The United States is on the verge of witnessing the largest bankruptcy filings in recorded history. One of the reasons is due to the new Mortgage Restructuring Bill (now named The Helping Families Save Their Homes Act of 2009) passed by the House of Representatives on Thursday, March 5, 2009 with a vote of 234 to 191.
The "Helping Families Save Their Homes Act of 2009 allows bankruptcy judges to alter the mortgage terms so as to assist homeowners in avoiding foreclosure. Think about it folks! If you lost your job (like millions of Americans) and you could file bankruptcy and save your home; what would you do? You would file bankruptcy, of course. This will blow the doors wide open for those homeowners who are "under water". This is true "Relief" for many hurting families.
Homeowner's must renegotiate their current principle loan with their lender before filing bankruptcy. This may be difficult for some people and we offer foreclosure mediation services which will be required to complete this first stage at least 30 days before filing bankruptcy.
Once your bankruptcy case is filed, the judge will make the determination, based on your income against the payments made before deciding whether an interest rate or principal reduction will be applied. The value of the home will be determined by using federally approved appraisal guidelines.
If you thought the filings in 2005 (before the law changed) pushed the envelope to historical proportions you can't imagine what's going to occur within the next few weeks and continue for many months and years to come. President Obama announced last week that the economic crisis has caused a bankruptcy filing every 30 seconds! It is to your advantage to get the training you need to work in the field of debtor bankruptcy law so you will be in a position to earn a good living while helping others.
Interested in becoming a "VBA" Virtual Bankruptcy Assistant?
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