Earlier this year a bill that would have given bankruptcy judges the authority to modify home mortgages was soundly defeated in the Senate after intensive lobbying by the financial industry. After the defeat Sen. Dick Durbin said of the bank lobbying effort, “Frankly, they own the place.”
Six months later, it is apparent that legislation designed to encourage home loan modification between lender and home owner is impotent. The “Home Affordable Program (HAMP)” and the 2008 HUD “Hope for Homeowners” are voluntary programs that have proven too costly and cumbersome to be effective. The Huffington Post recently characterized the situation this way:
“The Obama administration had high hopes for the law Congress passed intended to encourage mortgage modifications. The law is all carrot, however, and no stick. Cramdown is the stick. If banks think they could get hit in bankruptcy court, they're more likely to bargain.”
Rising unemployment rates and mounting home foreclosures are putting new pressures on Congress to do something. Some lawmakers are revisiting the idea of bankruptcy cramdown to encourage voluntary modification by lenders, or to enable forced modification by the bankruptcy courts. Passage of this cramdown legislation would give Federal bankruptcy judges the authority to modify bankruptcy debtors’ mortgage contracts by lengthening terms, cutting mortgage rates, or reducing loan balances. The current bankruptcy law allows modification of some contracts, but not home loans.
House Financial Services Committee Chairman Barney Frank (D-Mass.) has announced his intent to push for legislation giving bankruptcy judges the authority to modify home mortgages. The Huffington Post reports that Frank has met with key members of the Senate Banking Committee who are ready to make a serious push at major financial regulatory reform before the year was out.
If you are behind on your mortgage and experiencing difficulty with your lender, consult an experienced bankruptcy attorney for advice. There are many options available to homeowners, and new opportunities are developing, but quick action is still vital to your chances for a positive result. Take control of your situation by learning your rights and legal options. The Law Office of Erich M. Niederlehner, PA has 4 convenient locations in Mobile, Pensacola, Fairhope and Fort Walton Beach. Please call toll free 877-607-2228 to schedule a free consultation.
Congress has designated us a debt relief agency. We help people file for bankruptcy under the bankruptcy code. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. Main office is in Pensacola, Florida. No attorney client relationship is established by using this website.
Showing posts with label Florida foreclosure. Show all posts
Showing posts with label Florida foreclosure. Show all posts
Thursday, October 29, 2009
Sunday, March 15, 2009
Help Get Senate Bill 61 Passed - Call Your U.S. Senator Today
This foreclosure solution costs taxpayers NOTHING.
Over 6,600 American families a day are losing their homes to foreclosure.
In the next five years, over 8,000,000 American family homes
will be lost to foreclosure, unless we do something now.
If we don’t, the value of all of our homes will keep going down and our neighborhoods will suffer.
DON’T LET THE BANKS BLOCK
THIS NO-COST ACTION TO
SAVE FAMILY HOMES AND OUR COMMUNITIES
AND HELP RESTORE OUR NATION’S ECONOMY
Our Senators have the opportunity to pass legislation that would allow courts
to change bad mortgages so struggling homeowners can save their homes from foreclosure. The result? Fewer foreclosures and more stable home prices for all of us.
Tell your Senators to support Senate Bill 61 - the
Helping Families Save Their Homes in Bankruptcy Act of 2009
Reduce home foreclosures at no cost to taxpayers.
Call your United States Senators toll free: 877.354.4958
Or email them at: www.nacba.org/TellCongress
The mortgage modification proposal has been endorsed by leading economists, 22 state Attorneys General, state and local elected officials, newspaper editorial boards from around the country and nearly 100 leading national organizations representing seniors, consumers, religious affiliations, financial professionals, working families, and civil rights and housing groups.
Paid for by the National Association of Consumer Bankruptcy Attorneys, Inc., a nationwide organization dedicated to protecting the rights of honest, hard-working, financially distressed Americans. Go to www.nacba.org/S61 for more information about the bill and how you can help get it passed.
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Over 6,600 American families a day are losing their homes to foreclosure.
In the next five years, over 8,000,000 American family homes
will be lost to foreclosure, unless we do something now.
