A Trial Period Modification is NOT a Modification

[Debca]

Mandelman’s Monthly Museletter: Issue 4.0

Welcome to the next edition of Mandelman’s Museletter…

The Museletter designed to inspire you, inform you, make you giggle when it’s not even supposed to be funny… here goes…

1. A Trial Period Modification is NOT a Modification

The court appointed receiver in the Lucas Law Case, Rob Evans and Associates, has stated that a modification that’s in the trial period is not to be considered a modification. In the report filed with the court, the court appointed firm stated: “The Receiver does not consider these short-term payment arrangements to be modifications but rather a repayment of past due amounts structured over a scheduled period.” Fair enough then.

Memo to Bank of America, Wells Fargo, Chase and the rest… are you listening? You can’t count the trial period modifications as modifications.



And while we’re talking about this, you also can’t count modifications that make monthly payments go higher as modifications.



And most of all, you absolutely can’t count letters you mail out that say “Dear Borrower…” as “initiating a modification.”


Now, would you guys at the banks like to recount your “results” for August? Yeah, I know… you’ll do whatever you Gosh darn please… I should do what? Go pound sand? That’s what I figured you’d say.