Currently viewing the tag: "loan modification"
Massachusetts Court to Wells Fargo: HAMP Loan Mods are Enforceable
February 1, 2011 by CULIK LAW
Federal Judge F. Dennis Saylor, IV of the Worcester division of the United States Court for the District of Massachusetts has recently denied an attempt by Wells Fargo to dismiss homeowners’ claims against it. The issue was whether the trial loan modifications sent by Wells Fargo to homeowners were enforceable contracts. (Culik Law has a [...]
Continue Reading →Analysis of Recent Loan Mod Lawsuits Filed vs. Bank of America
December 18, 2010 by CULIK LAW
The New York Times reports that the attorneys general of both Arizona and Nevada have filed major fraud lawsuits against Bank of America, the largest mortgage servicer in the United States, for its failure to comply with loan modification requirements. The Nevada lawsuit claims that Bank of America misled vulnerable homeowners in numerous ways, including [...]
Continue Reading →Attorney Josef Culik has filed suit today in federal court in Boston, Massachusetts against Bank of America on behalf of a client for violation of the Home Affordable Modification Program (HAMP) and violation of the Fair Debt Collection Practices Act.
Continue Reading →Mortgage Data Makes Trends and Forecast Uncertain
May 20, 2010 by CULIK LAW
“Any way you look at it, extraordinary numbers of people are having trouble paying their mortgage. What is less clear is the extent to which the problem is getting worse, better or is simply holding its own. Data released Wednesday by the Mortgage Bankers Association showed the mortgage delinquency rate rose in the first quarter [...]
Continue Reading →More Mortgage Companies Being Sued for Predatory Lending (CNN)
October 8, 2009 by CULIK LAW
CNN reports that predatory lending lawsuits are increasing, and many homeowners are winning: “While many of these suits are still winding their way through the legal system, some banks have already settled for millions of dollars.” Defendants include some of the biggest names in the mortgage business — Wells Fargo, CitiMortgage, and Bank of America [...]
Continue Reading →Homeowners Need More Lawyers to Help Stop Foreclosure
October 6, 2009 by CULIK LAW
The foreclosure crisis is also a legal crisis, a new study says. When homeowners struggling to pay their mortgages try to find lawyers help them fight to hang onto their homes, many can’t do so, reports USA Today. Hiring a private lawyer to help with the complex proceedings can easily cost $5,000. And legal aid [...]
Continue Reading →Loan modification after filing for bankruptcy (ConsumerAffairs.com)
September 25, 2009 by CULIK LAW
ConsumerAffairs.com has an interesting Q&A with a homeowner who filed for bankruptcy after obtaining a loan modification that didn’t work out. This is something that I’ve been seeing in my own law practice in Massachusetts dealing with mortgage issues — people declaring bankruptcy and hoping that their mortgage company will work with them for a [...]
Continue Reading →Loan Modification Resource – Institute for Foreclosure Legal Assistance
September 23, 2009 by CULIK LAW
As the nation’s foreclosure epidemic continues to worsen, the Center for Responsible Lending has formed the Institute for Foreclosure Legal Assistance (IFLA) to support groups giving legal representation to families facing foreclosure and financial ruin because of abusive subprime mortgages. The National Association of Consumer Advocates will manage the project, which recognizes that one of [...]
Continue Reading →How to Avoid Foreclosure Rescue Scams (FTC video)
September 21, 2009 by CULIK LAW
The Federal Trade Commission has released a video for consumers on how to avoid foreclosure rescue scams. This is extremely useful. Many states are now in the process of prohibiting foreclosure rescue transactions outright. For example, the Massachusetts Attorney General has promulgated 940 CMR 25.02 prohibiting all for-profit foreclosure rescue transactions. Foreclosure rescue (as opposed [...]
Continue Reading →From Mortgage Lending to Loan Modification
September 18, 2009 by CULIK LAW
Technorati Tags: Massachusetts,loan modification,Countrywide,mortgage Many of the mortgage brokers who helped get homeowners into unaffordable loans are now billing themselves as “loan modification” providers to their former clients, helping them mitigate the mortgage mess that they share the responsibility for creating. Now, former Countrywide executives have take this idea to a new level: they’ve formed [...]
Continue Reading →Untitled Document "I cannot thank you enough for the stellar work you did on my Loan Modification. I tried it myself with no success. You were the expert I needed! You were friendly with me and relentless with the bank. You never lost patience nor spirit. You took it to every level necessary to win. AND WIN WE DID. The Modification you obtained cut over a thousand dollars from my monthly mortgage payment! I can keep my house!" Sincerely yours, Robert N.
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