Bankruptcy

OBAMA and CONGRESS SPOON FEEDING THE BANKS AGAIN!

Posted on May 20, 2009
Yesterday the House of Representatives passed the "Helping Families Save Their Homes Act, S896 sending the bill to President Obama for signature. President Obama is expected to sign the bill. Average Joe American got screwed because Congress ripped out the teeth of the bill...

Cash Incentives to Servicers for Short Sales or Deeds in Lieu of Foreclosure!

Posted on May 15, 2009
DON'T DO IT. If you can't afford a modification, or you can't afford to save your house in bankruptcy, then live there as long as legally possible exercising all of your civil and bankruptcy rights. I have one client who has stayed in his house for 18 months no mortgage, no rent...

The Mortgage Modification Lie

Posted on May 09, 2009
I wrote to all of the U.S. Senators the following letter:"I'm a 10 year real estate and bankruptcy attorney. I am in the trenches daily with the banks and loan servicers. I have experience and information about the bad faith loan modification tactics of most of the banks...

Say Good-Bye to Mortgage Modifications. That ship has sailed!

Posted on May 08, 2009
For the average homeowner, a cramdown, voluntary mortgage modification and/or any sort of life preserver from Washington DC are ships that have already sailed. Now that the Banks have demonstrated their clout in Washington, the average homeowner can expect nothing...

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TRAITORS!

Posted on May 05, 2009
The Democrats who split with party leaders to oppose the Durbin amendment were Sens. Max Baucus of Montana, Michael Bennet of Colorado, Robert Byrd of West Virginia, Thomas Carper of Delaware, Byron Dorgan of North Dakota, Tim Johnson of South Dakota, Mary Landrieu of Louisiana, Blanche Lincoln of Arkansas, Ben Nelson of Nebraska, Mark Pryor of Arkansas, Arlen Specter of Pennsylvania (who flipped parties to join the Democratic caucus last week), and Jon Tester of Montana.

The Rodriguez Theory of how the Banks are Planning to Recoup Losses and Attract Investors Post-Cramdown Rejection

Posted on May 05, 2009
Okay call me crazy for thinking this way. Call it my over-exposure to the Watergate scandal at the tender age of 10, but I am noticing an alarming trend in my practice that leads me to believe that the average American is about to get royally screwed over again by our Banks and the Senators in this Country are protecting them!Here is what I noticed...

Messeges Crossed Like 2 Ships in the Night. . . .

Posted on May 01, 2009
While the Senate was sending the Cramdown bill down in flames, Senator Feinstein hadn't updated her auto-responder. I think we can safely say that the Banks of bought and paid for our Senate. Our current Senate can spend BILLIONS on bailing out the banks, but they won't give the average Joe a shot and modifying their home loan to make their home affordable.

Senator Dianne Feinstein States That Hope is Not Lost for a CRAMDOWN

Posted on May 01, 2009
I got this e-mail today from Senator Feinstein:Dear Ms. Rodriguez: Thank you for writing to me to share your thoughts on legislation that would allow bankruptcy courts to modify the terms of home loans. I appreciate hearing from you on this important subject...

Senator Durbin I feel your pain!

Posted on April 30, 2009
After a disappointing vote rejecting on Senate Bill 61 entitled the Helping Families Save their Homes In Bankruptcy Act Senator Durbin commented,"I am sick and tired of being asked to give billions of dollars to these banks when they won't in any way help the people who are facing mortgage foreclosure," Durbin said...

Banks Stongly Oppose Cramdown Bill (Sen. 61)

Posted on April 30, 2009
Of course banks are against the bill. But the banks are shooting themselves in the foot.By forcing homeowners into foreclosure by refusing reasonable loan modifications and rejecting a cramdown will only serve to glut the housing market with an endless supply of REO houses...

American Banks and Lenders Shooting Themselves in the Foot in Opposing a Cramdown Bill

Posted on April 28, 2009
?Cramdowns? ? would give bankruptcy judges the power to modify the terms of mortgages for individuals who have filed for Chapter 13 bankruptcy protection. Judges would have the ability to reduce interest rates, lengthen loan terms, and cut principal payments on the residence...

DON'T SIGN AURORA LOAN or QUALITY LOAN SERVICES "Special Forebearance" Agreement without seeing a lawyer first!

Posted on April 27, 2009
Interestingly every borrower I know who has been desperately awaiting word from Aurora to get a loan modification received a letter offering them a "Special Forbearance Agreement."The terms generally are to pay for two or three months a lowered payment with a balloon payment of the balance of the arrearages paid in the third or fourth month...

Theoretically speaking. . . has anyone tried this yet?

Posted on April 26, 2009
California Civil Code Section 2923.5 and 2923.6 creates a duty by a loan servicer to protect the rights of all members in a security pool: California Civil Code Section 2923.6 (a) The Legislature finds and declares that any duty servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a loan pool, not to any particular parties, and that a servicer acts in the best interests of all parties if it agrees to or implements a loan modification or workout plan for which both of the following apply: (1) The loan is in payment default, or payment default is reasonably foreseeable...

ONE LAST SHOT TO GET A CRAMDOWN BILL PASSED - WE NEED YOU NOW EVERYONE!-

Posted on April 24, 2009
I am a member of the National Association of Consumer Bankruptcy Attorneys. We just received word from Maureen Thompson our Director for Legislation. She tells us that it looks the the cramdown bill, known as Helping Families Save Their Homes in Bankruptcy Act of 2009 (S...

Please pardon our construction...

Posted on April 23, 2009
Our blog is undergoing some maintenance and design changes. In the meantime, please do not hesitate to visit our main website located at www.lorgr.com.Thank you for your patience!The Law Offices of R. Grace Rodriguez 21000 Devonshire StreetChatsworth, CA 91311Phone: (818) 734-7223 Fax: (818) 572-8700E -mail: AskGrace@lorgr...

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