News & Analysis as of September 22, 2024

Mortgage Lenders

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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 -

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

Carlton Fields on 12/4/2019

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

Part III: Navigating the Maze of Servicing Discharged Debt

Bradley Arant Boult Cummings LLP on 3/20/2019

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

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

BCLP on 8/30/2018

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

Mortgage-Loan Modification Scam Ends with Serious Consequences

Bradley Arant Boult Cummings LLP on 9/16/2016

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

N.D. Illinois: Bank’s HAMP Procedures Weren’t Unfair or Deceptive

Goodwin on 9/11/2015

A U.S. District Judge in the Northern District of Illinois recently granted summary judgment in favor of defendant PNC Bank on a borrower’s promissory estoppel and Illinois Consumer Fraud Act (ICFA) claims in connection with...more

NJ Borrowers under HAMP May Pursue State Law Claims

Blank Rome LLP on 4/24/2015

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

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

Blank Rome LLP on 4/17/2015

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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