Toxic Mortgage Syndrome

Dallas, TX (PRWEB) January 22, 2009

As a freshly inaugurated Barak Obama takes the reins, every person wants to know how the Chief Executive plans to turn about the ailing U.S. economy. What is at the best of President Obama’s list and when will he act? “Without having a doubt, the first issue President Obama has to do is help the people who are acquiring tossed out of their homes left and appropriate due to foreclosure and he wants to act now,” says Reed Allmand, companion in Allmand &amp Lee, primarily based in Dallas, Texas.

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Allmand explains, “A broken economy will in no way be fixed as long as Henry and Harriett Homeowner have to spend two or 3 times the mortgage payment they can really afford. Unfortunately, there are nonetheless millions of Americans with subprime mortgages out there and the payments are forcing them out in the streets.”

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Indeed they are. According to CNNmoney.com, foreclosures have shot up much more than 81% in 2008, and a whopping 225% compared with 2006. And even with the moratoria on foreclosures by Freddie Mac and Fannie Could for the duration of Nov. 26, 2008 via January 31, 2009, foreclosures nonetheless climbed 17% in December over November.

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In 2008, there had been three.1 million foreclosure filings issued, and 861,664 families truly lost their homes.

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Allmand is convinced the Bankruptcy judges need to be allowed to modify mortgages by way of the courts. “What we have right here is an epidemic. The only way out of this is by keeping men and women in their properties and restructuring a mortgage payment they can reside with.”

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W. Reed Allmand is a Board Certified Customer Bankruptcy Lawyer and partner in the law firm Allmand &amp Lee. He has been practicing for 7 years and has handled a lot more than three,000 bankruptcy filings. He is also author of the book, “The Truth about Bankruptcy.” For the previous a number of months, Allmand &amp Lee has filed more than 200 bankruptcies per month. Allmand &amp Lee has law offices in Dallas and Hurst. To speak with Mr. Allmand or to schedule an interview, please get in touch with (214) 265-0123 or you can pay a visit to his internet site at http://www.allmandandlee.com

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