News & Analysis as of September 26, 2024

Home Affordable Modification Program

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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

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

Morrison & Foerster LLP on 9/6/2016

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

CFPB outlines future principles for loss mitigation

Ballard Spahr LLP on 8/4/2016

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

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

Ballard Spahr LLP on 7/8/2016

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

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

Ballard Spahr LLP on 7/1/2016

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

Goodwin on 5/11/2016

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...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

Mortgage Modifications: Senior Loans May Become Not So Senior

Troutman Pepper on 10/27/2014

Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) – A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of...more

Borrowers File Petition for Writ of Certiorari Related to Permanent Loan Modification Under HAMP

Goodwin on 5/1/2014

Citing a circuit split among the Seventh, Ninth and Eleventh circuits and the “great importance” of settling the question, the borrowers filed a petition writ of certiorari in the Supreme Court asking the Court to determine...more

Ninth Circuit Opens Door for Protracted HAMP Litigation

Snell & Wilmer on 8/16/2013

Earlier this month, the Ninth Circuit reversed a lower court’s dismissal of two consolidated class action complaints, holding that mortgage servicers participating in the Home Affordable Modification Program (HAMP) are...more

Extension of Loan Modification Programs

Orrick - Finance 20/20 on 6/3/2013

On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more

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