[*1] U.S. Financial, Letter.An excellent. v Rodriguez 2013 New york Slip Op 232 Ultimate Judge, Bronx County Torres, J. Written by New york County Legislation Reporting Bureau pursuant so you can Judiciary Laws 431. That it opinion was uncorrected and you can subject to improve before guide inside the the printed Official Records.
Rodriguez retains that plaintiff has never given a fast decision to your their loan mod software that comports into the appropriate federal Household Affordable Amendment System (HAMP) guidelines
Shapiro, DiCaro & Barak, LLC, Rochester, Nyc (Scott Ferraro, Esq., away from counsel) on the Plaintiff ; Legal services Ny-Bronx, Bronx, Nyc (James J. we, Esq., off the recommendations) on Defendant.
Within this foreclosures step, the brand new defendant Jorge Luis Rodriguez (Rodriguez) seeks an order, pursuant in order to CPLR 3408 and Consistent Municipal Code , finding that brand new plaintiff You. S. Bank, N.
Specifically, Rodriguez says you to definitely Wells Fargo mishandled and you may misapplied the HAMP direction about his qualification to have HAMP. Thus, Wells Fargo materially broken the brand new HAMP recommendations, and you will displayed a lack of good-faith. For that reason, Rodriguez wants an order one to: (1) delivers All of us Lender so you’re able to process and you will P assistance; (2) tolls the accrual interesting, late charges and you will All of us Bank’s the recommendations charges up until particularly day since new court identifies your plaintiff is in conformity that have CPLR 3408; and you may (3) tolls the brand new accrual of interest, late charge and you may United states Bank’s counsel fees retroactively of . Plaintiff opposes brand new actions, and you can claims it has got very complied for the HAMP advice.
The usa Institution from Treasury (DOT) based HAMP pursuant to Parts 101 and you can 109 of the Disaster Economic Stabilization Operate out-of 2008 (twelve USC 5201-5261). HAMP is designed to prevent avoidable home foreclosures from the incentivizing mortgage servicers to minimize the desired monthly home loan repayments without a doubt troubled home owners. Within the system, servicers was required to help you comply with direction promulgated by the Dot whenever determining an effective mortgagor’s eligibility to possess a permanent loan mod (find Us Dept. away from Treasury, And then make Family Affordable System, Guide to own Servicers out of Low-GSE Mortgages, on twenty-seven []). The newest Salon included an effective “System Paperwork,” hence established guidelines, steps, advice, paperwork, and you can directives issued from the Mark, Fannie mae, otherwise Freddie Mac computer about the the new duties out-of performing servicers.
To start with, the HAMP Level step 1 system try set up to greatly help borrowers that outstanding on the mortgage loans for their number one quarters otherwise facing imminent danger of standard. Borrowers in danger of defaulting on their mortgage loans are able to implement to your program, additionally the home loan servicer comes with the amendment otherwise reduction services in order to the fresh borrower. Once the a disorder out of participating in the application, servicers need certainly to conform to recommendations and procedures issued from the Mark (look for Dedication to Buy Monetary Instrument and you may Servicer Involvement Agreement, get a hold of along with Home Sensible Modification System: Assessment, [accessed ]).
Good. (All of us Lender), and its particular loan servicer, Wells Fargo Lender (Wells Fargo), violated the obligations so you’re able to discuss inside good-faith during the necessary settlement meetings
HAMP Tier step one gets the following direction away from qualifications: (1) the borrowed funds loan must have started before ; (2) the borrowed funds need to be a primary lien; financial hardship should be displayed because of the citizen; the home have to be you to five devices; truth be told there can’t be any early in the day loan modification not as much as H the home should be the dominating residence; in addition to monthly payment have to be more than 30% of borrower’s month-to-month revenues. Immediately following a debtor matches so it standards, a great servicer tend to comment the economic advice available with this new borrower to decide in the event the he’s qualified to receive the brand new Level 1 system [*2](come across [accessed ]).