I have clients who own a house in Nassau County. The property is in a foreclosure action in the Nassau County Supreme Court. The action is several years old and the clients already had defaulted by not opposing the bank’s motion for summary judgment in 2013. However, in 2015, the bank offered them a trial payment plan, sometimes called a temporary loan modification. The approval letter was unequivocal and stated that as long as the borrowers made three payments and accepted by a certain date, the bank would give them a permanent loan modification. This was unusual because typically temporary modification approval letters contain disclaimers and/or equivocal language that does not normally commit the bank to issue a permanent modification. In this case, the letter was very clear and the borrowers did everything that was required. In 2016, the bank filed a motion for a final Judgment of foreclosure and sale and the borrowers retained me. I prepared an opposing brief and affidavits to the motion on the grounds that the bank had already committed to a permanent loan modification the year before. My clients had proof that they made all the payments and the motion has been fully submitted to the Supreme Court. This is one of those cases where the court should compel the bank to issue a permanent modification based on the clear language in the trial payment plan.
https://laninlaw.com/wp-content/uploads/8-2.jpg 183 275 Scott Lanin https://laninlaw.com/wp-content/uploads/lanin_law_p.c_large_340x156-for-enfold-website-300x138.jpg Scott Lanin2016-10-03 17:20:272016-12-30 07:02:20Is the mortgage company required to convert a trial payment plan into a permanent loan modification?
BLACKBELT LITIGATOR®Stay connected. Learn your rights! Free newsletter for Businesses and Homeowners about solving business, real estate, and foreclosure problems. By New York Attorney and Martial Arts Instructor Scott Lanin.
Kick'em in the Ass . . ets!
SEARCH SITE & BLOGS
OUR ADDRESSLANIN LAW P.C.
505 Eighth Ave., 14th Flr.
New York, NY 10018
Tel: (212) 764-7250 Ext. 201
Fax: (646) 381-3643
© Lanin Law P.C.
ASK SCOTT LANIN [si-contact-form form='1']