If we don’t, the value of all of our homes will keep going down and our neighborhoods will suffer.
DON’T LET THE BANKS BLOCK
THIS NO-COST ACTION TO
SAVE FAMILY HOMES AND OUR COMMUNITIES
AND HELP RESTORE OUR NATION’S ECONOMY
Our Senators have the opportunity to pass legislation that would allow courts
to change bad mortgages so struggling homeowners can save their homes from foreclosure. The result? Fewer foreclosures and more stable home prices for all of us.
Tell your Senators to support Senate Bill 61 - the
Helping Families Save Their Homes in Bankruptcy Act of 2009
Reduce home foreclosures at no cost to taxpayers.
Call your United States Senators toll free: 877.354.4958
Or email them at: www.nacba.org/TellCongress
The mortgage modification proposal has been endorsed by leading economists, 22 state Attorneys General, state and local elected officials, newspaper editorial boards from around the country and nearly 100 leading national organizations representing seniors, consumers, religious affiliations, financial professionals, working families, and civil rights and housing groups.
Paid for by the National Association of Consumer Bankruptcy Attorneys, Inc., a nationwide organization dedicated to protecting the rights of honest, hard-working, financially distressed Americans. Go to www.nacba.org/S61 for more information about the bill and how you can help get it passed.
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Thursday, September 25, 2008
Wall Street Bailout Bill Needs to Help the Little Guy!
Looks like the economy is bad shape to say the least. The President, Presidential-Hopefuls and members of Congress all pay lip service to this $700 billion Wall Street bailout, helping the little guy. However, this bailout as it currently stands does nothing to help the homeowner with a loan in or facing foreclosure. People in this situation can not refinance their mortgage and the housing market is so depressed and devalued the stressed and over extended homeowner can not sell their home. What is needed is the ability of the Bankruptcy Courts to restructure primary residential loans in a Chapter 13 Bankruptcy. The Court needs the ability to rewrite the terms of these bad and unaffordable loans. The ability of the Courts to restructure the loans will greatly increase the likelihood of repayment. Court supervised restructuring of primary residential home loans is the only way to truly help the little guy in this bailout. The ability for the Bankruptcy Courts to rewrite primary residential mortgages will not only help the little guy, but also Wall Street and soon all tax payers when the government buys all these loans. How, you may ask? With more people repaying their loans instead of turning in the keys fewer homes will be foreclosed. Thus, with a lower number of homes on the market for sale hopefully the property values will begin to trend upward.
I am a member of the National Association of Consumer Bankruptcy Attorneys, below are key points they are trying to stress to law makers who are today considering this Wall Street bailout. Why should a Wall Street CEO be able to restructure their vacation home’s mortgage in Bankruptcy, but the guy on Main Street is not able to restructure the loan on his primary residence. This is against public policy and makes no sense to many Americans facing the loss of their home. Without the ability of the courts to restructure these bad loans more and more families are truly going to be on Main or some other street. Please call, fax or email your members of the House and Senate and urge them to support a court-supervised mortgage restructuring amendment in the Wall Street bailout bill.
* The rapid deterioration of the financial sector has been fueled by the steep rise in delinquencies and foreclosures of risky mortgages.
* These mortgages have been sliced up and sold in complex financial instruments that now sit as "toxic assets? on the balance sheets of our largest banks.
* Every financial expert, including Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, agree that we will not stabilize our financial markets until we stabilize the housing markets.
* The housing market will not stabilize absent a solution to the tide of foreclosures.
* Simply giving a government entity the authority to purchase the "toxic assets? of troubled financial institutions will not result in fewer foreclosures. This is complicated, but the basic problem is that the government will not be buying mortgages ...those mortgages have been carved up and sold to investors all over the world. The government essentially would have to put all the pieces back together to modify the loan, which just is unrealistic.
* Court-supervised mortgage modification in Chapter 13 bankruptcy is perhaps the most effective tool for ending the foreclosure crisis.
* Court -supervised mortgage modification will not cost the U.S. taxpayer one penny, but will keep families on Main Street in their homes. It deserves your support in the taxpayer funded bailout of Wall Street.
