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Servicing company in lawsuit over loan modification practices

Loan servicers in Florida and elsewhere around the country handle many activities in the mortgage lending process. Since many lenders do not service the loans they make, servicers often collect the principal, interest and escrow payments from those who have obtained a mortgage loan. While many servicing companies are reputable and are even sponsored by government agencies, others have questionable practices. A homeowner in another state recently complained that his servicer violated several statutes during his loan modification process.

The complaint stated that the man had requested modifications to his loan from a bank that was providing loan servicing. However, the company started the foreclosure process just a month after the request for modification had been submitted. The man argues that the company failed to review his request and take action in an appropriate amount of time. He contends that the servicer violated the Equal Credit Opportunity Act.

The homeowner said that the company treated him unconscionably for years. The complaint reflects that the man requested a jury trial. He is seeking actual damages, statutory damages, punitive damages and any additional relief granted by the court.

A loan modification is typically sought when a Florida homeowner is making an attempt to stay in his or her home. When companies behave in a disreputable manner, it may be fortuitous for an individual to file a complaint for damages. A Florida bankruptcy attorney can help someone understand the options available and how best to move forward with the legal process. A trusted lawyer will work with clients to help them remain in their homes and seek a favorable outcome in the proceedings.

Source: norcalrecord.com, "Suit filed against Bayview Loan Servicing LLC over loan modification application process", Louie Torres, Feb. 8, 2018

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