Another Win and More Info on Modification

There are tons of ways of tripping the Banks in their pursuit of free houses through “foreclosure.” one of those ways is through challenging the rejection of the borrower’s proposal for modification. When it comes to U.S. Bank virtually nothing they say is true. When a bank says it fulfilled its obligation under HAMP to “consider” the proposal, most of the time it is a lie because the banks do not want a modification because each modification creates a brand new liability for them if they sold the loan multiple times.

The trick is to submit your proposal with an expert appraiser’s opinion that the proposal exceeds FMV of the property and hugely exceeds the proceeds from a foreclosure of the property which will only hurt property values again in neighborhood where the bank has other mortgages. Thus the allegation can be made that either they did not review the proposal or they did not apply reasonable standards for consideration of the modification.

What lawyers are doing is filing the motion and then demanding discovery about the ” consideration” process. Asking for what methods were used and who used them. Those cases settle often within hours of the Judge entering the order requiring the bank to respond.

http://www.examiner.com/article/queens-foreclosure-attorney-beats-back-us-bank-and-obtains-dismissal

Tags: dismissal, New York, U.S. Bank
Posted in Eviction, evidence, foreclosure mill, Modification, Servicer |