by Moe Bedard
A lawsuit filed Monday seeks class-action status for borrowers who sought loan modifications from GMAC but were denied the modifications without being given a written reason for the denial. The suit seeks an injunction against GMAC as well as attorney fees and damages from the economically bruised lender.
Chicago lawyer Daniel Edelman filed the lawsuit on [...]
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by Moe Bedard
Since October, 2008 LoanWorkout.org has been following various legal developments as they pertain to loan modifications. One such issue is whether loan servicers can be sued by share holders for providing loan modifications without the consent of the owners of mortgage back securities. Since President Obama has passed a stimulus package that incentivizes services to [...]
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