Dynamic Accident Lawyers: Loan Modification Complications May Render Vet Homeless

A local news outlet has reported that a World War II veteran may loose his house through a foreclosure proceeding against him.

Allegedly the foreclosure rolled forward even as the veteran and his wife pursued a home loan modification that could potentially have staved off the foreclosure.

According to WXYZ, an ABC affiliate out of Bloomfield Township, Mich., an 89-year-old World War II vet and his wife are facing the looming threat of loosing their home. According to an attorney for the family, their mortgage lender foreclosed and sold the home without their knowledge.

According to their attorney, the couple sought help immediately, taking quick action by hiring the attorney, the veteran’s home loan lender allegedly told the family that they could apply for a home loan modification, but found out their home was sold even when the application for a home loan modification was pending.

The couple’s attorney has stated that the situation is dire. Allegedly, if the couple cannot pay back $300,000 to get their home back, they could be evicted by February of 2016. Additionally, the Navy veteran’s wife is suffering from dementia. The attorney states that she may not be fully understand the situation they are facing. If the home loan modification situation is not resolved, a 90-year-old veteran and his wife, may find themselves without a home.

To remedy the situation, the couple’s attorney has filed a complaint in Oakland County Circuit Court, hoping draw attention to the situation. The company involved in their mortgage settled charges it handled home loan modifications incorrectly with a sixty million dollar settlement in April of 2015.

The settlement was in response to allegations that the company harassed borrowers and handled home loan modification requests incorrectly, the same allegations the couple in Bloomfield Township have made. After new rules regarding loan modifications went into effect in 2014, many homeowners have a new area of legal recourse when facing foreclosures when seeking home loan modification.

Home Loan ‘Duel Tracking’

A new set of laws regarding home loan modifications went into effect in January of 2014, which could have some bearing on this matter. The Consumer Financial Protection Bureau (CFPB) issued new rules curtailing the ability of a lender to foreclose on a home when they are a processing an application for a home load modification. The practice of going forward with a foreclosure while processing the application for a home loan modification is called “dual tracking.” The new CFPB rules greatly restrict this process.

In fact, if a homeowner submits a loan modification application after foreclosure had started, but more than 37 days before a foreclosure sale, the lender must hold off on foreclosure until the homeowner is told they are not eligible for loan modifications, the homeowner rejects the modification, or the homeowner fails to comply with the loan modification.

Additionally, the new rules force lenders to process loan modification applications according to federal standards. Even before the new CFPB rules went into play, many state governments enacted similar rules to try and help homeowners during the mortgage crisis.

Join a Free Home Loan Modification Class Action Lawsuit Investigation

If you applied for a home loan modification to avoid foreclosure and were denied because your bank didn’t follow the current mortgage modification guidelines, you may be eligible to participate in a class action lawsuit to resolve this problem:

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

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