Congress Battles Foreclosures with Introduction of Helping Families Save Their Homes in Bankruptcy Act

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Congress Battles Foreclosures with Introduction of "Helping Families Save Their Homes in Bankruptcy Act"

I'm hopeful that this will finally ease the pain of millions of homeowners out there staring at foreclosure

Kick starting the new 111th Congress, Senator Dick Durbin has introduced the "Helping Families Save Their Home in Bankruptcy Act" to rescue homeowners facing foreclosure. Attorney Reed Allmand is following the developments carefully. "I'm hopeful that this will finally ease the pain of millions of homeowners out there staring at foreclosure," says Allmand, partner in Allmand & Lee, based in Dallas, Texas.

The reason for the optimism is clear: if you're facing foreclosure, you may be able to delay it, or even avoid it entirely, with mortgage modification in bankruptcy. Allmand explains, "If this legislation passes, not only will bankruptcy stop your foreclosure, but it will allow the judge to make your mortgage payments more affordable. I believe the passing of this important legislation is the first step towards actually repairing our dismal economy."

"How effective are tarps and bailouts if we allow homeowners to get tossed out in the streets left and right?" Allmand adds.

At the moment, the procedural direction for the legislation is unclear; however, the intention is to have the bill ready for the incoming Obama administration.

W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney and partner in the law firm Allmand & Lee. He has been practicing for 7 years and has handled more than 3,000 bankruptcy filings. He is also author of the book, "The Truth about Bankruptcy." For the past several months, Allmand & Lee has filed over 200 bankruptcies per month. Allmand & Lee has law offices in Dallas and Hurst. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123 or you can visit his site at http://www.allmandandlee.com

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Weldon Allmand
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