Mandelman writes again today to advocate empowering bankruptcy judges to facilitate mortgage modifications. The reluctance and refusal of America’s lenders to modify mortgages is well known and publicized. The notion of empowering bankruptcy judges to make the lenders perform has been gaining traction the last few months, and would serve to further bring attention to the strangle-hold the banking lobby has on the US Congress.
I believe that if and when this becomes possible, it will have much more public relations value than true results. It will definitely open the eyes of bankruptcy judges to the treachery of the nation’s lenders and banks. The nation’s bankruptcy judges, many of whom are just waiting for the opportunity to slap these lenders where it hurts, will surely rise up and scream ‘foul’ as they witness first-hand the complete lack of professionalism and personal regard for the distressed homeowners they do business with. That in turn should focus attention on the dismal lack of broad success of the mortgage modification initiative of the federal government. For the economic recovery of the US, this has to be a good thing.
I believe Mandelman misses the mathematical reality of this solution however. Bankruptcy judges are not sitting around waiting for distressed homeowner and debt business. This plan would assuredly further swamp an already over-burdened bankruptcy system. There simply is no room or time for the 3 to 4 to 12 to 17 million foreclosures that have variously been estimated to threaten the US economy. Press is one thing, effective resolution is another. The distressed homeowner who considers bankruptcy must consider the extensive time and counseling that is mandated by the recent US bankruptcy laws.
It has been demonstrated statistically that bankruptcy almost never solves distressed mortgage and credit problems. If a distressed homeowner pursues a bankruptcy in order to preserve their home it almost always just stalls the inevitable. The success of the REST Report has made the neccesity of bankruptcy judges enforcing mortgage modifications a moot point. Foreclosure judges have overwhelmingly supported the REST Report calculations to hold banks accountable for the Net Present Value it calculates. Since the REST Report uses the bank’s own software to calculate either a mortgage modification or short sale, there is nowhere for the treacherous mortgage servicer to run, and they know it.
I am a proud vendor of the REST Report. Call or email me and you can dictate the terms of a do it yourself mortgage modification or short sale to your mortgage servicer – using their own calculations. What a way to go!
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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. For some reason, loan modification 2010 and mortgage relief 2010 are popular search terms.
This YouTube video says it all. Go here: target="_blank">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 2009-12-11 22:44:02. Republished by Blog Post Promoter
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Bark at the Moon to empower Bankruptcy judges to facilitate mortgage modifications – http://t.co/59A9YDN2
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