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.

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