A Judge in Palm Beach, Florida has ordered a bank to modify a homeowner’s mortgage instead of foreclosing on it. The order has created a panic in the lending and servicing community.
Judge Howard Harrison ruled that the lender provisionally modified the loan, and the trial modification was intended to motivate the homeowner to continue making payments, despite the evidence that the lender never intended to allow a permanent modification. Judge Harrison ordered the lender to reduce the interest rate to 3.15 percent and to extend the loan to be paid over 40 years.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while the Court’s ruling is a step in the right direction, Judge Harrison may have exceeded his authority, and the matter will certainly be reviewed by the Court of Appeals. We will be closely following the case through the appellate process. “
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
If you feel you are the victim of Mortgage Fraud, please do not hesitate to email or call the The Resolution Law Group (203) 542-7275 for a confidential, no obligation consultation.
Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud