Florida Bankruptcy Lawyer Blog

Hold onto your wallets, Fannie Mae is going to be asking the Federal Government for $10 billion to $16 billion. This request could be from the new bailout package depending upon when Congress sends the bill to President Obama for signing. This would be the first time that Fannie Mae received bailout funds unlike Freddie Mac which received $14 billion at the end of last year. Freddie Mac is expected to ask for another $35 billion dollars. Maybe they just ordered a corporate jet from France.

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Quite a bit has been written lately on the Helping Families Save Their Homes In Bankruptcy Act. I have written several blogs on the topic. Today, at 1:00 p.m., the members of the House Judiciary Committee will be meeting to mark up the bill. It is expected that the bill will pass by a narrow margin. The question is: When will it get to President Obama? and When will it become the law of the land? There is much more to come on this issue.

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After reading the Sunday papers, I was thinking about excess inventory. At the same time I was watching a news show. I know, a real bad mix to start with. I began wondering how much our Government tells us, and what they hide from us. I started to wonder if the banks are doing the same thing again, to provide false hope of an economic recovery any time soon.

If you read the papers or watch the news in Southwest Florida, all you hear about these days is the number of homes in foreclosure. If you read the weekend newspapers, you hear about how things will be better when the inventory of homes on the market dwindles and buyers start to pick up. Well, I have one question: How does the foreclosure rate and modification rate factor into the inventory rate.

Continue reading " Foreclosures, Modifications and Excess Inventory " »

We have Good News and Bad News. First the Bad News. President Obama is working closely with Members of both houses of Congress on the economic recovery plan. The Bad News is that the economic recovery plan will not include the Bankruptcy Amendments that we have been hoping for. For some reason or another, I guess saving people's homes was not as important as giving more money to the banks.

The other Good News is that President Obama is committed to getting the new bankruptcy amendments passed into law as soon as possible. We will have to wait and see what comes out of Washington next? I hope it's more bailouts. They have been working so well thus far. I'm optimistic for Change, but all I'm seeing is more of the same.

Continue reading " Helping Families Save Their Homes In Bankruptcy Act 2009 " »

According to a report in today's News-Press, Lee County's unemployment rate exceeded 10% in December, 2008. This statistic does not bode well for 2009, as things seem to be getting worse economically. The article states that 1 out of every ten people who wants a job is out of work. I'm not quite sure what that means. However, I do know that quite a few people are out of work, and there are not enough jobs to go around.

I wish our State Legislature would take some action to help our citizens. Lee County is facing significant problems going into 2009, problems that need to be addressed now. We are going to lose many good people who cannot afford to stick around and tough it out. The State and Federal Government have been sitting on this problem for too long, and I still have not read or even heard of a plan to help the citizens of Southwest Florida. How long do we have to wait?

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Recently, there has been quite a buzz about a possible amendment to the Bankruptcy Code. There is a bill in both houses of Congress right now. In the House of Representatives, it is known as H.R. 200. The text of the bill can be viewed at this link. the Sponsors and Co-sponsors of this bill are: Rep. John Conyers [D-MI], Robert Scott [D-VA], Rep. Jerrold Nadler [D-NY], Rep. Henry Johnson [D-GA], Rep. Donna Edwards [D-MD], Rep. Raul Grijalva [D-AZ], Rep. William Delahunt [D-MA], Rep. Maxine Waters [D-CA], Rep. Steve Cohen [D-TN], Rep. Linda Sánchez [D-CA], Rep. Luis Gutiérrez [D-IL].

The Senate Version of the Bill is known as S. 61. The Text of the Bill can be found at this link.

The Bill was sponsored and co-sponsored by: Sen. Richard Durbin [D-IL], Sen. Barbara Boxer [D-CA], Sen. Russell Feingold [D-WI], Sen. Charles Schumer [D-NY], Sen. Dianne Feinstein [D-CA], Sen. Sheldon Whitehouse [D-RI], Sen. John Reed [D-RI], Sen. Thomas Harkin [D-IA]

I've written more about this on Bankruptcy Law Network. Click here to review that article. There will be more coming on this, alot more.

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In recent weeks, we have heard of more people taking their own lives, and some people who attempted to take their own lives, due to the financial meltdown. Unfortunately, this is becoming way too common, and I don't want to see it get any worse. Of course, we are living in difficult times, and yes, quite a few people are losing quite a bit of money. Lives are being turned inside out, families are losing their homes, moms and dads are losing their jobs, and some families may be torn apart. So, if there ever was a time to think about taking your own life, now would seem like the best time to do it. Right???? Of course not.

Continue reading " Suicides And The Economy " »

This morning I wrote a blog for the Bankruptcy Law Network on the increase in Bankruptcy filings in the United States. Click here to read the blog.

In other news, I have been writing quite a bit abou the Helping Families Save Their Homes In Bankruptcy Act. Click here for a link to my article.

Continue reading " Bankruptcy Filings Increase By 32% In 2008 " »

As a Board Certified Consumer Bankruptcy Attorney who also defends mortgage foreclosure cases for consumers, I was asked whether the proposed 2009 Amendments to the Bankruptcy Code, Helping Families Save Their Homes In Bankruptcy Act, will prevent foreclosures or cause more foreclosures and then will it prevent bankruptcy filings or cause more bankruptcy filings?

Continue reading " Will the 2009 Bankruptcy Law, If Passed, Lessen Foreclosures " »

The Commercial Real Estate Market in Southwest Florida will tank in 2009. All the handwriting is on the wall, and the information is now beating us over the heads. Despite what is printed in the News-press, our local newspaper, things are not looking good. Just take a slow ride down U.S. 41and block out all the honking horns and hand gestures as you slowly cruise in the left hand lane (the fast lane for all of youse Northerners) and look at the signs out in front of all the building on U.S. 41.

Foreclosures on residential real estate will not slow down despite what the Federal Government does with a Stimulus package. That is another blog that makes my blood boil. Commercial Real Estate Delinquencies are mounting and the Commercial Real Estate Foreclosure attorneys are getting ready to have their best year ever. They are beefing up their departments.

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Carmen Dellutri's recent article titled: Helping Families Save Their Homes In Bankruptcy Act is the featured article on the Bankruptcy Law Network.

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Yesterday, I wrote a blog for the Bankruptcy Law Network about the new legislation, which, if passed, will allow homeowners to cram-down their mortgages to the value of their house. Here is a link to a summary of the bill.

If passed into law, this bill could radically transform the landscape of Southwest Florida. More homeowners will remain in their homes, and that stability will help the residents of Southwest Florida survive this recession.

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This morning I wrote a blog for the Debt Law Network discussing whether the United States is going broke. You can read the blog by clicking here.

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This morning I wrote a blog for the Bankruptcy Law Network on the New Bill recently introduced by Senator Dick Durbin which would amend the Bankrutpcy Code to allow the modifications of first mortgages. Click here to read the blog.

Continue reading " New Bankruptcy Bill Has Been Introduced " »