Portland Bankruptcy Lawyer Blog

Portland Bankruptcy Lawyer Discusses New Mortgage Value Numbers:

In my bankruptcy practice most news releases that I monitor show the Portland, Oregon area in a negative light. While the info below is not great it does show the Portland area mortgage to value ratio's are holding somewhat firm and that for a change we are not the worst in the country.

"First American CoreLogic's Negative Equity Report shows about 24 percent of all Portland-area mortgage holders owed more on their home than it was worth on June 30. That's 114,585 mortgages and about $30 billion in total property value at risk of default. Statewide, about 23 percent were underwater. Nationally, the figure is about 32 percent. Nevada's rate is a stunning 65 percent. Read more from First American's news release. Calculated Risk's graph shows Oregon ranked 15th best in the survey when you include mortgages in negative equity and those near negative equity. Washington state was 16th. "

If your house is underwater water and you are facing trouble making your payments or are already behind, you might want to consider talking to a Chapter 7 or Chapter 13 bankruptcy lawyer to go over your options. Our firm has lawyers trained in getting positive results for our clients under the Bankruptcy laws. Feel free to call our attorney's to set up a no-cost consultation.

-Be well and enjoy the day

Portland Bankruptcy Lawyer Discusses the Failure of the Home Loan Modification Program

Despite all the hype, the much tauted home loan modification programs set up by congress to help troubled homeowners...aren't providing much help. I cannot say this surprises me. As a bankruptcy lawyer in Oregon I hear tales everyday of the long lines, unending document requests, no call backs and 9 month waits. Simply put these programs are not working as advertised. This article details some of those stories and provides some insight on the issue.

In my bankruptcy practice I have Oregon clients coming to me trying to do modifications as part of their overall financial restructuring which usually includes a Chapter 7 or Chapter 13 bankruptcy filing. I must warn them they should not be too optimistic in receiving a modification and we must plan their filing and future finances not relying on that modification coming through. A good bankruptcy lawyer should give their prospective clients both a best-case scenario and a worse case scenario so the client can make a good decision. Hearing more and more of these delayed and denied modification stories keep me from implemented them or relying on them as part of my planing process. I wish it was the other way around as a good modification may keep some of my clients from having to filing a Chapter 7 or Chapter 13 in the first place.

-"It is not what we get. But who we become, what we contribute... that gives meaning to our lives".-