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POINTS IN FAVOR OF CHANGE IN BANKRUPTCY LAW - JUDICIAL MODIFICATION OF MORTGAGES
- Bankruptcy saves family homes; it stops foreclosures. It gives families hope and a fresh start
- Judicial modification does not use any taxpayer money
- Only currently existing loans are eligible. Future loans cannot be modified; they are not subject to this bill
- Stabilizes blocks, neighborhoods and community real estate values
- Responsibility is spread between the two parties most responsible, lender and homeowner; no one receives a free ride. Lender’s loan amount is reduced; homeowner must file bankruptcy and function under strict IRS living standards for up to five years
- Homeowners will pay 100% of the present, fair value of the home
- Eliminates predatory loans very quickly
- Voluntary modification has not worked. Hope for Homeowners passed in August with a lenders and Bush promise to voluntarily modify 400,000 mortgages; only 25 mortgages have been modified to date.
- Just the threat of bankruptcy will force lenders to now negotiate in good faith
- These mortgage loans are the toxic loans which the banks want to sell to the US taxpayer in order to clean up their books
- The banking industry created this mess; taxpayers cannot rely on them for a solution.
We help people and families in Montgomery, Bucks, Berks, Lehigh, Philadelphia and Chester Counties. We concentrate in debt negotiation and bankruptcy.
Don't cash out your 401(k), IRA or pension! See us; we can help; we can save your home and retirement.
We are lawyers who understand your individual circumstances and will treat you with respect.
We are problem solvers in Pennsylvania law. We represent you in matters of bankruptcy, debt consolidation and credit repair.
We understand you need to keep costs and fees to a minimum.
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