Bankruptcy Indiana

I’ve been blogging about loan modification scams and how the situation has become bad enough to attract the attention of the Federal Trade Commission.  But, bad as these foreclosure prevention scams are, a more widespread problem is all the foreclosure prevention that isn’t being done at all!

Despite all the financial incentives the government has been providing to lenders and to mortgage servicing companies to get them to work with borrowers and lower their monthly payments, things have been sluggish and inefficient at best. Yet, according to one U.S. News & World Report I read, “Mortgage modifications are a central plank in the Obama administration’s sweeping effort to rescue the housing market…”

What has actually been going on with the mortgage servicing companies is terrible service and overwhelmed employees.  And what has actually been going on with homeowners is frustration and heartbreak.  I know, because I and the other professionals in my four bankruptcy law offices around the state have been doing our level best to help homeowners negotiate modifications with their lenders.

Just two weeks ago, I learned, a bankruptcy judge in Arizona took matters into his own hands.  Judge Randolph Haines summoned a senior executive from Wells Fargo bank
To testify in an actual bankruptcy proceeding.  Under oath, this bank execuritve had to answer to the debtor in front of the court for all the delay and frustration that they had caused her.  Mrs. Giguere had been trying desperately to save her home from foreclosure, and had experienced nothing but delays and inefficiency from Wells Fargo.
The judge was trying to make a public statement that all mortgage servicing companies need to be held accountable.

I want to make an impact as well. The way I see it, having a skilled negotiator at the side of debtors in a mortgage modification can make a big difference in achieving a successful outcome.