Tuesday, August 27, 2013

Foreclosure Negotiation Delays Said to Show Bad Faith

A judge has ordered that a woman be paid all interest costs, late fees and attorneys fees which accrued against her as her mortgage lender and loan servicer "egregiously" dragged out the settlement conferences designed to help her avoid foreclosure.

The U.S. Bank National Association and the Bank of America (BOA) flouted the requirement in CPLR 3408(f) that the parties involved in state-mandated foreclosure conferences negotiate in good faith, Bronx Supreme Court Justice Robert Torres (See Profile) concluded in U.S. Bank, N.A. v. Shinaba, 381917-09.

Instead Torres described how Jumoke Shinaba experienced a 2 1/2-year ordeal beginning in December 2009 as 17 settlement conferences failed to produce a more affordable mortgage payment arrangement acceptable to both sides

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