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Thursday, August 21, 2008
Florida Foreclosures Increasing
The Florida Bar News reported in their August 15, 2008 edition that foreclosures in Florida are increasing at a alarming rate to say the least. "According to the Office of the State Courts Administrator, real property/mortgage foreclosure filings in Florida court have risen from 59,907 in Fiscal year 2004-'05 to 274,084 in 2007-'08." That is a 358% increase over the past three years.
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Friday, July 11, 2008
501.1377 Update - Attorney General Exempts Attorneys from 501.1377
The Attorney General has come through for Florida Homeowners wanting to defend against a residential foreclosure action, and has exempted attorneys who provide legal representation to homeowners facing foreclosure by declaring attorneys are not foreclosure rescue consultants, as defined in 501.1377. The action taken by the Attorney General's Office should provide the needed fix until the next legislative session where 501.1377 can be amended. Below is the Attorney General's Office statement released on July 10, 2008 - Pursuant to the Attorney General's authority under Section 501.1377(2)(b)2, Florida Statutes (2008) -- created by HB 643 -- General McCollum has approved for exclusion from the definition in that provision of a foreclosure rescue consultant, "a person licensed to practice law in this state, when such person provides legal representation to a client with respect to a foreclosure."
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Monday, June 9, 2008
What were they thinking? Thanks to New Florida Statute Section 501.1377 Homeowners Facing Foreclosure Will Have No Legal Representation!!!
What has Florida done now? A new Florida law may make it virtually impossible for a homeowner to obtain an attorney to fight a foreclosure action in state or bankruptcy court. While I do not think the original intention was to prohibit homeowners facing foreclosure from obtaining legal representation, the poorly written legislation does just that.
Fla. §501.1377, which becomes effective October 1st, is shocking and appalling. Who would have drafted legislation so outrageous and poorly crafted as to effectively prevent homeowners from obtaining legal representation? Foreclosures are drowning our underfunded court system and hardworking people are being forced to the streets. Now, more than ever homeowners need legal representation to make sure the mortgage companies are playing by the rules. While there does need serious regulation and strong penalties for the “equity purchaser” industry, because homeowners are being tricked into signing over the equity in their homes, our elected officials must do better than Fla. §501.1377. This new law would even seem to prevent a homeowner from obtaining an attorney to seek legal recourse against an “equity purchaser”who violated Fla. §501.1377.
Chip Parker, a Jacksonville Bankruptcy Attorney, who has been following Fla. §501.1377 as it made its way in becoming another poorly written law made a blog posting on the Bankruptcy Law Network Blog on June 5, 2008, which I have posted part of his posting below. His blog positing outlines how Fla. §501.1377 could affect attorneys and homeowners needing legal representation with a mortgage foreclosure.
Now, obviously homeowners facing foreclosure need protection from opportunists and scam artists, commonly referred to as “equity purchasers.” However, consumer attorneys provide a last line of protection for the homeowner by defending him in foreclosure proceedings and seeking protection in bankruptcy court.
The new law defines a “Foreclosure-Rescue Consultant” as a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with stopping, avoiding, or delaying foreclosure proceedings concerning residential real property or curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.
The original bill included, as an exception to the definition, “A person licensed to practice law in this state when rendering foreclosure-related rescue services in the course of his or her practice as an attorney at law.” However, on March 6, 2007, the Committee on Financial Institutions voted to recommend a strike-all amendment. The amendment, “Narrows the exemptions for entities that are considered a ‘foreclosure-rescue consultant’ by removing lawyers, real estate brokers, and mortgage brokers.” See House of Representatives Staff Analysis dated March 14, 2008. The final version signed by Governor Christ removes attorneys as an exception to the definition. Therefore, attorneys are subject to the law.
So what if attorneys are required to comply with the new law? After all, more regulation of lawyers can never be bad, right? Wrong. This law actually prevents lawyers from helping homeowners in crisis!
PROBLEM NUMBER 1:
Under the new law, attorneys cannot represent a homeowner in state court or bankruptcy court without first having the client sign a very specific retainer agreement. Every lawyer does this anyway, so that is not a big deal. However, the client must be given one day to review the agreement before signing it and another three days after the agreement is signed to rescind it. The client cannot waive these time periods.
