Family Sues To Make Loan Mod Permanent

It’s not a NY story but it might as well be. A New Jersey family is suing to make their loan mod permanent. Here is the article. My firm is handling various aspects of similar litigation in New York. It is an evolving area of law and it is not clear what standard courts will hold lenders to when a loan mod is involved. A lot may depend on which Judge is assigned to the case and what stage the case is at – i.e., is the problem arising during a mandatory settlement conference, or has the property already gone to sale? Each case must be evaluated on its own facts.