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Class Action Lawsuit Filed Over Loan Modification Denials

In New Jersey, a class action lawsuit was recently filed against CitiMortgage on behalf of homeowners in the state who were denied mortgage loan modifications. The lawsuit alleged that the lender wrongfully denied modifications to borrowers, while at the same time accepting funds from a federal anti-foreclosure initiative that was meant to help borrowers avoid foreclosure.

The suit alleges that CitiMortgage denied permanent mortgage loan modifications to specific borrowers who had qualified and made trial payments under the Home Affordable Modification Program (HAMP). The lawsuit claims that the lender accepted billions of dollars from the government's Trouble Asset Relief Fund (TARP), intended to help at-risk borrowers avoid foreclosure, and that the receipt of these funds means that CitiMortgage was contractually obligated to modify loans for homeowners who qualify under HAMP guidelines.

The lawsuit claims that the lender has delayed or denied approving loan modifications for at-risk homeowners who had qualified under HAMP guidelines, thus depriving them of the federal assistance that could have saved them from foreclosure. The suit also claims that CitiMortgage denied modifications while reaping the financial benefits of participating in the federal program, not to mention the higher interest rates and fees collected for these home loans.

Jacoby & Jacoby is a law firm committed to helping borrowers and homeowners throughout Long Island with their debt-related needs. Whether you are facing foreclosure or are considering bankruptcy or another form of debt relief, the firm can offer you the experienced counsel you need.

Contact a Long Island foreclosure lawyer at the firm today.


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