Foreclosure Litigation Issues: Authority to Foreclose. Geoff Walsh National Consumer Law Center September 24, 2014

Transcription

1 Foreclosure Litigation Issues: Authority to Foreclose Geoff Walsh National Consumer Law Center September 24, 2014 National Consumer Law Center 2013

2 The Mortgage Loan Two key documents: The Note: represents the enforceable obligation to pay The Mortgage: the instrument giving interest in property to secure payment of note

3 Authority to Foreclose the Mortgage Is foreclosing party current holder of valid assignment of mortgage? Did foreclosing party have valid assignment of mortgage when key foreclosure actions taken? Notices Advertisements Foreclosure sale Must assignments be in writing, recorded? See U.S. Bank v. Ibanez, 941 N.E. 2d (Mass. 2011)

4 Authority to Foreclose the Note Must foreclosing party have authority to enforce promissory note? How do Mass. statutes and common law define party authorized to conduct foreclosure sale? Eaton v. Federal National Mortg. Ass n, 462 Mass. 569 (2012)

5 The Note as a Negotiable Instrument Defined in U.C.C Unconditional promise to pay a fixed amount of money, with or without interest Must be payable to bearer or order Payable on demand or at a definite time Does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money

6 Key U.C.C. Concept: the PETE Person Entitled To Enforce the instrument 3-602(a) ([A] [negotiable] instrument is paid to the extent payment is made by or on behalf of a party obligated to pay the instrument, and to a person entitled to enforce the instrument. ) defines under what circumstances a person is entitled to enforce an instrument

7 Who Can Be a Person Entitled To Enforce the Instrument? U.C.C defines PETE as: (1) the holder of the instrument (2) a nonholder in possession of the instrument who has the rights of a holder, (3) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to [lost note] or [mistake in payment]

8 PETE Option # 1: Holder Revised 1-201(a)(21): Holder means: (A) the person in possession of a negotiable instrument AND the instrument is payable either to bearer or to an identified person that is the person in possession.

9 Negotiation of a Promissory Note U.C.C defines negotiation of a negotiable instrument as: Transfer of possession of instrument by person other than issuer to person who becomes holder If payable to identified person, negotiation requires transfer of possession of note and its indorsement by holder If payable to bearer, negotiated by transfer of possession alone

10 Indorsement and Allonges Indorsement means a signature made on instrument for the purposes of indorsing it. U.C.C Indorsements are required to transfer loan notes that are payable to an identified person until the payee (lender) or a subsequently identified person indorses in blank or to bearer (b), 3-109; Indorsements must appear on the note but can appear on a paper (allonge) affixed to the instrument (a).

11 Who Can Enforce Note? U.C.C Person entitled to enforce an instrument: (1) the holder of the instrument (2) a nonholder in possession of the instrument who has the rights of a holder, or (3) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to [lost note] or [mistake in payment]

12 PETE Option # 2: Non Holder Transferee Person in possession with the rights of a holder Party must be in possession of the instrument Party [transferee] must have obtained the rights of a holder from the transferor

13 Proof of Rights of Transferor When the transferee is not a holder, the transferor must have been a holder at the time of transfer , Comment 2. When the note is not payable to the transferee, the transferee must account for possession of the unindorsed note by proving the transaction through which the transferee acquired it , Comment 2.

14 Who Can Enforce Note? U.C.C Person entitled to enforce an instrument: (1) the holder of the instrument (2) a nonholder in possession of the instrument who has the rights of a holder, or (3) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to [lost note] or [mistake in payment]

15 PETE Option # 3: Lost Note U.C.C Person cannot reasonably obtain possession of the instrument because it is destroyed, lost, or in wrongful possession of an unknown person Person was PETE when instrument lost Party seeking to enforce lost note must prove the terms of instrument and its right to enforce it. Court may require bond, other protection to debtor Otherwise, person to whom demand for payment made may require that the holder exhibit the instrument. U.C.C (b)(2)(I)

16 The Mortgage Foreclosing party must be current assignee of the mortgage when: Notice of cure given Notice of foreclosure sale published Foreclosure sale takes place

17 MERS Mortgage Electronic Registration Systems, Inc. Established early 1990s by GSEs, large lenders to save money on recording fees MERS sells two basic services: Loan IDs (MIN Numbers) for members to use Signing authority - 20,000 individuals (employees of servicers & foreclosure mills) can sign documents as secretaries or vice presidents of MERS

18 MERS What can be done in MERS name? Conduct a foreclosure sale? Provide a foreclosure notice? Assign a mortgage? Transfer a note?

