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Illegal, Unethical Mortgage Modification Practices, and a Proposed Cure!

By Joseph McDaniel, Esq.

This is a nice, impassioned article about the rotten, illegal, unethical and fattening practices in mortgage modification these days.

I like it when other people let their blood pressure go up, so I don't have to!

I see a lot of mortgage foreclosures these days, because a lot of folks realize that their houses are no longer homes: they're just vacuum cleaners for their wallets.

And they also realize that their homes are no longer good retirement plans, because they'll be in their graves before there's equity in their houses.

Sometimes they just walk away, hoping that an anti-deficiency statute may protect them from a deficiency judgment. Or they try to short-sell their house. But a short-sale is ultimately going to be under the control of the mortgage holders, and often, the second-mortgage holder won't agree to forgo chasing the homeowner for a deficiency.

And that's where I come in.

I'm a bankruptcy lawyer in Arizona.

Full post as published by Arizona Bankruptcy Attorney Blog on March 09, 2011 (boomark / email).