Washington Invaded by Lobbying Bankruptcy Attorneys
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Currently, the law allows bankruptcy judges to modify mortgages on boats, vacation homes, vehicles, farms, and commercial real estate. The new law would include a homeowner's place of residence. The modifications could include increasing the repayment time and reducing the interest rate.
According to those in favor of the law, the modifications would benefit homeowners by helping them avoid foreclosure, lend stability to the housing market and boost the economy. Those opposing the law argue that it will create a boon in bankruptcy filings and could negatively affect property values of neighboring houses with each modification.
According to Ebert, her reason for heading to Washington, DC is so she and her fellow bankruptcy attorneys can ''fight for those they represent.''
Ebert explains, ''Our members, who are coming from around the country to meet with their elected officials, represent the interests of the families we see every day, for whom bankruptcy could be a way out of crisis.'' Ebert added that ''we need court supervised loan modifications that are feasible for the homeowner, but at the same time fair to the banks and investors of the secured trusts that hold the bundles of residential mortgages.''
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