[Post updated related to COVID-19 forbearances] We like rooting for the underdog. Particularly when the underdog has no lawyer and takes on the Federal Home Loan Mortgage Company (“Freddie Mac”). Freddie Mac is a government sponsored enterprise with over $2 trillion in assets. They certainly can afford great lawyers and take on small homeowners who dare […]
How Low Can They Go? Bank Of America Claims Death of Child Not A Hardship
by Brian Mahany By now, I should be numb to the suffering caused by Bank of America and other large lenders and mortgage servicers. That’s what they want but instead, I am fighting angry. So are millions of homeowners too. If you think we climb the soapbox a little too often in this blog, read […]
Homeowners – 1, Bank of America, Wells Fargo -0
by Brian Mahany Despite the turning tide, big banks continue to win many court battles. Individual homeowners just can’t afford to take on the banking giants and their Park Avenue lawyers. Now and then, however, homeowners win. And some times they win big. Every victory empowers more and more homeowners to come forward. Last week’s […]
Bank of America: "There is No HAMP, There Is No Help, And There Is No Hope"
by Brian Mahany We have listened to many recorded conversations between bank workout specialists and borrowers. Until the mortgage meltdown and subsequent collapse of the lending industry, homeowners never thought to record their conversations with bankers. There was little need. Now with some of the major banks like Bank of America, Chase and Wells seemingly […]
Bank Of America Keeps Fraud Settlements Confidential
by Brian Mahany A lawyer recently asked about Bank of America’s policy of confidential settlements. It’s a good question and one in which we know some of the answers. But of course, we can’t answer because, well… homeowners (and their attorneys) who sue Bank of America typically are not allowed to discuss the terms of […]
NJ Court Refuses To Enforce Loan Provision Prohibiting Borrower From Suing
by Brian Mahany I thought I had seen everything until I read a story about Investor’s Saving Bank. If you haven’t figured out why juries dislike lenders and are awarding large judgments against banks, read on. A New Jersey company sought mortgage funding from Investors Savings. At the closing, Investors only provided half the funding. […]
Accounting Firms Chosen To Monitor National Mortgage Settlement
by Brian Mahany Joseph Smith is a powerful guy. He is the monitor of the $25 billion national mortgage settlement hammered out by 49 states, the federal government and several large lenders including our perennial “favorites”, Bank of America, Wells Fargo, Citi and Chase. As part of the settlement, several major lenders promised to clean […]
Common Mistakes Made by Homeowners Seeking HAMP Modification
by Brian Mahany Almost every day we are contacted by a potential client who was denied a HAMP mortgage modification. For those unfamiliar with HAMP, the program’s formal name is the Home Affordable Modification Program. The program was part of the stimulus bill in 2008. When Congress gave billions to Wall Street and big banks […]
Can I Sue For Denial Of HAMP Loan Modification?
by Brian Mahany “Can I sue for denial of a HAMP loan modification” is a question we frequently hear. Some lenders (Bank of America, Citi, Wells Fargo) seem to run borrowers through the ringer only to ultimately deny them a mortgage modification. That’s a shame since Congress authorized the Home Affordable Modification Program as part […]
New Wave of Foreclosures Coming
by Brian Mahany The headline from CNBC that a new round of foreclosures is coming comes without surprise. Thankfully, fewer borrowers are falling behind but there are still millions of Americans who are hopelessly behind on their loans. We say “hopelessly” because the lending community has miserably failed to assist homeowners who may have needed […]