Wednesday, November 4, 2015

Home Loan Modification Class Action Lawsuit Investigation

Who’s Affected

Loan Modification Green Road Sign with dramatic clouds and sky.Did you apply for a home loan modification program and were denied by your bank?

If you applied for mortgage loan modification and were turned down without your bank following the current federal guidelines, you may qualify to file a home loan modification class action lawsuit. 

Following of the Great Recession of 2007 and 2008, unemployment skyrocketed and homeowners saw the value of their homes plummet. This led many homeowners to apply for home loan modifications to make their home loans more manageable to avoid going into foreclosure.

In fact, the federal government even created certain programs to provide foreclosure help to homeowners, such the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) to incentivize banks and mortgage servicers to offer loan modifications.  

But most homeowners’ mortgage loan modification requests went unanswered, or were processed improperly, resulting in thousands of homeowners defaulting on their home loans and going into foreclosure.

To stem the tide of defaults and foreclosures, the U.S. Consumer Financial Protection Bureau (CFPB) implemented a series of guidelines designed to force banks and mortgage servicers to process home loan modification requests quickly, accurately, and transparently.  

The home loan modification guidelines went into effect in January 2014 and they provided homeowners a private right of action. In other words, homeowners whose rights under these guidelines were violated have a right to seek redress by filing a home loan modification lawsuit.

If you applied to participate in a home loan modification program and were denied by your bank or mortgage servicer, you may have legal recourse. Submit your information for a free case evaluation. If you qualify, a loan modification attorney will contact you to discuss the details of your case. 

Overview: Home Loan Modification Programs

Many banks and mortgage servicers are refusing to abide by the CFPB’s new mortgage modification guidelines and have failed to bring their home loan processing systems and home loan modification programs into compliance.

If you have applied for a home loan modification since January 2014 and were denied a loan modification, or believe your loan modification application was processed improperly, your rights under these new loan modification guidelines may have been violated.

The following is a list of banks and mortgage servicing centers that may not be complying with the new guidelines:

  • Bank of America
  • Nationstar Mortgage
  • Ocwen Loan Servicing
  • Seneca Mortgage Servicing
  • Green Tree Servicing
  • PHH Mortgage
  • Select Portfolio Servicing
  • PNC
  • Citigroup
  • US Bank
  • Walter Investment Management Corp.
  • Cenlar
  • JP Morgan Chase
  • Wells Fargo
  • Flagstar Bank
  • GMAC
  • One West
  • Caliber Home Loans

Understanding the New Home Loan Modification Guidelines

The new home loan modification regulations are part of the Real Estate Settlement Procedures Act (RESPA). They require banks and mortgage servicers to adhere to the following guidelines when processing home loan modification applications:

  • If a mortgage servicer receives a home loan modification application from a homeowner 45 days or more before a scheduled foreclosure sale for the homeowner’s property, then the mortgage servicer is required to promptly review the application and determine whether it is complete and then notify the homeowner within 5 days after receiving the application that the application is either complete or incomplete.
  • Within 30 days of receiving the homeowner’s loan modification application the mortgage servicer must:  (i) Evaluate the homeowner for all loss mitigation options available to the homeowner; and (ii) Provide the homeowner with a notice in writing stating the mortgage servicer’s determination of which loan modification options, if any, it will offer to the homeowner.
  • If a homeowner’s modification application is denied for any home loan modification option, then the mortgage servicer must state the specific reasons for the servicer’s denial. And if the mortgage modification is denied because of a requirement of the owner or assignee of the borrower’s mortgage loan, then the denial notice must identify the owner or assignee of the mortgage loan and state the requirement that is the basis of the denial.
    • It is not sufficient to just state that denial of a home loan modification option is “based on an investor requirement.” The servicer must specifically identify the relevant investor and the specific requirement that purportedly constitutes the basis for the denial.  
  • If a home loan modification is denied because of a net present value calculation, then the denial must include all the inputs used in the net present value calculation.
  • If a trial or permanent mortgage loan modification is denied, then the denial notice also must state that the homeowner has the right to appeal the mortgage servicer’s determination.
    • The appeal must be reviewed by different personnel than those responsible for evaluating the homeowner’s application. And within 30 days of the homeowner making an appeal, the servicer must provide a notice to the homeowner stating the servicer’s determination of whether the servicer will offer the homeowner a loss mitigation option based on the appeal.
  • The RESPA regulations also prohibit the practice of “dual tracking” while a homeowner’s loan modification application is under review. That is, a mortgage servicer is precluded from initiating foreclosure proceedings while the homeowner’s loan modification application is being processed. The new RESPA regulations also broadly prohibit a servicer from instituting foreclosure proceedings until a homeowner’s mortgage loan is more than 120 days delinquent.
  • Furthermore, if a homeowner submits a loan modification application before the servicer has started the foreclosure process, then the servicer is prohibited from going forward with foreclosure proceedings.

A loan modification attorney can help you understand your legal options if your bank or mortgage servicer did not follow the proper mortgage modification guidelines.  Get help now by filling out the form on this page for a FREE case evaluation.

Get Help – It’s Free

Join a Free Home Loan Modification Class Action Lawsuit Investigation

If you qualify, an attorney will contact you to discuss the details of your potential case at no charge to you.

  • First Name*
  • Last Name*
  • Street Address*
  • Apt. #
  • City*
  • State*
    AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific
  • Zip Code*
  • Phone*
  • Email*
  • What year did you apply for a loan modification?*
  • Who is the mortgage servicer/bank that you are using?*

    • Bank of America

    • Nationstar Mortgage

    • Ocwen Loan Servicing

    • Seneca Mortgage Servicing

    • Green Tree Servicing

    • PHH Mortgage

    • Select Portfolio Servicing

    • PNC

    • Citigroup

    • US Bank

    • Walter Investment Management Corp.

    • Cenlar

    • JP Morgan Chase

    • Wells Fargo

    • Flagstar Bank

    • GMAC

    • One West

    • Caliber Home Loans

    • Other (explain below)

  • Please provide additional details about your home loan modification application process.*
  • ¿Necesita un orador español?
    • Yes
    • No
  • I understand and agree that submitting this form does not create an attorney-client relationship and that the information I submit is not confidential or privileged and may be shared.*

    • Yes


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In general, home loan mortgage class action lawsuits are filed individually by each plaintiff and are not class actions. After you fill out the form, the loan modification attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual home loan modification lawsuit or mortgage modification class action lawsuit is best for you.

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E-mail any problems with this form to Staff@TopClassActions.com

Counsel responsible for this advertisement include Lorenzo Cellini at:

Tycko & Zavareei LLP

PAID ATTORNEY ADVERTISEMENT: THIS WEB PAGE IS AN ADVERTISEMENT AND THE PARTICIPATING ATTORNEY(S) ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Top Class Actions is not a law firm. Top Class Actions does not endorse or recommend any lawyer or law firm who participates in the network, nor does it analyze a person’s legal situation when determining which participating lawyers receive a person’s inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Top Class Actions does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys.


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