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Hope for homeowners who are struggling to make their house payments

Since tomorrow is Thanksgiving, I wanted to do a blog today about giving thanks and hope for the future. Because to me, bankruptcy really is hope....a fresh start....the beginning of a new life. Then I looked at the foreclosure list at McLennan County Clerk's foreclosure website,http://www.co.mclennan.tx.us/cclerk/foreclosure.aspx. On December 6, 2011 over 75 homes are scheduled to be foreclosed on in McLennan County alone. Then I read an article that states that foreclosures have doubled since 2010 (see http://www.totalbankruptcy.com/bankruptcy-news/news-section/home-foreclosure-rates-skyrocket-800983726.aspx) and it is hard to find that hope and reason for thanksgiving. There are too many negative stories and realities out there to find hope.

After hearing countless stories from residents of Waco, Temple, Killeen and surrounding area and my experience as a bankruptcy attorney, the problem with loan modification programs in existence is they are disorganized and difficult. Homeowners complain that mortgage companies lost paperwork. Mortgage companies complain about backlog and being overwhelmed. Only around 1/3 of loan modifications are successful.

But then I found an article (I had to look pretty hard but it was there) talking about a pilot program where the bankruptcy court is actively involved in helping homeowners lower there house payments. (see http://www.heraldtribune.com/article/20111112/ARTICLE/111119827?p=1&tc=pg). Hope. This program is similar to other programs that are starting to appear around the nation and they appear to be working. New York, Rhode Island, and Vermont are all using mitigation portals as a part of the bankruptcy process. (see http://journal.abi.org/sites/default/files/2011/January/ConsumerCorner.pdf).

These programs are pilots and not available everywhere. At this time Waco's bankruptcy court does not participate in any program like the one mentioned above. However, even though my court does not participate, I am able to use similar programs for my clients. I have found a program that is for struggling homeowners' attorneys that opens the lines of communication between the mortgage companies and the homeowner. It is for attorneys only. Everything is tracked so paperwork doesn't get lost. And, more importantly, the government watches as a silent partner. It is an extremely successful program and it is the program that is used by some of the courts above. I have helped struggling homeowners lower their mortgage payments and save their homes using these programs. You just have to know where to look.

While I cannot guarantee that I can save your home, if you are struggling, come talk to me. It never hurts to explore your options. So, that is what I am thankful for this year....my ability to hope and find solutions for my clients.

Struggling to make your payments? Call 254-633-2876 or email [email protected] today for a FREE no-obligation consultation see what an experienced Waco Bankruptcy Attorney can do for you!

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