In the latest of a long line of successful mortgage modifications, Michael H. Schwartz has been awarded the highest hourly rate ever in a mortgage modification by Chief Judge Cecilia G. Morris, United States Bankruptcy Court.
The fees will be paid by the lender and other creditors at no cost to the borrower.
In awarding the fee, Chief Judge Cecelia G. Morris Judge took into account that Mr. Schwartz had successfully eliminated $282,761.33 of mortgage debt.
The grateful borrowers, who had been $211,396.17 in arrears on their mortgage with Wells Fargo Bank, before hiring Mr. Schwartz, not only eliminated $282,761.33 of mortgage debt but got to keep their house and had their interest rate reduced by 1.25%.
Even more amazing, the borrower’s’ second mortgage of $91,205.49 was eliminated entirely.
Michael H. Schwartz is the largest filer of bankruptcy cases for people living in Westchester and Rockland counties in New York. A graduate of New York Law School, Michael has been licensed to practice in New York State courts since 1983. He is also licensed to practice in the U.S. Bankruptcy and District Courts for the Southern, Eastern and Northern Districts of New York and the District of New Jersey as well as the Second Circuit U.S. Court of Appeals. He is a graduate of Max Gardner’s Bankruptcy and Veterans’ Boot Camps. Several media outlets have reported on his cases or sought his insights, including The New York Times.