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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3542
Experience:  25 years of experience in general practice, real estate law and estate law.
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We received a settlement through the national mortgage settlement.

Resolved Question:

We received a settlement through the national mortgage settlement. The banks misconduct on our foreclosure was on the following basis: improper foreclosure procedures, and
deceptive practices in the loan modification process (telling us that a loan modification was imminent while simultaneously foreclosing). As a result of this foreclosure our character is defamed andwe can't get a mortgage loan for three years. The foreclosure ended up costing us lots of money and we are now paying rent that is hire than our mortgage payments. Are we able to demand the bank grants us anew loan so we can resume being homeowners?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.
Hello and thank you for your question. Was there anything in your settlement that provided for a new loan?
Customer: replied 1 year ago.
No, it was Avery small check but it said cashing the check did not prevent us from pursuing more legal action.
Expert:  Attyadvisor replied 1 year ago.
Great. If you did not waive any rights to pursue additional legal recourse against the lender you would be able to file suit.
Customer: replied 1 year ago.
What are the chances of winning the suit, and how should we define our lawsuit?
Expert:  Attyadvisor replied 1 year ago.
Were the deceptive practices in relation to loan modification or the original loan?

How long ago did this happen?
Customer: replied 1 year ago.
This happened last summer/fall. The loan had been modified and we were current on our payments. We contacted them when we had a job loss. They told us they could not help us unless we were in default. So we stopped payment and within a month we received a foreclosure notice. We called them to ask what was going on and they said "the computer system" automatically generated the notice. But they said they were still working on it. Three months later we took out my 401k to reinstate the loan, and they refused to tell us the amount needed to reinstate the mortgage. This continued back and forth until the time lapsed. In the meantime I became employed again and informed them we were in a position to resume the payments but they continued to give us inconsistent information until it was too late.
Customer: replied 1 year ago.
You replied
Friday, July 19, 2013 9:42 PM EST
This happened last summer/fall. The loan had been modified and we were current on our payments. We contacted them when we had a job loss. They told us they could not help us unless we were in default. So we stopped payment and within a month we received a foreclosure notice. We called them to ask what was going on and they said "the computer system" automatically generated the notice. But they said they were still working on it. Three months later we took out my 401k to reinstate the loan, and they refused to tell us the amount needed to reinstate the mortgage. This continued back and forth until the time lapsed. In the meantime I became employed again and informed them we were in a position to resume the payments but they continued to give us inconsistent information until it was too late.
Expert:  Attyadvisor replied 1 year ago.
I have received your reply. Let me do some research and get back to you shortly.
Customer: replied 1 year ago.
Okay.
Expert:  Attyadvisor replied 1 year ago.

I don't see anything that would force the lender to provide a new loan (although they should be required to do so in a wrongful foreclosure).

You can file a wrongful foreclosure action. If the foreclosure was willful you may even be entitled to punitive damages.

US Bank Natl. Assn. v Alejandra Padilla is a successful lawsuit brought by an individual borrower on a HAMP loan.

http://law.justia.com/cases/new-york/other-courts/2011/2011-50535.html

You may find this article interesting as the move is toward protecting borrowers

http://www.mnfaireconomy.org/2013/01/minnesota-legislature-begins-process-to-address-statewide-foreclosure-crisis/

http://mortgagefraudblog.com/tag/Minnesota/page/13/

http://www.attorneys.com/loan-modification/loan-modification-lawsuit-step-by-step/

I understand your frustration and fortunately you did not waive your right to pursue filing a lawsuit against the lender for fraud and deceptive business practices.

Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

Thank you for using JA!

Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3542
Experience: 25 years of experience in general practice, real estate law and estate law.
Attyadvisor and 9 other Real Estate Law Specialists are ready to help you
Expert:  Attyadvisor replied 1 year ago.
Thank you.
Customer: replied 1 year ago.

The law on dual tracking in MN passed in May. Do you know if this law is retroactive or does it only apply to anything happening after May 2013? in other words, are we able to file a lawsuit against Wells Fargo if we lost our home in 2012 as a result of dual tracking? if so, do you know of any good lawyers that have had success with these types of law suits?

Expert:  Attyadvisor replied 1 year ago.
Under the new law lenders must offer a loan modification or other loss mitigation option for eligible borrowers. This would be for owners that are facing foreclosure when the law was passed.



Customer: replied 1 year ago.
So, is there anything people who experienced wrongful foreclosure do?
Expert:  Attyadvisor replied 1 year ago.
Yes, you can file a lawsuit for wrongful foreclosure.

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