03 Mar Will HASP help homeowners in foreclosure?
According to a recent article in the National Law Journal, bank lawyers are complaining that the pending HASP legislation is slowing down settlements of mortgage foreclosure cases.
As a foreclosure defense attorney with more than 200 actively litigated foreclosure cases in Florida, I can report that HASP does not factor in at all . . . yet.
Quite frankly, foreclosure mills rarely approach my clients regarding settlement of these cases, and most every one of my cases is currently in a stalemate. They know my clients have the upper hand in most of my cases, and they know my clients demand that the plaintiff negotiate in good faith â€“ something mortgage companies are not yet willing to do.
As I have reported on Bankruptcy Law Network, the passage of the bankruptcy reform provision of H.R. 1106 will not just help those forced into bankruptcy. It will also provide the necessary leverage in the thousands of pending foreclosure cases actively defended by homeowners to force a meaningful resolution.
HASP will always be less effective than real bankruptcy reform because HASP is still requires voluntary cooperation by the mortgage industry to work. So far, lenders have been reluctant to to voluntarily enable any of the “reform” measures that have come from Washington, DC.
Does anyone expect HASP will be any different?
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