Andy Winchell Explains the Alphabet Problem

Bankruptcy Boot Camp graduate from New Jersey, Andy Winchell, discusses the “Alphabet Problem” which is a termed coined by Max.

There is a substantial tactical benefit in a bankruptcy case to finding the weakness in a secured creditor’s claim. No mortgage lender wants to be turned into an unsecured creditor. If there are defects in the mortgage lender’s documentation, and there almost always are, finding those weaknesses gives us leverage. Whether the ultimate goal for the client is a mortgage modification or otherwise, being able to put a bank on its back foot carries a substantial advantage. I use this both to get better results for my clients and also to take clients whom otherwise I would not be able to represent. Sadly, using this type of “leverage” is the best way to force a bank into sustainable mortgage modification.

There are many reasons why consumer and consumer bankruptcy attorneys need to understand the Alphabet Problem.  Max is conducting a special seminar for attorneys on Mortgage Securitization and Servicing, September 17 to 19.  Any attorney working to get loan modifications for their clients owe it to them to learn the material presented in the conference.  We hope you will all attend.  Please see this page to learn more.