Author: Pat Enoch
Mr. Cooper Bank, formerly known as Nationstar, agreed to a settlement of $500,000 to be paid to the state of Massachusetts, and millions of dollars of relief in the form of direct payments and mortgage loan modifications to hundreds of homeowners in Massachusetts. This settlement follows a suit filed by Massachusetts Attorney General, Maureen Healey. A statement was released by the AG: “In Massachusetts, mortgage servicers are required by law to help prevent unnecessary foreclosures and keep families in their homes,” said AG Healey. “Nationstar/Mr. Cooper failed to stop foreclosures and this settlement gives homeowners in the hardest hit areas in Massachusetts a chance to stay in their homes. It also sends a clear message that we will hold accountable companies that are not following the law.”
Nationstar (d.b.a. Mr. Cooper)’s Jay Bray, Chairman and CEO following the foreclosure settlement with his own statement that Nationstar, while proud of its part in the American dream of home ownership, recognized that it wasn’t perfect. Nationstar / Mr. Cooper will be paying some Nationstar subprime borrowers direct payments, while other Nationstar borrowers still in their homes will finally receive the Mortgage loan modifications they had wanted so they can avoid losing their home to foreclosure.
What did Massachusetts have that gave these extra protections to their homeowners? Massachusetts has a law on its books since 2012, known as 35B, Act Preventing Unlawful and Unnecessary Foreclosures. 35B requires creditors to make a good faith effort to prevent foreclosure for borrowers whose mortgage loans have subprime terms deemed unfair. The AG used that law to file suit to create homeowner assistance.
Can your state benefit from this precedent? It is wholly dependent on other state laws and how they are written. For Instance, Maryland has a Reverse Mortgage foreclosure protection law, NY foreclosure law has a statute of limitations, and New Jersey’s Foreclosure Fairness act included Tenant right protections. Following the aftermath of the financial industry crisis, the majority of states in the US created or amended law protecting homeowners, in order to slow, or at least to the fairness of foreclosure process in that state. As a result of constantly changing legislation and court opinion, it is important to work with an attorney who knows current law.
WrongfullyForeclosed.com works with you to place you with an attorney in your state, who is experienced in your jurisdiction, familiar with local court, local process and if needed, who may personally drive filings to the court to make sure the needed filings are handled timely and correctly. Our attorneys are dedicated, focused professionals, who care about the outcome of your case, and go the extra mile to protect your interests.
Talk to us today, to find out more about the attorney who cares more.
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