Have you tried to modify your home loan?
Attempted a short sale or deed in lieu?
If you are like one of the thousands of homeowners who tried to work with your bank or mortgage company to get help with your mortgage, you probably experienced total confusion and frustration. There may be some help for you. Thanks to the Consumer Financial Protection Bureau (“CFPB”), you may be entitled to monetary awards under a bill called the Dodd-Frank Act enacted in 2010. These sweeping regulations were revised in January of 2014. For many people the experience of negotiating with the bank has been riddled with poor communication, slow response times, repeatedly losing documents, ignoring your attempts to get information and for some the loss of their homes in spite of their best efforts to save it. This is an example of some of the many egregious offenses perpetrated by the banks: Dallas News Article
If you have experienced any of the following:
- Delayed response to your communications
- Greater than five day response (in writing) to your loan modification submission
- Greater than thirty days to determine status of a complete loss mitigation package submission(in writing)
- Repetitive claims of lost documentation or faxes Denying a full modification after you have made timely trial mod payments
- Failure to accept a timely payment
- Filing a foreclosure prior to 120 days payment delinquency
- Process of foreclosure while you are in the process of applying for a modification
- Lack of live communication with your lender prior to foreclosure initiation
After receiving tens of thousands of complaints, the federal government saw the need to reign in the mortgage companies and banks that were forcing homeowners into foreclosure rather than providing the help they were required to provide. The Dodd-Frank Act and the Consumer Financial Protection Bureau (“CFPB”) finally put federal regulations on the side of the homeowner rather than the banks.
Under the FNMA/FHLMC/Flex Modification Program
A foreclosure is not allowed to be initiated while there is an active modification application in process. The banks/mortgage companies have in some cases done nearly everything possible to hinder the modification process and force homeowners to lose their homes. They have ignored phone calls, repeatedly denied receiving documentation, though people have such proof as fax confirmations, etc.
While the Dodd-Frank Act and CFPB can’t undo what has been done, it does allow for some level of financial relief. If we win your case you could receive up to $2,000 for every incident we can identify. Our Law Firm wants to make sure that you receive the compensation you are due.
Our firm understands the complex regulations and the many instances in which your rights may have been violated. This is not a class action suit: each case is individually handled and pursued. There is no obligation for our review. Call one of our experienced representatives to discuss your situation to see if there have been any violations.