Loan Modification Blunders

The modification processing problem is rampant and we see it with our clients far too often. This is one of the reasons why I believe the best way to deal with the mortgage crisis is through the bankruptcy courts. Congress should allow bankruptcy judges to reduce the principal balances on mortgages secured by residential real estate. This is a position also advocated by the National Association of Consumer Bankruptcy Attorneys and many other consumer advocate groups. Allowing the bankruptcy courts to modify residential mortgages allows an independent third party (the bankruptcy judge) to hear evidence, look at numbers and make a decision. It would take away the mortgage company’s ability to serve as judge, jury and executioner and it would increase certainty and stability in the marketplace. No longer would we see banks approving, while at the same time denying, modifications.

About Marc Aaron Goldbach

Marc Aaron Goldbach has worked tirelessly to develop a successful bankruptcy and civil law practice for clients located throughout Los Angeles County. Mr. Goldbach at GoldBach Law Group have represented a wide array of small businesses and individuals with 100% client success rate. Mr. Goldbach is always available to answer questions and willing to guide you through the entire legal process.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply