Judge Reacts to President's Foreclosure Plan - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Judge Reacts to President's Foreclosure Plan

By Al Pefley email

West Palm Beach, FL (WFLX)

"Okay this is a status conference and my recollection was..."   Another day in the fourth floor courtroom of Palm Beach County Circuit Court Judge Jack Cook.  If a foreclosure case is filed in Palm Beach County, chances are Circuit judge Jack Cook will be hearing it.  He hears the majority of them.

Judge Cook says he's relieved to see that President Obama is doing something to try to help homeowners in danger of losing their homes to foreclosure.

"I don't have any idea whether it's gonna be adequate or not. I'd be very surprised if it didn't make a difference," Judge Cook explained.

Judge Cook says Palm Beach County has about 36,000 pending foreclosure cases.

The President's plan to keep Americans in their homes includes incentives for lenders to cut peoples' monthly mortgage payments.  "We aren't just helping homeowners who are at risk of falling over the edge. We are preventing their neighbors from being pulled over that edge too," President Obama said during a speech in Arizona where he unveiled his Homeowner Affordability and Stability Plan.

Judge Cook says it appears the President is on the right track.  "It sounds like the plan will be very helpful. Certainly the part of the plan that will allow homeowners to adjust their mortgage before they actually go into foreclosure,"  the judge said.

He hasn't studied the plan in depth, but he feels the plan will help keep people in their homes who might otherwise lose them.  "I think more loans will get re-worked and we'll probably actually have a lot less foreclosures, hopefully,"  Judge Cook told us.

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