BA in 1974, MBA 1977, JD 1978, taught college, grad school and law school [until I got completely sick and tired of teaching] I occasionally teach lawyers, usually those who do not listen, but are willing to pay for the CLE! Was a bankruptcy lawyer for 25 years, until the Republicans wrecked the law [and most everything else] Now I do financial counseling for people who believed what they saw on TV and lived most of their lives beyond their means.
We do loan modifications, and have been doing so for a couple of years, reasonable expectations are crucial. In Nevada most foreclosures were done illegally prior to 7/1/09 when the new law went into effect. So that meant that they could be upset easily, giving the borrower more leverage in negotiating with the loan servicer. Since then there is mandatory mediation, and since the panels of mediators has not yet been picked, the foreclosures are pretty much on hold. Again more leverage for the consumer. The sad fact is that Nevada has more homes underwater than the rest of the country, on percentage basis. Loan modification companies have to be licensed in Nevada [NRS 645(d), but no one is enforcing that statute. Principal reductions are just not yet taking place on loans for Nevada properties, but I just can't help but feel that it is around the corner. I, for one, am sick of seeing all the lawns go to seed in a nice subdivision like where I live. More power to those doing class action work against the people to made this mess. Unfortunately, I am a bit soured on the subject since I had hundreds of hours work on a class action against WAMU when I heard that the defendant would now be the FDIC and that I might as well whistle for my class members. Oh well, that's one of the reasons for my vacation to the middle east.
[the photo is of me in Cairo, Aug. 09]
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