No Bail Out for the Home Owner

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Contact Ed Gudeman

Royal Oak, MI

Practice Areas: Bankruptcy, Foreclosure

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It should come as no surprise that the "bailout" or "rescue" or whatever you prefer to call it, did not provide any foreclosure relief. Instead, the programs include the potential for the Secretary of the Treasury to purchase the bad "toxic" loans and to renegotiate them.

Just as an aside, what McCain was offering in the debate as some kind of revolutionary idea, i.e., the purchase of these troubled mortgages, was already included in the bill. So what was he doing while he suspended his campaign? It obviously wasn't reading the Senate or House versions of the bill or the final signed act.

But what is important for my readers is that any thought of relief from the possibility of losing your home is probably still many months away! You could lose your home in the interim. My advice is see a qualified bankruptcy attorney and talk to them about your options, including Chapter 13.

Chapter 13 remains the sole legal course that you have to immediately stop a foreclosure. And there are many homeowners who need help right now. In fact, the American Bankruptcy Institute posted an article today that states that 1 in 6 homeowners are in trouble. That's 16.67%!! In Southeastern Michigan, the foreclosure list for the Tri-county area last week included 1212 new foreclosures this week alone, of which more than 700 were outside the City of Detroit. So it is clear that the foreclosure problem has now transitioned from an inner city problem to one for suburbia as well. And, in plain English, that means there are hundreds of thousands, if not millions of homeowners, across the country, including the suburbs, who are in jeopardy of losing their homes and Congress and the President, who were focused on their millionaire cronies did not include them in their thoughts when the final bill was passed. In fact, they actually added about another $150 Billion to the bills to provide tax relief and other programs in order to "purchase" the vote of the recalcitrant and "principaled" Republicans (amd Democrats) who had voted the program down in the first place. So, don't believe that Mr. McCain is going to root out the earmarked funds, whether he takes a leave from his campaign or not. He was a part and parcel participant in the revision of the program to a $850 Billion dollar gift to Wall Street.

Importantly, if you are one of the 1 in 6 who is in trouble with your mortgage, see an attorney today! The bankruptcy code is one of the most important and powerful statutes that individuals in this country can use to protect their rights and their property.

 


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