Mortgage Loan Modification Confidential Settlement

Our firm recently obtained a confidential settlement for a North Carolina resident who was wrongfully denied a mortgage loan modification. The Home Affordable Modification Program (HAMP) once protected a consumer’s rights to these types of modifications.  While HAMP expired in 2016, there remain modifications requirements under state law and the Real Estate Settlement Procedures Act (RESPA). Many have read about all of the issues with Wells Fargo in dealing with a failure to allow a process of mortgage loan modification required by law; many of which led to foreclosure of homes.

Our client alleged his lender breached the established modification agreement. The client alleged the bank engaged in negligent behavior, fraud, negligent misrepresentations, and committed unfair and deceptive trade practices. Therefore, we demanded actual and punitive damages from this bank.

After the defendant filed a motion to dismiss, the parties engaged in some discovery and we resolved the matter confidentially. Both the attorneys at Maginnis and the clients are satisfied with the outcome.

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