MORTGAGE RIGHTS
Loan Modification Mistakes Loan Modification Denial Letters The CFPB servicing rules require that denial notices provide the specific reason or reasons for denying the homeowner the trial or permanent loan modification option and, if true, that the homeowner was not evaluated on other criteria. The rules enable a homeowner to appeal a denial of a trial or permanent loan modification option so long as the homeowner's complete loss mitigation application is received 90 days or more before a foreclosure sale or during the pre-foreclosure review period. The CFPB has found problems in this area. Denial notices may fail to state the correct reason(s) for denying a trial or permanent loan modification option. For example, the denial notice may stat that the homeowner“did not provide the requested additional information needed to complete the workout review.” However, the servicer's computer system may say that the borrower’s application was complete and was instead denied for a specific reason related to the borrower’s income; When a homeowner has the right to appeal the denial of a trial or permanent loan modification, a servicer must, in its notice after evaluating the homeowner's complete loss mitigation application, inform the homeowner of the appeal right and the amount of time the borrower has to file the appeal. Some servicers send denial notices that fail to communicate a homeowner's specific right to appeal. The notices instead generically stated that the homeowner may have a right to appeal if the homeowner meets certain requirements. This sort of language is not specific enough under the CFPB rules.
NEXT: Servicing Transfers During Loss Mitigation
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loan Modification Denial Letters The CFPB servicing rules require that denial notices provide the specific reason or reasons for denying the homeowner the trial or permanent loan modification option and, if true, that the homeowner was not evaluated on other criteria. The rules enable a homeowner to appeal a denial of a trial or permanent loan modification option so long as the homeowner's complete loss mitigation application is received 90 days or more before a foreclosure sale or during the pre-foreclosure review period. The CFPB has found problems in this area. Denial notices may fail to state the correct reason(s) for denying a trial or permanent loan modification option. For example, the denial notice may stat that the homeowner“did not provide the requested additional information needed to complete the workout review.” However, the servicer's computer system may say that the borrower’s application was complete and was instead denied for a specific reason related to the borrower’s income; When a homeowner has the right to appeal the denial of a trial or permanent loan modification, a servicer must, in its notice after evaluating the homeowner's complete loss mitigation application, inform the homeowner of the appeal right and the amount of time the borrower has to file the appeal. Some servicers send denial notices that fail to communicate a homeowner's specific right to appeal. The notices instead generically stated that the homeowner may have a right to appeal if the homeowner meets certain requirements. This sort of language is not specific enough under the CFPB rules.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loan Modification Denial Letters The CFPB servicing rules require that denial notices provide the specific reason or reasons for denying the homeowner the trial or permanent loan modification option and, if true, that the homeowner was not evaluated on other criteria. The rules enable a homeowner to appeal a denial of a trial or permanent loan modification option so long as the homeowner's complete loss mitigation application is received 90 days or more before a foreclosure sale or during the pre-foreclosure review period. The CFPB has found problems in this area. Denial notices may fail to state the correct reason(s) for denying a trial or permanent loan modification option. For example, the denial notice may stat that the homeowner“did not provide the requested additional information needed to complete the workout review.” However, the servicer's computer system may say that the borrower’s application was complete and was instead denied for a specific reason related to the borrower’s income; When a homeowner has the right to appeal the denial of a trial or permanent loan modification, a servicer must, in its notice after evaluating the homeowner's complete loss mitigation application, inform the homeowner of the appeal right and the amount of time the borrower has to file the appeal. Some servicers send denial notices that fail to communicate a homeowner's specific right to appeal. The notices instead generically stated that the homeowner may have a right to appeal if the homeowner meets certain requirements. This sort of language is not specific enough under the CFPB rules.
 MORTGAGE RIGHTS
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Loan Modification Mistakes Loan Modification Denial Letters The CFPB servicing rules require that denial notices provide the specific reason or reasons for denying the homeowner the trial or permanent loan modification option and, if true, that the homeowner was not evaluated on other criteria. The rules enable a homeowner to appeal a denial of a trial or permanent loan modification option so long as the homeowner's complete loss mitigation application is received 90 days or more before a foreclosure sale or during the pre-foreclosure review period. The CFPB has found problems in this area. Denial notices may fail to state the correct reason(s) for denying a trial or permanent loan modification option. For example, the denial notice may stat that the homeowner“did not provide the requested additional information needed to complete the workout review.” However, the servicer's computer system may say that the borrower’s application was complete and was instead denied for a specific reason related to the borrower’s income; When a homeowner has the right to appeal the denial of a trial or permanent loan modification, a servicer must, in its notice after evaluating the homeowner's complete loss mitigation application, inform the homeowner of the appeal right and the amount of time the borrower has to file the appeal. Some servicers send denial notices that fail to communicate a homeowner's specific right to appeal. The notices instead generically stated that the homeowner may have a right to appeal if the homeowner meets certain requirements. This sort of language is not specific enough under the CFPB rules.
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.  MORTGAGE RIGHTS