19 MERS as Super-Agent Are there legal limits on MERS agency claims? Self-proclaimed agent for an undisclosed principal

20 MERS and Foreclosures Foreclosures are no longer conducted in MERS name. Policy Bulletin # effective as of July 22, 2011, MERS barred members from initiating actions and filing proofs of claim in the name of MERS. Fannie Mae and Freddie Mac prohibited MERS foreclosures earlier.

21 MERS and Notes MERS is never the owner of a mortgage note MERS never has possession of a mortgage note MERS cannot transfer or assign an interest in a mortgage note

22 Authority to Foreclose Focus issues: What are void assignments/transfers? What are voidable assignments/transfers? What do state statutes/common law require? Shifting burden of proof to show authority to foreclose What must borrower show? Extrinsic evidence of lack of authority How find it?

23 Lender $$ Borrower

24 RMBS Securitization Map Master Servicer $$$ less servicing fee Prepares reports for Trustee; remits monies; ensures Primary performs PSA PSA $$$ offering proceeds $$$ offering proceeds Underwriter Sells certificates to investors, collects proceeds Depositor Creates issuing entity Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates Certificates Certificates Note & Mortgage Certificates Trust Holds pool of loans; issues certificates $$$ fees $$$ less Trustee s fee PSA Collateral File Document Custodian Stores and maintains mortgage loan collateral files $$$ Pool revenue less servicing fee MLPA or PSA $$$ purchase price Note & Mortgage PSA Seller Purchases loans from originator; forms pool Trustee Oversees servicers Primary Servicer Services individual loans, collects payments, performs duties under PSA MLPA $$$ purchase price Originator Note & Mortgage Processes and funds individual loans $$$ Interim Servicer Services loans until securitized Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies $$$ Mortgage Payments $$$ Borrower Note & Mortgage $$$ Mortgage Broker Received broker s fee, YSP and processing fees

25 Understanding the Players in the Secondary Market What is the secondary market? The Lineup: Mortgage Originator Mortgage Holder Mortgage Servicer

26 Who s Who in Securitization Lender/Originator Sponsor/Seller Depositor Underwriter Trust/Trustee Servicer Custodian Rating Agencies Insurers Investors

27 RMBS Securitization Map Master Servicer $$$ less servicing fee Prepares reports for Trustee; remits monies; ensures Primary performs PSA PSA $$$ offering proceeds $$$ offering proceeds Underwriter Sells certificates to investors, collects proceeds Depositor Creates issuing entity Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates Certificates Certificates Note & Mortgage Certificates Trust Holds pool of loans; issues certificates $$$ fees $$$ less Trustee s fee PSA Collateral File Document Custodian Stores and maintains mortgage loan collateral files $$$ Pool revenue less servicing fee MLPA or PSA $$$ purchase price Note & Mortgage PSA Seller Purchases loans from originator; forms pool Trustee Oversees servicers Primary Servicer Services individual loans, collects payments, performs duties under PSA MLPA $$$ purchase price Originator Note & Mortgage Processes and funds individual loans $$$ Interim Servicer Services loans until securitized Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies $$$ Mortgage Payments $$$ Borrower Note & Mortgage $$$ Mortgage Broker Received broker s fee, YSP and processing fees

28 RMBS Securitization Map Master Servicer $$$ less servicing fee Prepares reports for Trustee; remits monies; ensures Primary performs PSA PSA $$$ offering proceeds $$$ offering proceeds Underwriter Sells certificates to investors, collects proceeds Depositor Creates issuing entity Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates Certificates Certificates Note & Mortgage Certificates Trust Holds pool of loans; issues certificates $$$ fees $$$ less Trustee s fee PSA Collateral File Document Custodian Stores and maintains mortgage loan collateral files $$$ Pool revenue less servicing fee MLPA or PSA $$$ purchase price Note & Mortgage PSA Seller Purchases loans from originator; forms pool Trustee Oversees servicers Primary Servicer Services individual loans, collects payments, performs duties under PSA MLPA $$$ purchase price Originator Note & Mortgage Processes and funds individual loans $$$ Interim Servicer Services loans until securitized Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies $$$ Mortgage Payments $$$ Borrower Note & Mortgage $$$ Mortgage Broker Received broker s fee, YSP and processing fees

