SOURCE: Fonfrias Law Group, LLC

Richard Fonfrias Bankruptcy Lawyer

April 05, 2016 12:23 ET

Housing Crisis Continues as Many Modified Mortgages Redefault Writes Chicago Lawyer Richard Fonfrias in Latest Article

In His Latest Online Article, Chicago Bankruptcy Lawyer and Financial Rescue Expert Richard Fonfrias Explains Why, Even Though the Number of Home Foreclosures Is Down, the Housing Crisis Is Not Over for Everyone

CHICAGO, IL--(Marketwired - April 05, 2016) - As a service to provide helpful information on a host of significant legal and financial topics including bankruptcy, foreclosure, and tax issues, financial rescue specialist and Chicago bankruptcy lawyer Richard G. Fonfrias, J.D., has added another article the Fonfrias Law Group, LLC website (www.chicagomoneylawyer.com). In his latest article, Homes in Foreclosure: The Crisis Goes On, Fonfrias explains why America's foreclosure crisis is not over for everyone. Despite billions of dollars allocated to help homeowners in crisis from mortgage scandal settlements paid by companies like Goldman Sachs and the Bank of America, and the implementation of multi-billion-dollar aid programs like the Home Affordable Modification Program (HAMP), hundreds of thousands of homeowners are still struggling to keep their homes.

In the article, Fonfrias addresses the problems with the HAMP program and why it has been a disappointment. "HAMP was supposed to help many millions of families stave off foreclosure, but according to statistics from the Treasury Department's Deputy Assistant Secretary for Financial Stability Mark McArdle, it has only helped 1.5 million homeowners. Still more troubling, more than a third of homeowners who received a loan modification through the HAMP program have defaulted once again on their mortgage loans. And, if that wasn't bad enough, Christy Goldsmith Romero, the Inspector General for the Troubled Asset Relief Program (TARP), warns in her latest report to Congress that the default rate on these rewritten mortgages is on the rise," says Fonfrias.

"Granted, things have improved for many people, but only in some areas of the country. Nationally, the number of home foreclosures is down, and the number of homeowners who are current on their mortgage payments is heading upward to almost 94 percent. Also, the number of people with homes worth less than their mortgage balance has decreased dramatically. But, there are many places where there are still scores of homes underwater, including my home state of Illinois. As well, many homeowners in trouble are blaming errors made by their bank or mortgage-servicing company for compounding their problems," reports Fonfrias.

To read the complete Fonfrias article Homes in Foreclosure: The Crisis Goes Onhttp://www.chicagomoneylawyer.com/homesinforclosure.shtml

About Fonfrias Law Group: Illinois bankruptcy lawyer Richard Fonfrias and his experienced Chicago legal team offer a broad range of financial legal services including bankruptcy help, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan and mortgage refinancing advice. Ready to assist individuals and businesses in serious financial trouble and consumers with unmanageable debt, Richard Fonfrias invites your questions about Illinois bankruptcy, debt settlement, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information call 312-969-0730 or inquire online at http://www.chicagomoneylawyer.com

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