My "Bucket List" for Loan Modification

On one of our first days on the closing end of the summer season, foreclosure questions, worries and concerns have survived despite a seeming overwhelming attack of Federal/Obama modification programs, state counseling developments and foreclosure settlement conferences. Strategic defaults, underwater loans and short sales are new “common phrases” which are understood by so many in homeownership roles.

This is exactly wrong.

Real estate markets in our communities shrink as appraisers search for values for those purchasers and sellers who seek to do business in the traditional method. Municipal revenue in the form of real estate transfer tax, mortgage tax and memories of big ticket document recording fees are things of the past. "On call" in our law firm means sending out a reply, returning phone calls and emails to our clients who have been served with foreclosure summons, judgments and notices of sale and actions seeking to evict homeowners, some with notice and some caught quite unaware.

Desperate measures now become a part of the process as our Judges and court personnel routinely review the pleas of their neighbors seeking to stay the foreclosure sale of their homes. As a practicing attorney with a focus in defending against the foreclosure and assisting with mortgage defaults, rescue plans have come and gone, and announced happenings of salvation have left little in the way of long term and large scale campaigns of success.

This means we need a definitive "bucket list to resolve the mortgage crisis now. Here’s mine:"

1) No more uncertainties. Put it in writing-- if the lender/servicer modifies non-performing loans, then publish the guidelines.

2) Over mortgaged homes need principal write-downs. Plain and simple. Every lender that will allow such a program should put it in writing.

3) Loan Modification Rejections must be explained with details of how to turn around a denial and get approved. No more failed submissions without accountable lender personnel.

4) Foreclosure sales must be averted at all costs where the homeowners have submitted for loan modifications and communications are ongoing.

5) Victims of predatory lending and subprime loan activities need to have a voice with their lenders who have purchased these loans at bargain prices.

6) Performing homeowners with interest rates at above market terms get special and favored preference to refinance their mortgage loans in speedy and efficient fashion.

7). Before a Foreclosure Sale can occur, the lender must personally serve the homeowner with Notice of the Sale and a Court Hearing must be scheduled, with attorneys for all sides and interpreters for all languages.

If any of these bucket list items hit home, then add another to the list and please email the ideas to our law firm. We have seen significant changes and beneficial solutions added to the process over the last several years. We can continue to inspire our neighbors and friends to avert foreclosure by advising them of your success. New foreclosures can be avoided by taking action and visiting with the lawyers in our firm and Keep Home Your Own.