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Loan Modifications › Mortgages › Mortgage Lenders

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 -
Sheppard Mullin Richter & Hampton LLP

Ninth Circuit Holds Loan Modification Made By Unlicensed Lender Violates State Usury Law

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In an April 16 unpublished opinion, the U.S. Ninth Circuit Court of Appeals affirmed the Bankruptcy Appellate Panel’s earlier decision finding that a mortgage lender not licensed in California violated the state’s usury law...more

Patton Sullivan Brodehl LLP

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

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One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 15, 2019

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Real Property Update - Foreclosure / Notice: Mail log sufficient evidence to establish mailing of notice to borrower of default and possibility of foreclosure – Stacknik v. U.S. Bank, N.A., No. 2D18-2156 (Fla. 2d DCA Nov....more

Hogan Lovells

New York legislature moves to impose new requirements on reverse mortgage industry

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Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

Bradley Arant Boult Cummings LLP

Part IV: Navigating the Maze of Servicing Discharged Debt

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Welcome to Part IV of our series on servicing discharged mortgage debt. This part will discuss modifying a borrower’s loan post-discharge. (If you missed Part I, Part II or Part III, go ahead and catch up.) Part III discussed...more

Bradley Arant Boult Cummings LLP

Part III: Navigating the Maze of Servicing Discharged Debt

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Part III: Modifications Post-Discharge - Welcome to Part III of our series on the servicing of discharged mortgage debt. This part will discuss modifying a borrower’s loan after a discharge. (If you missed Part I or Part...more

Goodwin

Massachusetts AG Obtains $4 Million in Settlement Over Subprime Mortgage Modifications

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On December 21, 2018, the Massachusetts Attorney General’s Office (“Mass. AG”) announced that it had reached a settlement with a national mortgage servicer, resolving allegations that the company mishandled mortgage loans in...more

BCLP

Modifications on My Mind: When “Will” Means “Must” and a Conventional Hand Signature is Not Required

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The Sixth Circuit has issued another opinion regarding loan modifications, following its opinion two weeks ago in Segrist v. Bank of New York Mellon (2018 WL 3773785, August 9, 2018), on which I earlier wrote. Now, in...more

BCLP

Lender’s “Boilerplate” Disavowal Dooms Rescission of a Common Loan Modification Agreement

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In a case with potentially broad implications, the Sixth Circuit becomes the first federal circuit court to hold that the Truth in Lending Act provides no right to rescind a loan modification agreement entered into with a...more

Bradley Arant Boult Cummings LLP

Mortgage-Loan Modification Scam Ends with Serious Consequences

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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

Ballard Spahr LLP

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

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The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

Ballard Spahr LLP

CFPB highlight mortgage complaints in third monthly complaint report

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The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro...more

Seyfarth Shaw LLP

Sixth Circuit Weighs In On Prior Express Consent

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Under what circumstances does a person give his “prior express consent” to be contacted on his cellphone by a creditor? The Sixth Circuit recently examined that very question in Hill v. Homeward Residential, Inc., where it...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

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Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

Burr & Forman

Sixth Circuit Weighs in on TCPA “Prior Express Consent”

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The U.S. Court of Appeals for the Sixth Circuit recently addressed both the timing and scope of “prior express consent” under the Telephone Consumer Protection Act (“TCPA”). The plaintiff in Stephen M. Hill v. Homeward...more

Miller Starr Regalia

California Foreclosure Law: Plaintiff May Recover Tort Damages For A Claim Of Wrongful Foreclosure

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In a wrongful foreclosure lawsuit, the plaintiff may recover tort damages – i.e., any damages proximately caused by the foreclosing defendant, the Fourth District Court of Appeal held last week. Miles v. Deutsche Bank...more

Blank Rome LLP

NJ Borrowers under HAMP May Pursue State Law Claims

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It is well-established that the federal Home Affordable Modification Program (HAMP) does not offer borrowers a private right of action to allege a lender or servicer violated HAMP. However, the New Jersey Appellate Division...more

Blank Rome LLP

Borrowers Don’t Have Private Right of Action Under HAMP but May Pursue New Jersey State Law Claims

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Action Item: To avoid possible state law claims related to denial of loan modifications, trial modification offers should clearly define the requirements a borrower must fulfill to receive a loan modification, and lenders and...more

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