Real Estate & Property Law
Business Booming for Lawyers Who Help Homeowners Facing Foreclosure
Posted Mar 9, 2009 3:18 PM CST
By Martha Neil
There's one area of law practice that's booming right now for attorneys in many areas of the country.
With foreclosures at record levels, homeowners need help reaching a resolution with lenders. And while they may not be able to pay a lawyer much, if anything, many attorneys are either taking such cases pro bono or looking to collect from a third party if lending laws have been violated, according to the Indianapolis Star.
The first of a series of planned training sessions for lawyers in Indiana who want to enhance their skills in the practice area was packed. Attendees, who included judges and mediators as well as attorneys, were provided with information about new rules and standards under the mortgage rescue plans recently announced by the Obama administration, the article notes.
Such sessions are "desperately needed," says solo Christine Jackson of Indianapolis. About 20 struggling homeowners contact her weekly for help.
"There just aren't enough people trained," says Jackson. She usually doesn't charge the homeowner, but can often collect by settling a federal Truth in Lending Act claim over the mortgage.