In a Mortgage Loan Modification in Suffolk County NY, homeowners negotiate with lenders to change the terms of their mortgage agreement. Most homeowners seek lower interest rates, principal reduction, late fee forgiveness, or an extension of the loan term. However, businesses, lenders and individuals can end up facing modification lawsuits. If you are a homeowner that has been misled, or if you have had your modification request unjustly denied, you will have to follow a process to sue the responsible party.
Accusations Against Unethical Lenders
During a modification, there are a variety of allegations that may be brought against businesses, lenders and financial professionals, such as:
* Claims of lost documentation
* A suddenly withdrawn extension that results in a foreclosure action
* A predatory loan
* Leaseback schemes that cause the loss of a home
* False modification programs
* Contract breaches
The Filing Process
The lawsuit process begins when you file a complaint with the appropriate regulatory agency, such as the Attorney General’s Office, or the FTC. If you need to lodge a complaint against a realtor, you’ll need to consult with the state Dept. of Real Estate. Complaints of dishonest conduct by attorneys should be filed with the state Bar Association.
The above complaints can be resolved on an individual basis. The bar association, real estate department, attorney general or FTC will investigate, and possibly revoke the offender’s professional license.
Civil Remedies
Once you file a complaint, there is no deadline on the investigation. However, you should consult with a lawyer to ensure that you file your civil suit within the appropriate time limit. Lawsuits can take months or even years to conclude, and you can use agency investigation results during a civil suit.
When you consult with Jeff H. Morgenstern PLLC, bring all emails, correspondence, documents and other evidence pertaining to your agreement with the lender or other party. Your lawyer can determine whether there is a legitimate reason for the other party’s actions, or whether there is a legal remedy available. If none exists, a lawsuit may be initiated.
Legal Processes
Once you file a lawsuit, the defendant must respond within a certain amount of time. If they do so, the case moves into the discovery phase, where both parties request proof that may bolster their case. During this time, individuals participating in the Mortgage Loan Modification in Suffolk County NY may be deposed in court.
