Loan Mod Firms NEED to Be SCARED STRAIGHT

Posted on May 8, 2009. Filed under: Foreclosure Defense, Legislation, Loan Modification, Mortgage Audit, Mortgage Law, Politics | Tags: , , , , |

I’m starting to think that what we have here is a failure to communicate. And just in case it’s my fault, I’m writing this to correct any misperceptions that may or may not be out there. I’m usually not one for drama, but this isn’t a usual situation by any means. THIS IS AN EMERGENCY, by any definition of the word.

THIS IS A THREAT TO THE ENTIRE LEAGUE…

YOU WON’T HAVE TO WORRY ABOUT YOUR TEAM IF THE ENTIRE LEAGUE IS OUT OF BUSINESS.

I’m not at all sure that the private sector, for-profit loan modification firms have an appreciation for what’s going on in California or across the nation as a whole. To be blunt, I’d be willing to bet money that the entire industry will be gone in six months, give or take. Gone. I’d be willing to bet, but who’d bet against?

I’ve been driving around visiting loan modification firms all over Southern California, meeting with their owners and senior managers, seeing their operations, and there are quite a few who obviously have a lot of money invested in systems, people, overhead… these firms employ thousands of people, and are handling loan modifications for tens of thousands of clients. If I were them I’d be scared to death.

I’ve also assembled a team that is spending its days gathering data from all 50 states, identifying loan modification firms, checking their backgrounds and status, collecting data on their numbers of clients, and loan modifications completed by month. I’m getting ready to lobby on behalf of the millions of homeowners who need access to for-profit loan modification firms, through a newly formed nonprofit organization called “Mandelman’s March”. (Most of you have received information on this, but if you haven’t, now would be a good time to get in touch.)

via Loan Mod Firms NEED to Be SCARED STRAIGHT » Mandelman Matters.

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