The Home Affordable Modification Program (HAMP) expired December 31st. After eight years of assisting underwater homeowners save their homes from foreclosure, the program has now ended.
Approximately 10 million homes were lost to foreclosure in the past decade. HAMP helped lessen the mortgage meltdown, but its job is now complete. Foreclosure sales have diminished and
The 8th Circuit Court of Appeals has ruled that a homeowner has a private right of action to sue their mortgage lender when the bank fails to properly process the application. Topchain v JPMorgan Chase, No. 13-2128 (8th Cir. 2014). This is a significant case because the HAMP laws do not specifically
According to affidavits signed by former Bank of America employees in a class action lawsuit filed in a Boston federal court, the bank regularly lied to customers seeking home loan modifications to deny their application. The affidavits were filed last week in a multi-state class action lawsuit filed on behalf of homeowners who claim