Community Council, tonight’s meeting is “really important” for the future of the neighborhood.

There will be an update on the Maple Leaf Reservoir Park project, which is currently obtaining construction documents and permitting.

Also on the agenda is density and transportation changes in Northgate. With light-rail on the way to the neighborhood in coming years, the city is looking at how to best add density and neighborhood amenities to Northgate.

Finally, the council will address emergency preparedness and disaster response in Maple Leaf.

The meeting takes place from 7 p.m. to 9 p.m. Jan. 25 at Olympic View Elementary. Everyone is invited, and childcare will be available.

Seattle City Councilmember Sally Bagshaw, chair of the Parks and Neighborhoods Committee, will be the featured guest at tomorrow's Northwest District Council meeting, so bring your questions on parks and neighborhoods.

Also on the agenda for the council's January meeting are a presentation from the Office of Sustainability and Environment on the city's Draft Climate Action Plan and updates on three grant opportunities for the district (2012 Neighborhood Projects Fund, Neighborhood Matching Fund and 2012 District Council Enhancement Fund).

The meeting takes place at 7 p.m. Jan. 25 at the Greenwood Senior Center, located at 525 N. 85th St. The Northwest District Council covers all or parts of Phinney Ridge, Greenwood, Green Lake, Bitter Lake, Haller Lake Broadview and more.