The New York City Bar Association
has issued an ethics
opinion regarding the participation
of volunteer lawyers in the Lawyers Foreclosure Intervention
Project (LFIN).*
LFIN is a joint effort between the Federal Reserve
Bank of New York and the City Bar Justice Center
to assist New Yorkers facing the prospect of
foreclosure. Participating lawyer volunteers
will assist homeowners in understanding and assessing
their options to avoid foreclosure. Some lawyers
will negotiate with homeowners' creditors; others
will represent homeowners before bankruptcy or
other courts. For more information on the LFIN,
please
click here.
* Note: The City Bar Association
has revised its ethics opinion regarding the
participation of volunteer lawyers in the LFIN.
The revised opinion, dated June 12, reflects
changes in the first paragraph on page 2 and
the paragraph on pages 2-3 with regard to the
situation where a firm’s
representation does not substantially relate
to the mortgage taken out by the pro bono client,
and is otherwise unchanged. The revised opinion
was issued to provide needed flexibility for
financial institutions and law firms to develop
their own waiver arrangements while remaining
faithful to the requirements of the Lawyer’s
Code of Professional Responsibility.
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