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Loan Modifications › Private Right of Action

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 -
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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