Tom Bolt, Chair of the Virgin Islands Continuum of Care on Homelessness, addressed the American Bar Association’s Commission on Homelessness and Poverty at its Midyear Meeting earlier today in Boston, Massachusetts.
Bolt noted that the current economic situation would continue to put a strain on homeless services throughout the nation and would advance from the ranks of low income to middle income families. "We are look at an economic tidal wave that could devastate many families that never thought homelessness would touch them."
In speaking to the ABA Commission, Bolt called on lenders to take a page from homeless advocates by establishing outreach teams. "Today, it can be quite frustrating to borrowers faced with economic uncertainly to not be able to reach their lender. Many loans today are administered through loan servicers who lack the authority to negotiate loan terms. Lenders would be well advised to establish toll free numbers with competent personnel that are prepared to work with borrowers to address their immediate economic situation. It would make for an easier trek through these troubled waters." Bolt said.
In addition to his call for lender outreach teams, Bolt called on the ABA’s Commission on Homelessness and Poverty to educate the members of the bar to address the needs of their clients with respective to potential foreclosures and the programs being offered by lenders and through various governments both federal and state.