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Agreeing to Lower an Interest Rate is Fraudulent?

September 2, 2015

Authors

Jim Goldberg

Agreeing to Lower an Interest Rate is Fraudulent?

September 2, 2015

by: Jim Goldberg

When is a loan modification that reduces the borrower’s interest rate fraudulent and not “benevolent” under the UCC?  Maybe when the lender extends the loan repayment period or procures a guaranty from HUD, according to one federal district court.

A husband and wife took out a mortgage. After their divorce, the ex-wife agreed with the lender to modify the mortgage to lower the interest rate by 2%, allegedly without the knowledge or consent of her ex-husband. The lender considered the husband obligated to make the modified mortgage payments and reported him to credit reporting agencies when payments were missed.

The

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Making Home Affordable Programs – Updates for Mortgage Holders and Servicers

May 11, 2009

Authors

Bryan Cave Leighton Paisner

Making Home Affordable Programs – Updates for Mortgage Holders and Servicers

May 11, 2009

by: Bryan Cave Leighton Paisner

On April 28, 2009, Treasury announced updates to the Making Home Affordable Program.  As previously discussed, the Treasury’s Making Home Affordable Program, which is aimed at helping 7 to 9 million homeowners, consists of two programs: The Home Affordable Refinance Program and the Home Affordable Modification Program.  The newly announced updates address modifications to second mortgages where the first mortgage has been modified under the Home Affordable Modification Program.

The Making Home Affordable Program is a completely voluntary program.  However, mortgage holders and servicers that do sign up for the Program, should realize that

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Making Home Affordable Programs – Updates for Homeowners

May 10, 2009

Authors

Bryan Cave Leighton Paisner

Making Home Affordable Programs – Updates for Homeowners

May 10, 2009

by: Bryan Cave Leighton Paisner

On April 28, 2009, Treasury announced updates to the Making Home Affordable Program.  As previously discussed, the Treasury’s Making Home Affordable program, which is aimed at helping 7 to 9 million homeowners, consists of two programs: The Home Affordable Refinance Program and the Home Affordable Modification Program.  The newly announced updates address modifications to second mortgages where the first mortgage has been modified under the Home Affordable Modification Program.

The important thing for homeowners to recognize is that the modification to the second mortgage is automatic.  That is, if the holder of the second

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Summary of the Making Home Affordable Programs

March 4, 2009

Authors

Bryan Cave Leighton Paisner

Summary of the Making Home Affordable Programs

March 4, 2009

by: Bryan Cave Leighton Paisner

On March 4, 2009, the Treasury announced the release of details for Making Home Affordable, which is comprised of two programs: The Home Affordable Refinance Program and the Home Affordable Modification Program. In total, these programs aim to help 7 to 9 million homeowners by making mortgages more affordable and by helping to prevent foreclosures.

The Home Affordable Refinance Program seeks to provide 4 to 5 million homeowners with the opportunity to refinance first mortgages to take advantage of the historically low mortgage interest rates.

The following criteria must be met to be eligible for this Program:

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