Posted on 02/21/2008 4:23:38 PM PST by BGHater
The nation's mortgage crisis is one of the best things that ever happened to law firms. Many of them are lawyering up as the flood of foreclosures rises to record levels.
"Attorneys who work in this specialized area of legal representation are very busy, as one might expect," said Alberta E. Hultman, executive director of the U.S. Foreclosure Network, a Tustin, Calif., association of foreclosure lawyers and trustee companies.
RDManley Inc., a Palos Heights, Ill., consulting company that helps lawyers set up law practices, said one of its firms started handling foreclosure cases in May 2006. Its business is thriving now.
"They spend approximately $10,000 weekly in advertising to generate 45 new cases, or $157,000 gross weekly," RDManley says on its Web site, www.foreclosurelawinfo.com.
Homeowners at risk of losing their homes often wind up spending between $2,000 and $3,900 in attorneys' fees to file bankruptcy petitions to halt foreclosure.
"Generally, it stops everything for approximately 30 to 60 days," said Al Wilson, a Washington lawyer who specializes in consumer law.
A court then considers a homeowner's financial condition before deciding whether a lender can foreclose on the property.
Many of the homeowners who have run into trouble bought homes with adjustable-rate mortgages featuring low introductory interest rates that reset to much higher rates they can't afford to pay.
(Excerpt) Read more at washingtontimes.com ...
“The nation’s mortgage crisis is one of the best things that ever happened to law firms”
really? i’m astonished!
Lawyers and undertakers always manage to profit. I just wish the undertakers were “handling lawyers” more.
“I just wish the undertakers were “handling lawyers” more.”
how can I help?
If you’re facing foreclosure it pays to hang on a bit longer. File Ch 13 alone, then when dismissed have your wife file. Get as many adjournments as possible, and before you know it, Obama will be president and all foreclosures will be halted, with a fresh $500 billion in checks sent to you.
Virtual ownership of the Democrat Party is vested in the Trial Lawyers, George Soros and the NEA, which unfortunately means that they soon might own the country. Any patriotism that trial lawyers might have possessed has long ago been consumed by their greed. They’d bankrupt this country for another dime.
However, this article is not about trial lawyers as the term is commonly understood, it is about lawyers representing clients in disputes that really have occurred. Very few of them go to trial or involve large claims for damages.
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