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Not Honoring Home Loan Modifications

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You want a home loan modification?  Sign away your right to file a lawsuit, ever.  That’s what Bank of America is forcing people to do before they are given a mortgage modification.  While the practice has been made illegal, the legal language is still being put in loan modification agreements.

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HAMP – Axsmith Law Blog

Also, the Consumer Financial Protection Bureau has found that Residential Credit Solutions was ignoring home loan modifications.  It went so far as to treat borrowers as if their loan had defaulted – when it wasn’t true.  Residential Credit Solutions sent false payment statements to home owners and made people waive their rights to get a repayment plan.

As part of a settlement with CFPB, Residential Credit Solutions has agreed to pay $1.5 million in restitution to victims and a $100,000 civil money penalty for its illegal actions.

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Green Tree Lending has been forced to pay a settlement to borrowers because it paid property taxes late for mortgages it was servicing.  Ironic, since Green Tree Lending has been guilty of harassing behavior towards borrowers in Vermont if their payments were late.

If you need help with debt relief, phone Axsmith Law LLC at (202) 285-5415.

 

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