With all the effort to help stop foreclosure coming out of the four Zuckerberg bankruptcy law offices, I could really relate to the paragraph I read in the New York Times the other day:
“While the entire process of seeking a mortgage modification is complicated and time- consuming, few elements are as maddening as the inability to get through to a representative…’I just keep getting passed from one person to another,’ complained one homeowner. ‘Nobody is willing to talk to me.’”
Well, as debt consolidation lawyers with more than twenty-five years’ experience, my Indiana bankruptcy lawyer colleagues and I are not only willing to talk to you, we’re willing to help you talk to your bank or mortgage servicing company!
Unfortunately, as New York Times reporter Nelson Schwartz observes, there is “doubt whether a settlement will eliminate mortgage ills” (referring to new government standards for how mortgage companies deal with consumers). From my vantage point as a lawyer for bankruptcy in Indiana, there’s good reason to doubt.
Using Chapter 13 bankruptcy law, many homeowners can prevent foreclosure. But the longer they wait to take action, hoping against hope for a mortgage modification from their lender, the narrower a range of choices they have. As one of my Columbus bankruptcy lawyers pointed out, the late fees and penalties that pile up during the wait make it difficult to “cure” the arrearage on mortgage payments through a Chapter 13 debt repayment plan.
Time is of the essence as we work to help stop foreclosure. And, when medical debts pile up along with late mortgage payments, even those with good jobs may find themselves in need of payday loan debt help or student loan debt help.
So, even as “government officials prepare to unveil new standards for how banks treat millions of Americans facing foreclosure,” this Indianapolis lawyer for bankruptcy has plenty of doubts remaining about how much help those standards will prove to be.
“The promise of a single point of contact has emerged as a crucial element in the settlement,” explains the New York Times article. Perhaps, I might suggest, the best guarantee of a “single point of contact” might be attorney Mark Zuckerberg!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg