Mortgage Modification and Bailouts Fail. It's time for Something New to Help the Economy.

Mortgage Modification and Bailouts Fail. It's time for Something New to Help the Economy.

Submitted by Jen Jones on Thu, 07/29/2010 - 4:27pm

Mortgage Modification and Bailouts Fail. It's time for Something New to Help the Economy.

People are often deterred from filing bankruptcy by a nagging sense of pride that tells them that asking for financial help is somehow admitting defeat. Well, in this type of economy, it couldn’t be further from the truth. And if you need more evidence of that, consider the state of the federal bailout effort, which, while lacking in headlines, continues to be more aggressive today then when it was initially introduced.

It is true that the big bailout, the one for Wall Street, is in view of the finish line. Yet, federal support (tax money) is still being distributed to countless organizations, according to the highest official on the subject, Neil Barofsky.

The special inspector general for the Troubled Asset Relief Program (TARP) issued a report that showed federal spending in support of private financial institutions is currently at $3.7 trillion, an increase of $7 billion from last year. A large amount of the money is coming from the Federal Reserve and FDIC. The housing sector is seeing its fair share as well.

In his report on the state of TARP, Barofsky commented on the Obama Administration’s federal mortgage modification program, citing its slow progress and the substantial gap between the current number of homeowners helped and its goal of assisting three to four million. While this fact makes for easy political debate, its relative failure hardly falls on the lap of the President. It’s simply another example of big government inefficiency.

With all of the corporate bailouts going on, where is the bailout for the taxpayer? Where is your bailout? Congressional efforts to help Americans who are flailing in the economic deep end are simply not working. The mortgage modification program has only helped a fraction of homeowners, and more homes are being lost to foreclosure every day. It's time for you to consider real economic relief- it's time to consider bankruptcy. With the power of federal law, you can stop foreclosure, stop harassing creditors, and even stop the IRS. Preserve your family's future and contact a bankruptcy attorney today!

Brought to you from the Law Offices of John T. Orcutt, providing real debt relief to thousands of North Carolina residents. Call +1-833-627-0115 to schedule your free initial debt consultation.

In the midst of trying to collect all these spilled marbles, more of us fight to find jobs and pay our bills. If your struggling and need a

Debts Hurt! Got debt? Need help? Get started below!

Serving All of North Carolina

  • Bankruptcy Attorney Fayetteville NC
  • Bankruptcy Attorney Durham NC
  • Bankruptcy Attorneys Wilson NC
  • Bankruptcy Attorneys Greensboro NC
  • Bankruptcy Attorneys Southport NC
  • Bankruptcy Attorneys Wilmington NC

Bankruptcy Attorneys Raleigh NC (North)

6616 Six Forks Rd #203 Raleigh, NC 27615 North Carolina

Tel: (919) 847-9750

Bankruptcy Attorneys Raleigh NC (North)

Bankruptcy Attorney Fayetteville NC

2711 Breezewood Ave Fayetteville, NC 28303 North Carolina

Tel: (910) 323-2972

Bankruptcy Attorney Fayetteville NC

Bankruptcy Attorney Durham NC

1738 Hillandale Rd Suite D Durham, NC 27705 North Carolina

Tel: (919) 286-1695

Bankruptcy Attorney Durham NC

Bankruptcy Attorneys Wilson NC

2215 Nash St N Wilson, NC 27896 North Carolina

Tel: (252) 234-9194

Bankruptcy Attorneys Wilson NC

Bankruptcy Attorneys Greensboro NC

2100 W Cornwallis Dr. STE O Greensboro, NC 27408 North Carolina

Tel: (336) 542-5993

Bankruptcy Attorneys Greensboro NC

Bankruptcy Attorneys Southport NC

116 N Howe St. Suite A Southport, NC 28461 North Carolina

Tel: (910) 218-8682

Bankruptcy Attorneys Southport NC

Bankruptcy Attorneys Wilmington NC

116 N. Howe Street, Suite A Southport, NC 28461 North Carolina

Tel: (910) 447-2987

Bankruptcy Attorneys Wilmington NC