http://www.thebklawyer.com/thebkblog/2009/10/04/another-debtor-ripped-off-by-a-foreclosure-scam-part-2/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Sat, 30 Jan 2010 16:02:17 +0000 hourly 1 http://www.thebklawyer.com/thebkblog/2009/10/04/another-debtor-ripped-off-by-a-foreclosure-scam-part-2/#comment-11503 Jonathan Mon, 05 Oct 2009 15:49:09 +0000 http://www.thebklawyer.com/thebkblog/?p=386#comment-11503 <p>Gailyn, it seems to me that the world of loan modifications is pretty much unregulated. I also note your post on your firm's blog that many loan modifications do not result in much savings. Here in Atlanta I have seen a few instances where a loan modification did work to a homeowner's advantage, but I think that a homeowner considering a modification needs to be very careful about the terms of the contract he/she is entering into. I suspect that in most loan mods, the homeowner is operating without a lawyer while the lender is most certainly represented. There is also the issue of tax debt arising from any forgiveness and the timing of a modification - I frequently see debtors being strung along by a lender until a day or so before the foreclosure, when it may be too late to file bankruptcy. When all is said and done I think that anyone considering a loan modification should probably be considering bankruptcy at the same time.</p> Gailyn, it seems to me that the world of loan modifications is pretty much unregulated. I also note your post on your firm's blog that many loan modifications do not result in much savings. Here in Atlanta I have seen a few instances where a loan modification did work to a homeowner's advantage, but I think that a homeowner considering a modification needs to be very careful about the terms of the contract he/she is entering into. I suspect that in most loan mods, the homeowner is operating without a lawyer while the lender is most certainly represented. There is also the issue of tax debt arising from any forgiveness and the timing of a modification – I frequently see debtors being strung along by a lender until a day or so before the foreclosure, when it may be too late to file bankruptcy. When all is said and done I think that anyone considering a loan modification should probably be considering bankruptcy at the same time.

]]> http://www.thebklawyer.com/thebkblog/2009/10/04/another-debtor-ripped-off-by-a-foreclosure-scam-part-2/#comment-11502 Gailyn Wink Mon, 05 Oct 2009 15:39:32 +0000 http://www.thebklawyer.com/thebkblog/?p=386#comment-11502 <p>That is a sad case. Even more upsetting that the family paid scammers multiple times. I just wish more people would see the futility of loan mods and short sales and pursue the legal protections and benefits of bankruptcy sooner rather than later.</p> That is a sad case. Even more upsetting that the family paid scammers multiple times. I just wish more people would see the futility of loan mods and short sales and pursue the legal protections and benefits of bankruptcy sooner rather than later.

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