St Louis Commercial Loan Modification: Loan Modifications Caused Foreclosures

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St Louis Loan Reduction and Finance News: Loan Mods Led To Foreclosure Mess Say Mounting Lawsuits
St Louis Home Mortgage and Commercial Financing | St Louis Loan Modification
(877) 334-0210 or (314) 334-0210 | Floyd Tapia, Commercial Mortgage

 Recently, Federal Treasury statistics showed that only about one-third of the nearly 1.4 million homeowners accepted into the government's payment or reduction program over the past year have had their loan modification or loan reductions made permanent.

Several federal lawsuits filed in Boston accuse major lenders of breach of contract under the

government's Home Affordable Modification Program (HAMP), in which banks agreed to participate as part of the bank bailout.

The lawsuits say the banks agreed under HAMP to grant permanent mortgage modifications to borrowers who make all payments during the initial trial modification periods.

Attorney Shennan Alexandra Kavanagh said several of the plaintiffs lost their homes after their payments reverted to their original sums that they were unable to pay.

She said she believes tens of thousands of borrowers in Massachusetts alone could be covered by the suits if they get class-action status.

One of the lawsuits, against Bank of America Corp., was consolidated earlier this month with similar complaints in five other states, Kavanagh said.

Bank of America spokeswoman Shirley Norton said in an e-mail that the lender will continue aggressively defending itself against the cases.

Joseph R. Mason, a professor at Louisiana State University's business school who has written widely on the subprime lending debacle, said he suspects the loan modification disputes are a legacy of the federal government's rush to stem the flow of foreclosures before it had adequate plans in place.

"These policymakers said, just go out and do this and don't let us worry about the details," he said.

Mason goes on to say that "these details are now what are coming to the fore in these loan modification cases."

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Business Owners: Call us and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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