Rhode Island Attorney heads to D.C. to urge changes in bankruptcy law that would help to stem foreclosures.

WASHINGTON, D.C. Rhode Island Attorney Peter M. Iascone joined fellow members of The National Association of Consumer Bankruptcy Attorneys (NACBA) from around the country as they meet in Washington D.C. last week for training and discussions with legislators about the “Helping Families Save Their Homes in Bankruptcy Act of 2009” and companion bills that have been introduced in the House of Representatives and Senate. Attorney Iascone said: “We went to our Nation’s Capital to promote the one solution to the mortgage foreclosure crisis that we know will work, keep families in their homes, preserve neighborhoods, and costs taxpayers nothing. Everyone admits that proposals that rely on mortgage holders to voluntarily modify loans have failed to stem the tide of foreclosures that grows greater every month. As long as there are more and more foreclosures dumping more homes on the housing market, prices will continue their tailspin, making the financial crisis even worse.”

Attorney Iascone met directly with all four members of Rhode Island’s congressional delegation as well as a meeting with the staff of Congressman Delahunt from Massachusetts who is sponsoring legislation that would allow bankruptcy judges to modify mortgages on a homeowner’s principal place of residence, as is currently allowed on vacation homes, boats, commercial real estate, vehicles, and farms. Modifications could include reducing the interest rate and lengthening the repayment time. The modifications would help homeowners avoid foreclosure, provide stability to the housing market, save neighborhoods, and as a result, boost the economy.

Attorney Peter M. Iascone received a BV rating from LexisNexis Martindale Hubbell, which is the highest rating a lawyer can achieve.