Zuckerberg Bankruptcy Law Office

Only yesterday I blogged about mortgage modifications.  I listed all the reasons I believe the process could be so much more efficient and helpful to homeowners if, instead of banks and mortgage servicing companies "trying" (all the articles talk about how the failure of the program "isn't for lack of trying") to run a program for which they're ill-equipped, Congress allowed bankruptcy judges to take over and get the job done. 

If you thought that, as a bankruptcy attorney in Indiana,  I was exaggerating my criticisms of the way the mortgage modificatioin program has been working - or, more correctly, not working - so far, the Treasury Department's announcement a week and half ago should leave no doubt in your mind.

While more than 700,000 homeowners have signed up for modification help under Obama's Housing Help program, only 31,000 or so of these modifications have progressed to the "permanent" stage.  The Congressional Oversight Panel warns that "as currently structured, the program appears capable of preventing only a fraction of foreclosures."

Talk about "trying"!   For the past year, I, along with the Columbus bankruptcy lawyers who work in my office there (along with the Indianapolis bankruptcy attorneys in my office) have been trying, and trying, and trying, to help clients negotiate with their lenders on mortgage modifications.  Dealing with the mortgage servicing companies has been a very slow, frustrating process.

Even with all this worry and frustration, there's been a sunny side to the work in mortgage modification I've been doing as part of offering Indiana bankruptcy help. Many clients report is that, even when a mortgage modification is not granted to them by the lender, the very process of working with a legal professional to organize their financial information has helped them gain more control over their problems. 

How can that be?  Picture this: What I and my colleagues do is
 

• analyze your financial situation
• have skilled property appraisals run
• prepare the debt-income ratios necessary for the modification paperwork. 

All the while, you're getting a much clearer picture of what all your options are, not just concerning your mortgage, but your entire debt situation.

Know how they say "Seeing is believing"?  Sometimes just having a skilled, experienced professional help you see what the options are helps. Once you believe there's a better future ahead, you can start to make that better future happen!