There has been a huge push to enable bankruptcy judges to modify mortgages as part of bankruptcy proceedings. Today, this ability has been included in a proposed amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).
Thankfully, this part of the Frank-Dodd Act did not materialize. Foreclosures go through District Court. They need to stay there. With the advent of the spectacular success of the REST Report, the strategy to assure good faith negotiations with the treacherous mortgage servicer is clear. The REST Report gives the foreclosure judge the perfect tool to ensure the best solution for any distressed mortgage.
There is an euphoria on the part of many observers of the mortgage mess. This will be short lived. This will not be a panacea for the Home Affordable Mortgage Program failure because bankruptcy judges are already overwhelmed with the number of bankruptcy cases. It will allow the federal bankruptcy judges to witness the treachery of the money-lenders in the US economy today.
Mandelman is so consumed with rage over the mortgage modification mess and treachery of the US bankers in assuming responsibility for the current economic repression, that he easily seizes on this news as significant.
The statistics are clear: Bankruptcy and foreclosure are rarely the answer to debt and mortgage distress. There is no risk to explore mortgage modification, short sale and debt settlement as individual solutions. A distressed mortgage and/or consumer debt holder can get positive counseling and advice within days before pursuing the deadly “final solution.”
The take-away here is that the banking lobby needs to be broken. The REST Report does just that. Mandleman sees some hope today. Senator Durbin is quoted as, “It’s hard to believe in a time when we’re facing a banking crisis that many of the banks created – they are still the most powerful lobby on Capitol Hill. And frankly, they own the place.” No, they don’t. They only control what you don’t know. If you collapse in front of the TV at night and believe what the lenders tell you, you are doomed. The ones who fight back will call me, and they will win before the tide.
The distressed homeowner assuredly can’t make HAMP work on their own. But HAMP, or Home Affordable Mortgage Assistance, does work with assistance. The REST Report, in part, calculates Net Present Value, a mortgage industry standard supported by HAMP verbiage.
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report is best classified as loan modification software, or mortgage modification software. It’s claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using the same software. It is best used as a do it yourself loan modification or do it yourself mortgage modification. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.
This YouTube video says it all. Go here: How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read Mandelman here
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Originally posted 2009-12-10 04:20:44. Republished by Blog Post Promoter
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Bankruptcy mortgage modifications; just another boondoggle – http://t.co/Nn9x7A1