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Follow on Google News | Consumers Taking Advantage of Foreclosure Crisis, Using Bankruptcy to Force Loan Modifications.September was the highest month on record for foreclosures, EVER, per a new report by RealtyTrac.com. The crisis, in conjunction with recent reports of potential fraud by many mortgage servicers, has driven more consumers than ever into bankruptcy.
By: Barbara Israel With all 50 State Attorneys General joining forces in an on-going investigation of mortgage servicing procedures, Bank of America, JP Morgan Chase and GMAC are all reported to have instituted temporary foreclosure moratoriums throughout the entire country. Given the current investigations, homeowners filing bankruptcy may finally have enough clout to help encourage their bank to genuinely modify their loans. Once the homeowner and bank have agreed to new mortgage terms, the new loan is reaffirmed by the bank and the homeowner, under the supervision of the U.S. Court’s Bankruptcy trustees. As long as the homeowner honors the new payment terms, the loan modification is truly permanent. With many homeowners failing to realize that receipt of a “Notice To Accelerate,” With the Obama administration refusing, point blank, to implement a nationwide foreclosure moratorium, it is critical that consumers use the most affordable, legal recourse available to help prevent their banks from unfairly seizing their homes. Bankruptcy may actually offer homeowners more solutions than they might ever have realized. # # # With over 40 years experience practicing bankruptcy law in the state of California, The Law Offices of Walter Scott truly understand our clients needs. The need to be heard, respected and responded to. In a timely manner. By caring professionals. End
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