1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Massachusetts Attorney heads to D.C. to urge changes in bankruptcy law to stem foreclosures

Consumer Bankruptcy Attorney Asks Congress for Help With Mortgages

 
 
Terrence L. Parker, Esq.
Terrence L. Parker, Esq.
PRLog - Feb. 11, 2009 - Contact:Terrence L. Parker, 617-491-2265, parkerlaw@verizon.net   

WASHINGTON, D.C.///February 11, 2009//// Massachusetts attorney Terrence Parker joined fellow members of The National Association of Consumer Bankruptcy Attorneys (NACBA) from around the country as they met in Washington D.C. on Feb. 9 and 10 for training and discussions with legislators about the “Helping Families Save Their Homes in Bankruptcy Act of 2009” and companion bills that have been introduced in the House of Representatives and Senate. Parker said: “We went to our Nation’s Capitol to promote the one solution to the mortgage foreclosure crisis that we know will work, keep families in their homes, preserve neighborhoods, and costs taxpayers nothing.  Everyone admits that proposals that rely on mortgage holders to voluntarily modify loans have failed to stem the tide of foreclosures that grows greater every month. As long as there are more and more foreclosures dumping more homes on the housing market, prices will continue their tailspin, making the financial crisis even worse.”

The law would allow bankruptcy judges to modify mortgages on a homeowner’s principal place of residence, as is currently allowed on vacation homes, boats, commercial real estate, vehicles, and farms. Modifications could include reducing the interest rate and lengthening the repayment time. The modifications would help homeowners avoid foreclosure, provide stability to the housing market, save neighborhoods, and as a result, boost the economy.

Carey Ebert, President of NACBA, noted: “Our members, came from around the country to meet with their elected officials, represent the interests of the families we see every day, for whom bankruptcy could be a way out of crisis. We need court supervised loan modifications that are feasible for the homeowner, but at the same time fair to the banks and investors of the securitized trusts that hold the bundles of residential mortgages.”

The need for mortgage modification legislation could not be more critical: A recent Credit Suisse report said it expected 8.1 million mortgages - or 16 percent - will be in foreclosure by 2012.

ABOUT NACBA

Established in 1992, NACBA is the only organization dedicated to serving the interests of consumer bankruptcy attorneys and protecting the rights of consumer debtors in need of bankruptcy relief.  The Association’s twin missions are to help consumer bankruptcy attorneys more effectively represent their clients and ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, before the Judiciary, in the Executive Branch and in other arenas where consumer debtors are affected.

CONTACT:      Barbara Andelman, Executive Director, barbara.andelman@nacba.org
      Terrence L. Parker 617-491-2265, parkerlaw@verizon.net

Editor’s Note:  A digital photograph file of Terrence L. Parker is available upon request.

Photo:
http://www.prlog.org/10181183/1

--- End ---

Click to Share

Contact Email:
***@nacba.org
Source:NACBA
Phone:877-229-7079
Zip:02138
City/Town:Cambridge - Massachusetts - United States
Industry:Legal, Government, Mortgage
Tags:stimulus package, saving homes, mortgage relief, fighting foreclosures, nacba, bankruptcy attorney
Last Updated:Feb 11, 2009
Shortcut:prlog.org/10181183
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share