Blumenkehl Sees Delinquent Borrowers Slowing Foreclosure Process
Wayne, NJ, January 15, 2011 --(PR.com)-- According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, "A percentage of long-delinquent borrowers are taking advantage of every opportunity they can to extend the mortgage foreclosure process while staying in their houses without having to pay their mortgage, taxes and insurance and allowing the properties to deteriorate rather than provide needed maintenance."
Blumenkehl continued, “We’re not talking about the homeowner who has no assets, or are unemployed. We are seeing borrowers who are trying to hide their assets, some substantial, file multiple bankruptcies and frivolous motions with the courts, designed to stall the process so they can continue to save and hide their money at their lenders expense...The net result,” according to Blumenkehl, “is that the lenders have to spend more money carrying these bad loans, impacting the overall economic recovery by maintaining high leverages on the books of the lenders while lowering the value and increasing the carry of their assets.”
Blumenkehl added that the overwhelming burden on the court systems to assist the lenders in regaining their properties adds to the court's agenda, costing taxpayers more money and extending the ability of the country to recover from the economic meltdown and high unemployment rates. “Until these ‘deadbeats’ are removed from the property, or the courts somehow find a way for these underhanded strategies to be engaged, more people will go longer without jobs, and the country as a whole will pay the price.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage opportunities resultant from the mortgage crisis and to assist their borrowers and lenders in monetizing their assets and being given the opportunity to start again. For more information about Blue Asset Management LLC or Charles Blumenkehl log on to the company website at www.blueassetmanagementllc or call the company directly at 973 835-1400.
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Blumenkehl continued, “We’re not talking about the homeowner who has no assets, or are unemployed. We are seeing borrowers who are trying to hide their assets, some substantial, file multiple bankruptcies and frivolous motions with the courts, designed to stall the process so they can continue to save and hide their money at their lenders expense...The net result,” according to Blumenkehl, “is that the lenders have to spend more money carrying these bad loans, impacting the overall economic recovery by maintaining high leverages on the books of the lenders while lowering the value and increasing the carry of their assets.”
Blumenkehl added that the overwhelming burden on the court systems to assist the lenders in regaining their properties adds to the court's agenda, costing taxpayers more money and extending the ability of the country to recover from the economic meltdown and high unemployment rates. “Until these ‘deadbeats’ are removed from the property, or the courts somehow find a way for these underhanded strategies to be engaged, more people will go longer without jobs, and the country as a whole will pay the price.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage opportunities resultant from the mortgage crisis and to assist their borrowers and lenders in monetizing their assets and being given the opportunity to start again. For more information about Blue Asset Management LLC or Charles Blumenkehl log on to the company website at www.blueassetmanagementllc or call the company directly at 973 835-1400.
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Contact
Blue Asset Management LLC
Charles Blumenkehl
973 835 1400
blueassetmanagementllc.com
Charles Blumenkehl
973 835 1400
blueassetmanagementllc.com
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