“There’s an old saying that if we get a cold in the country, the minority communities get the flu.” That is what one minority advocate said about the looming spike in Maryland foreclosures in the wake of the raised debt ceiling. Local attorneys say that minority homeowners will suffer the hardest, according to a report at wbaltv.com.
Their fears are justified by the statistics showing that minorities are more likely to experience foreclosure due to unemployment. The National Bar Association wants some of its lawyers to help minority homeowners with the foreclosure process and to show them other options, such as bankruptcy as a way to keep their homes.
The bar association is also asking law students to get in the act and let minorities know that they can fight foreclosure. One advocate commented that some homeowners accept the foreclosure papers as conclusive and are unaware that the papers can be wrong.
There have been other reports saying that a foreclosure spike is pending due to the backlog of foreclosures at banks. There has been constant media attention on the debt ceiling, and unfortunately, the effects of it may hit the minority communities the hardest.
Here’s hoping that these attorneys and law students get the word out that avenues like foreclosure defense and the Chapter 7 process are viable options for minority homeowners.
Law Firm of Kevin D. Judd – Maryland bankruptcy attorney