FORECLOSURE RELIEF?
By Kurt O'Keefe, Detroit Consumer Attorney on Nov 3, 2008 in Foreclosure News
Mortgage foreclosure relief possible for homeowners with mortgages at WAMU (Washington Mutual) and Chase.
New program for foreclosure relief announced by JP Morgan, which is part of Chase, which acquired Washington Mutual.
Bank of America and Citigroup have already announced similar programs.
I have seen no statistics on who is actually being helped, that is, how many homeowners have gotten relief?
Voluntary lowering of payments, interest rates, and principal balances is fine, but, I am sure you have to waive any claims you may have under the Truth in Lending explained by Massachusetts bankruptcy attorney Jed Berliner, and other consumer protection laws, in order to benefit from these programs. Like the other programs, JP Morgan is ready to write off billions of dollars, to those who qualify. Of course, they decide who qualifies. They are going to hire counselors and staff centers across the country.
As a lawyer, I am always suspicious when the other side of the deal controls the process. That is, you want them to re-write your loan. They send you to a counselor, picked and paid for by them, not you, or a third party. Can this counselor be objective?
Not to sound like a broken record, the efficient way, saving money for the taxpayer, the mortgage companies, and the consumer, is reform of Chapter 13 bankrupty law, as explained by Jacksonville Florida bankruptcy attorney Chip Parker.
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