San Francisco Bankruptcy Attorney discusses the Impact of the Obama Administration’s Plans for Mortgage Relief
San Francisco Bankruptcy Attorney discusses the Impact of the Obama Administration’s Plans for Mortgage Relief
Many families are eagerly awaiting further details regarding President Obama’s plan to provide foreclosure relief to nearly 9 million people. The guidelines for President Obama’s $75 billion plan are scheduled to be released in early March. The plan is intended to help consumers by offering financial incentives to lenders that will motive them to negotiate loan modifications with debtors and delay foreclosures. While loan modifications and further negotiations with lenders will help millions of debtors, it has been reported by MSNBC that only 8% of the $1 trillion in residential mortgage losses will be affected by the plan. This means that there will still be millions of people that are unable to obtain relief from foreclosure through the plan.
For those people who do not qualify or are unable to participate in the Obama relief plan, filing Chapter 7 or Chapter 13 bankruptcy may be the only option to prevent foreclosure. It is critical to contact a bankruptcy attorney as soon as you realize your home may be in jeopardy. You and your bankruptcy attorney will be able to have a real discussion about your financial situation and help you position yourself to give you the best opportunity to keep your home, regardless of whether you qualify for relief under the Obama plan.
If you have a question regarding Bankruptcy please contact Sagaria Law at 1-800-941-6730 for a free consultation or visit us at www.sagarialaw.com. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 13 bankruptcy, lien stripping, discharging debt, etc. we can help! We have bankruptcy lawyers in San Mateo, Fremont, Sacramento and San Jose.
