California Loan Modification Attorney Urges Obama Administration to Lower Mortgage Principal

The Law Office of Barsness & Cohen urged the Obama Administration and Congress to stop foreclosures and reduce homeowner mortgage principal.

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California Loan Modification Attorney Urges Obama Administration to Lower Mortgage Principal

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FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 3, 2009 --The Law Office of Barsness & Cohen announced that it supports the current efforts of the Obama administration and democratic lawmakers to pass urgently needed legislation to protect homeowners from the wave of foreclosures throughout the country. They also urge that mere interest rate reductions through mortgage modifications will not be enough to provide a long term solution for homeowners that owe significantly more than their homes are worth.

“We feel that reducing the interest rate or other efforts at loan modification are a step in the right direction to avoid foreclosure; however, this will not help those that hold negative equity in their homes,” said Chris Barsness, Esq. “During our free initial consultations, potential clients are disappointed to hear that a bankruptcy judge’s hands are essentially tied when it comes to their biggest debt, their home mortgage. By allowing bankruptcy judges and forcing lenders to modify the principal owed on a home loan to the home’s current fair market value, homeowners would see significantly reduced monthly payments. This will also result in homeowners having equity in their homes in the near future that could be used to open up the illiquid credit markets. We understand that this is a sweeping reform, but in these tough economic times, drastic approaches must be taken.”

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