1 in 5 U.S. homeowners underwater

MSNBC.com has a timely article on the lack of equity in homes: Report: 1 in 5 U.S. homeowners underwater.

Bankruptcy Judge Orders Wells Fargo Exec To Testify In Court About Loan Modifications

The NY Times reported in September that a Phoenix Bankruptcy Judge summoned a Wells Fargo executive to testify in court about the lender’s loan modification procedures. Since this is an issue that affects many New Yorkers, and since many New Yorkers have mortgage loans with Wells Fargo, I have included the link.

Net Present Value in Loan Modifications

Ilyce Glink has written a very interesting article for CBS moneywatch.com on the use by lenders of Net Present Value calculations in loan modifications. Here is the article. Again, this highlights the need for homeowners to get professional assistance from a local attorney with loan modification or foreclosure and related matters.

Instructional Bankruptcy Law Videos

Here is a link to some instructional videos on Bankruptcy Law:

Bankruptcy Law and Procedure Videos From US Courts

These are not a substitute for good legal counsel. A local trustee once commented that he has never seen a pro se debtor (without an attorney) succeed in Chapter 13 bankruptcy because the rules and procedures can be difficult and confusing to follow for a layperson. If you are considering bankruptcy, you may want to watch the videos and call or email my office to discuss whether this alternative makes sense for you. We schedule free phone consults every week.

The Intersection of the Bankruptcy Loss Mitigation Program with HAMP/HARP Seminar

The US Bankruptcy Court for the Southern District of New York will be holding a seminar for attorneys about the Intersection of the Bankruptcy Loss Mitigation Program with HAMP/HARP on February 18, 2010. The Bankruptcy program is relatively new in this District. The Eastern District also adopted a similar program at the end of 2009. I am registered to attend. Judges Glenn, Morris, Drain and Craig will be speaking – these are the Judges who respectively handle Chapter 13 cases in the Manhattan, Poughkeepsie, White Plains, and Brooklyn Bankruptcy Courts.

Having Experienced Legal Help Is Important For Loan Modification, Chapter 13 And Other Alternatives For Homeowners

MSNBC.com is reporting that the government’s loan modification programs are falling short of their goals. Here is the article.
This highlights the need for experienced legal counsel. I am still surprised by the number of new callers to my Manhattan law office who tell me that they have already paid an out-of-state “loan Modification consultant” a fee, often $3500 or more, only to find that the out-of-state company will not return their calls and has done very little or nothing at all to help them. Read more