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Banks Deny Mortgage Modifications

mortgage modification attorneysNew York Attorney General Eric Schneiderman has decided to sue Bank of America and Wells Fargo Bank for refusing to live up to their obligations concerning mortgage modification applications. Attorney General Schneiderman stated “339 people, since October of 2012, have complained about mortgage modification problems with Wells Fargo and Bank of America.” These banks are under an obligation under a $25 billion dollar settlement with the fifty States and the Federal Government to respond to requests for mortgage modifications within 30 days. Attorney General Schneiderman claims Wells Fargo and Bank of America have flagrantly violated their obligations under the settlement of that law suit. Mr. Schneiderman stated 220 of the complaints by homeowners were against Wells Fargo and 119 complaints were made against Bank of America.

Bank Of America And Mortgage Modifications

In response to these allegations, Bank of America representatives say they had already provided relief for more than 10,000 New York homeowners. These mortgage modifications, they claimed, amounted to more than a billion dollars. Bank of America representatives claimed they would work quickly to address the complaints made to the New York State Attorney General. A Wells Fargo representative stated “it is unfortunate that [Schneiderman] has chosen this route rather than engage in constructive dialogue through the established dispute resolution process.”

Foreclosure Defense

More and more homeowners have been taken advantage of by financial institutions to which they have submitted mortgage modifications requests. The loss of documents, the many months of delays, the lack of response from the bank’s representatives are frustrating and aggravating to homeowners. The best way for a homeowner to deal with these problems is to contact a foreclosure attorney who is experienced in taking legal action against banks for their failures to live up to their obligations and State and Federal consumer protection laws.assisting homeowners

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