What is going on with Mortgage Modification?

You really want to know?  Well, you better allow a few months for the market to “catch on” to the concept….

In essence, the Obama administration has published a plan which should apply to 75% of the mortgages in the country. The “Make Home Affordable” initiative is designed to assist the homeowner who is delinquent in payments, and cannot afford 100% of his normal payment, based on current household income.

In theory, the monthly mortgage payment is adjusted downward for 5 years.  The hope is to save homeownership, a stable tax base, cash flow to the lender, and neighborhood values.  There are many obvious advantages for all.

But most lenders don’t understand the details.  In 5 recent foreclosures where I have represented the homeowner who is trying to keep his home, lenders didn’t know program specifics (nor did their attorneys).  Their approach was the basic “we win, you lose;  see you at the foreclosure sale”.

I have had to continue hearings while giving the lender personnel time to research what they are legally obliged to do:  offer loan payment modifications for a 5 year term, if the homeowner does not have the money to make the contractual payment.

Stay tuned for further developments………

A radio show…….why bother?

Most Saturday mornings, I start the day with a warm cup of coffee while I read the newspaper, or maybe several different newspapers, if I haven’t yet caught up with the news of the week.  After immersing myself in reading for a while, I take some time to peruse the articles that I’ve arranged on the kitchen table in front of me.

As the “theme of the week” becomes clearer, I’m typically lost in thought while I organize the main “themes” and my presentation.  And before you know it I’ve got the topic for my weekly radio show.

Once done, I critique it. Was it compelling?  Lucid?  Relevant?

Why bother?  Just for the thrill of thinking out solutions to everyday problems in a world where people need someone to trust.  In the practice of law, communication is everything.  Let us start with building trust, based on reliable and solid advice.