News & Analysis as of

California Appellate Court Holds Lender Failed to Follow HAMP Procedures

The California Court of Appeal reversed a lower’s court’s dismissal of a lawsuit by a borrower alleging that her lender breached an agreement to offer a permanent loan modification after she made all required payments under a...more

U.S. Court of Appeals: The Home Affordable Assistance Program Has Produced More Litigation Than Happy Homeowners

In Corvello v. Wells Fargo Bank NA (--- F.3d ----, C.A.9 (Cal.), August 8, 2013), the Ninth Circuit Court of Appeals held that Wells Fargo Bank was required to offer borrowers permanent loan modifications to their home...more

The Impact of Dual Tracking Restrictions on Foreclosure Rates in California

Foreclosure rates are declining in California. Many tout an improving economy as a reason for this trend. The impact of new legislation that restricts lenders and mortgage servicers from foreclosing on residential mortgages...more

South Carolina Supreme Court: Lenders Modifying Loans Do Not Engage in Unauthorized Law Practice

The South Carolina Supreme Court recently ruled that lender loan modifications do not constitute the unauthorized practice of law....more

New Foreclosure Rules

The new mandatory regulations regarding foreclosures, recently developed by the Illinois Supreme Court, went into effect on Match 1st. The rules came about due to the deceptive practices that judges observed as well as the...more

Lenders Beware -- California decision may ignite next wave of lender liability litigation

In a recent decision from the California Court of Appeals entitled Jolley v. Chase Home Finance, LLC, the Court severely curtailed lenders’ ability to dispose of lender liability claims on summary judgment, thereby adopting a...more

Homeowners May Fight Foreclosures by Alleging That Lenders Acted in Bad Faith Concerning Loan Modification Programs

In two recent decisions, the Superior Court of New Jersey, Chancery Division, Bergen County, held that homeowners may defend against foreclosure actions by asserting that lenders acted in bad faith with respect to post-notice...more

"I Knew You Were Trouble": Recent Trends in Lender Liability Litigation

Lender liability claims generally arise in one of following contexts: (i) claims seeking recovery of damage or "leverage" to accept discounted payoffs; (ii) counterclaims to foreclosure/receivership/guarantor actions; or...more

Warning! Loan Modification No Guarantee To Prevent Foreclosure

Despite the above cautions, loan modifications can be a benefit for some. If you are struggling to make the loan payments, or are nearing bankruptcy, then it is in both yours and the bank’s best interest to renegotiate the...more

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