Times Are Tough and Many Foreclosure Programs are Floundering

When severe financial problems result in bill collectors harassing you and an inability to make your mortgage payment, bankruptcy may be right for you and your family. Did you know that over 6 million Americans are behind Cram Down Foreclosure Programson their mortgage payments or facing foreclosure (www.cnbc.com/id/44600146).

There are many neighborhoods throughout Florida that are filled with foreclosed homes (www.nj.com/news/index/ssf/2011/09/housingcrisis) (Our Guide to Obama’s Floundering Foreclosure Programs).

Unfortunately, many federal programs that have been enacted to help Americans in foreclosure, simply aren’t working and it’s through no fault of Obama. At Sunshine State Bankruptcy, we lay a big part of the blame at the feet of banks, mortgage servicers and mortgage security holders who simply don’t want to adjust the terms of the mortgages, refinance mortgages at lower interest rates, or help homeowners.

One of the major ways that we, at Sunshine State Bankruptcy, think should considered is to give federal bankruptcy judges the power to lower mortgage payments in what’s called a “cram down”. Unfortunately, the United States Congress has refused to pass legislation.

We urge the United States Congress to get down to business and help Americans who are behind on their mortgage or facing foreclosure with creating meaningful and workable foreclosure programs.

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