News & Analysis as of

Loan Modifications

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

Dorsey’s Artin Betpera Advocates on Behalf of the Mortgage Industry with the California MBA at the State Capitol

by Dorsey & Whitney LLP on

It’s sure been busy at our State Capitol here in California this week. While the Legislators were furiously debating an increase in our state gas tax (already one of the highest in the nation), the California Mortgage Bankers...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A group of current and former Citizen Bank branch employees from five states has admitted to fabricating information about the results of the Bank’s much-touted “Citizens Checkup” program (in which real customers are invited...more

A Homeowner’s Mortgage Insurance Obligation is Not Modified by a Mortgage Modification

by Tucker Arensberg, P.C. on

Mortgage insurance can be an expensive proposition for homeowners at the same time that it provides assurance to lenders. Whether the term of paying insurance premiums can be extended as the result of a mortgage modification...more

New York Man Sentenced to 15 Years in Prison for Loan Modification Scheme

by Goodwin on

On March 7, 2017, the United States Attorney’s Office for the Eastern District of New York announced the sentencing of an individual defendant to 15 years in prison and $2.5 million in forfeiture in connection with a loan...more

FTC Reaches $1.7 Million Settlement with Final Defendant in Mortgage Relief Scheme

by Goodwin on

On February 23, 2017, the Federal Trade Commission (FTC) announced that it entered into a settlement with the final individual defendant in an alleged mortgage relief scheme worth over $1.7 million. As a result of a...more

Mortgage Servicer Enters in to $225 Million Consent Order with California DBO

by Goodwin on

On February 17, 2017, the California Department of Business Oversight (California DBO) announced that it had entered in to a $225 million consent order with a national mortgage servicer following an investigation by a...more

Lenders Seeking Loan Modification After Bankruptcy, Beware!

by Ward and Smith, P.A. on

Lenders cannot revive a guaranty obligation discharged in bankruptcy with a subsequent modification or forbearance agreement, even with new consideration; and attempting to do so may lead to lender liability exposure....more

A Review of the Law Governing Qualified Written Requests

by Dorsey & Whitney LLP on

Back in the summer of 2015, we published a popular post on “Qualified Written Requests,” or QWRs, which are written requests by borrowers under the Real Estate Settlement Procedures Act (“RESPA”) for information relating to...more

Handy List of Basic Issues to Consider for the Transactional Workout

by Bryan Cave on

While significant energy here at the Bankruptcy Cave is devoted to substantive bankruptcy matters, not all aspects of a general insolvency practice are always fun and litigation. Oftentimes insolvency lawyers add the most...more

Alabama Court of Civil Appeals Holds Questions Regarding Propriety of Foreclosure May Be Raised as Affirmative Defense to...

by Balch & Bingham LLP on

The Alabama Court of Civil Appeals recently held in Pittman v. Regions Bank that questions about the propriety of a foreclosure may be raised more than one year after the foreclosure as an affirmative defense to an ejectment...more

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

by Carlton Fields on

REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

Petition for writ of certiorari filed in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

NY AG Secures $1.6 Million Settlement For Alleged Mortgage Relief Scheme

by Goodwin on

On November 2, the New York Attorney General (AG) announced a $1.6 million settlement with a debt settlement company and its principal, resolving allegations that the company violated New York’s deceptive and unlawful...more

Eleventh Circuit Holds That Reg. X Does Not Require Mortgage Servicers to Evaluate Untimely Loan Modification Plans Even If the...

by Balch & Bingham LLP on

In a recent decision, the Eleventh Circuit (Lage v. Ocwen Loan Servicing, LLC, No. 15-15558 (11th Cir. Oct. 7, 2016)) held that a loan servicer is not required to evaluate a completed loan modification application if that...more

FTC Secures $1.8M in Restitution From Debt Relief Scammers

by Goodwin on

On September 22, the Federal Trade Commission (FTC) announced that the U.S. District Court for the Central District of California issued a permanent injunction prohibiting five defendants involved in mortgage relief scams...more

Mortgage-Loan Modification Scam Ends with Serious Consequences

A California man that operated as a high-level sales executive for a fraudulent residential mortgage-loan modification scheme will now spend several years in jail. From 2009 to 2016, Mehdi Moarefian (aka Michael Miller)...more

Massachusetts AG Settles with Student Debt Relief Company Over Alleged Illegal Fees

by Goodwin on

On September 1, 2016, the Massachusetts Attorney General (“AG”) announced a settlement with a student loan debt relief company, over allegations the company charged illegal fees to enroll borrowers in income-based repayment...more

FTC Announces Settlement with Law Firms Over Alleged Debt Relief Scheme

by Goodwin on

On September 1, 2016, the Federal Trade Commission (FTC) announced it entered into a stipulated order for permanent injunction against a group of regional law firms over allegations the firms violated the Federal Trade...more

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

by Morrison & Foerster LLP on

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

DOJ Files Suit Against California Lenders Alleging Discriminatory Loan Modification Scheme

by Goodwin on

On August 23, 2016, the Department of Justice (DOJ) announced the filing of a lawsuit in the United States District Court for the Northern District of California against several California-based mortgage loan modification...more

Priority of Future Advances Under Idaho Deeds of Trust Now in Doubt

by Stoel Rives LLP on

In Liberty Bankers Life Insurance Co. v. Witherspoon, No. 41993, 2016 WL 74987 (Idaho Jan. 6, 2016), the Idaho Supreme Court examined a loan modification agreement in which a lender agreed to release real property from its...more

Idaho Statute Protecting the Priority of Future Advances Does Not Apply to Deeds of Trust

by Stoel Rives LLP on

In Liberty Bankers Life Insurance Co. v. Witherspoon, No. 41993, 2016 WL 74987 (Idaho Jan. 6, 2016), the Idaho Supreme Court examined a loan modification agreement in which the lender agreed to release certain real property...more

CFPB outlines future principles for loss mitigation

by Ballard Spahr LLP on

Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.”  The...more

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

by Ervin Cohen & Jessup LLP on

In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

by Ballard Spahr LLP on

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

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