On its face, this minimum, mandatory 4 day period seem reasonable, but it has a disastrous effect. A homeowner served with a foreclosure complaint has twenty (20) days to file a responsive pleading, and since a lawyer will not file a responsive pleading until the mandatory period runs, the law effectively shortens the period for timely responding by at least four (4) days!
Even worse, a client seeking bankruptcy protection is under the same 4 day period. If a person’s home is scheduled to be sold at a sheriff’s sale, only a Chapter 13 bankruptcy can stop it. If that person seeks the assistance of an attorney within four days of the sale, the attorney cannot help, and the house will be sold!
PROBLEM NUMBER 2:
If the waiting period provision were removed from the new law, lawyers would STILL no longer represent homeowners in state court or bankruptcy court because under the new law, an attorney cannot charge or collect a single penny from a client until all legal services are completed. Furthermore, the law essentially requires a lawyer to front all litigation or bankruptcy related expenses. Once again, on its face, it seems like good news for consumers, but what lawyer is going to front the costs or litigate against a mortgage company or file a bankruptcy without getting paid along the way? Not a single one.
Chip Parker, Bankruptcy Legal Network, June 5, 2008 Posting.
The new law defines a “Foreclosure-Rescue Consultant” as a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with stopping, avoiding, or delaying foreclosure proceedings concerning residential real property or curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.
The original bill included, as an exception to the definition, “A person licensed to practice law in this state when rendering foreclosure-related rescue services in the course of his or her practice as an attorney at law.” However, on March 6, 2007, the Committee on Financial Institutions voted to recommend a strike-all amendment. The amendment, “Narrows the exemptions for entities that are considered a ‘foreclosure-rescue consultant’ by removing lawyers, real estate brokers, and mortgage brokers.” See House of Representatives Staff Analysis dated March 14, 2008. The final version signed by Governor Christ removes attorneys as an exception to the definition. Therefore, attorneys are subject to the law.
So what if attorneys are required to comply with the new law? After all, more regulation of lawyers can never be bad, right? Wrong. This law actually prevents lawyers from helping homeowners in crisis!
PROBLEM NUMBER 1:
Under the new law, attorneys cannot represent a homeowner in state court or bankruptcy court without first having the client sign a very specific retainer agreement. Every lawyer does this anyway, so that is not a big deal. However, the client must be given one day to review the agreement before signing it and another three days after the agreement is signed to rescind it. The client cannot waive these time periods.
On its face, this minimum, mandatory 4 day period seem reasonable, but it has a disastrous effect. A homeowner served with a foreclosure complaint has twenty (20) days to file a responsive pleading, and since a lawyer will not file a responsive pleading until the mandatory period runs, the law effectively shortens the period for timely responding by at least four (4) days!
Even worse, a client seeking bankruptcy protection is under the same 4 day period. If a person’s home is scheduled to be sold at a sheriff’s sale, only a Chapter 13 bankruptcy can stop it. If that person seeks the assistance of an attorney within four days of the sale, the attorney cannot help, and the house will be sold!
PROBLEM NUMBER 2:
If the waiting period provision were removed from the new law, lawyers would STILL no longer represent homeowners in state court or bankruptcy court because under the new law, an attorney cannot charge or collect a single penny from a client until all legal services are completed. Furthermore, the law essentially requires a lawyer to front all litigation or bankruptcy related expenses. Once again, on its face, it seems like good news for consumers, but what lawyer is going to front the costs or litigate against a mortgage company or file a bankruptcy without getting paid along the way? Not a single one.
Chip Parker, Bankruptcy Legal Network, June 5, 2008 Posting.
These good intentions have created yet another mess. Lets hope all is corrected before Fla. §501.1377 takes effect October 1, 2008. Otherwise, if you plan on hiring an attorney to protect your legal interests in a foreclosure action you need to hope your home goes into foreclosure prior to October 1, 2008.
2008 Florida House Bill No. 643 Fla. §501.1377
www.flsenate.gov/data/session/2008/House/bills/billtext/pdf/h064302e1.pdf
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Wednesday, February 27, 2008
Allow Bankruptcy Courts to Modify a Debtor's Mortgage on their Primary Residence
With the growing foreclosure numbers and poor economic news coming out daily, Senator Harry Reid, introduced an amendment to Senate Bill 2636, which would allow a Bankruptcy court to modify the terms of a mortgage for a debtor’s primary residence. The Court would modify the terms of the loan when the debtor can not afford to make the current payments on their subprime or ARM loan. This would allow the debtor to keep their home and continue to pay for the home. As it stands today, bankruptcy courts can modify debt on vacation homes, cars, boats, and investment property, but not loans on a primary residence. This is a major contributing factor to the growing foreclosure crisis and it needs to be stop. It is against public policy to prevent a bankruptcy court from modifying a loan on the primary residence, but allow the bankruptcy court to make a boat loan more affordable. This is why in Florida a creditor who is not a mortgage holder and did not preform work on the home can not force you to sell your home to pay their debt. Many many people are hurting in today’s economy, some of the problems are self made, many more are beyond their control nor were the problems foreseeable. Regardless of how the situation came about the fact remains, people need help and your United States Senate has the ability to help resolve the problem to some extent. The major question now is what will the Senate do? Is the Senate bought and paid for by the mortgage company lobby, which opposes this bill, or are our Senators we send to Washington truly there to help hardworking Americas and do the “people’s work,” or is that just a sound bite?
In the Pensacola area with housing values dropping daily, people who bought at the top of the market may find themselves owing more than what the house is worth. With this negative equity it is impossible to obtain new financing to lower payments or avoid the interest rate increase if they purchased their home with an ARM loan. I see people on a daily basis that are behind on their mortgage because of illness and being off work. Others are behind because they purchased their home with an ARM and the interest rate has increase the payments to where they can no longer afford the home. Giving the bankruptcy courts the ability to modify residential loans would greatly help the people of Pensacola get back on their feet and let the bankruptcy system fully help a debtor gain a fresh financial start.
A foreclosure hurts the entire community. So I would caution those of you that say some one should lose their home if they spent more than they can afford, or ignore this call to action as you feel you will never be in this type of financial situation. When a house is foreclosed on in your neighborhood, and is sold at a rock bottom price it lowers the property values of all the homes in the neighborhood. So if your neighbor can prevent their home from being foreclosed on it not only helps them from becoming homeless it helps the entire community by not lowering the property values in the area. Plus, by allowing one to keep their primary residence it saves tax money in not having an increased homeless population to which the community must then deal with.
This is a genuine crisis that threatens every community. Congress should take immediate and targeted action, I just hope they do so before it is to late. I would urge you to contact your Senators, and ask them to support Senate Bill 2636. Ask your Senator to make a true difference in the live’s of hardworking Americans who are down on their luck. Ask them to protect your home’s value by preventing people from losing their primary residence in foreclosure. Urge support of Senate Bill 2636, and particularly Title IV of the legislation.
Below are links to web pages for Florida Senators Mel Martinez and Bill Nelson so you may contact them and them to support of Senate Bill 2636.
Mel Martinez:
http://martinez.senate.gov/public/index.cfm?FuseAction=ContactInformation.OfficeLocations&CFID=7700771&CFTOKEN=24801601
Bill Nelson:
http://billnelson.senate.gov/contact/offices.cfm
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Sunday, February 3, 2008
Foreclosures at 20% puts Florida second in the Nation
Florida is second to Nevada in foreclosures. While many are trying to sell their homes before being foreclosed on it seems many others could not avoid foreclosure. The picture below from AP shows state by state foreclosure rates. It paints a gloomy picture for what is to come for many Americans who can not afford the homes they live in or for investors who thought they could make some money flipping a house but today can not give away a house. I have seen many people in my office just wanting to get rid of their homes. They owe way more than what the home is currently worth and they can not afford the monthly payment with interest rates resetting and insurance and tax increases. So instead of trying to come current on the home by filing a Chapter 13 Bankruptcy they are wanting to give the home back in a Chapter 7 Bankruptcy. I offer a free consultation to see what is right for your situation. Please call my office at 850-607-2222. My fees start at just $675.00 plus filing fees and costs.
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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