29 RMBS Securitization Map Master Servicer $$$ less servicing fee Prepares reports for Trustee; remits monies; ensures Primary performs PSA PSA $$$ offering proceeds $$$ offering proceeds Underwriter Sells certificates to investors, collects proceeds Depositor Creates issuing entity Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates Certificates Certificates Note & Mortgage Certificates Trust Holds pool of loans; issues certificates $$$ fees $$$ less Trustee s fee PSA Collateral File Document Custodian Stores and maintains mortgage loan collateral files $$$ Pool revenue less servicing fee MLPA or PSA $$$ purchase price Note & Mortgage PSA Seller Purchases loans from originator; forms pool Trustee Oversees servicers Primary Servicer Services individual loans, collects payments, performs duties under PSA MLPA $$$ purchase price Originator Note & Mortgage Processes and funds individual loans $$$ Interim Servicer Services loans until securitized Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies $$$ Mortgage Payments $$$ Borrower Note & Mortgage $$$ Mortgage Broker Received broker s fee, YSP and processing fees

30 RMBS Securitization Map Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs $$$ less servicing fee PSA PSA $$$ offering proceeds $$$ offering proceeds Underwriter Sells certificates to investors, collects proceeds Depositor Creates issuing entity Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates Certificates Certificates Note & Mortgage Certificates Trust Holds pool of loans; issues certificates $$$ fees $$$ less Trustee s fee PSA Collateral File Document Custodian Stores and maintains mortgage loan collateral files $$$ Pool revenue less servicing fee MLPA or PSA $$$ purchase price Note & Mortgage PSA Seller Purchases loans from originator; forms pool Trustee Oversees servicers Primary Servicer Services individual loans, collects payments, performs duties under PSA MLPA $$$ purchase price Originator Note & Mortgage Processes and funds individual loans $$$ Interim Servicer Services loans until securitized Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies $$$ Mortgage Payments $$$ Borrower Note & Mortgage $$$ Mortgage Broker Received broker s fee, YSP and processing fees

31 Who Owns the Loan? Why this is important Authority to conduct valid foreclosure Authority to approve modification, other option How do I find out who owners a given mortgage loan?

32 CFPB Servicing Rules Two borrower tools: Error resolution notice. 12 C.F.R Request for information. 12 C.F.R

33 Request for Information Servicer is required to respond to any written request for information with respect to the borrower s mortgage loan A RFI is not limited to information related to the servicing of the loan RFI may seek: information about a loan modification application servicing file vs. mortgage file

34 CFPB: Error Resolution Procedures Apply to loss mitigation notices, dual tracking restrictions, and Any other error relating to the servicing of a borrower s mortgage loan.

35 Servicer Obligations 5 business days (20 days before Jan. 10, 2014) acknowledge error notice or information request, or take requested action 30 business days (60 days before Jan. 10, 2014) correct borrower s account, or after conducting a reasonable investigation, provide borrower written explanation as to why servicer believes account is correct, or provide borrower with requested information or explanation why information is unavailable.

36 Servicer Obligations Exceptions to 30-day response period (effective Jan. 10, 2014) 7 business days for notice of error asserting failure to provide accurate payoff statement prior to foreclosure sale or 30 business days after receipt of notice of error, whichever is earlier, for notice of error based on 120-day pre-foreclosure waiting period or dual-track requirements 10 business days for request for information seeking identity of owner of mortgage

37 Identity of Mortgage Loan Owner RESPA/TILA RESPA Request for Information: Servicer must respond within 10 business days to request for identity, address, and other contact information about owner or assignee of loan. Reg. X (d)(2) Supplements TILA 1641(f), but provides time deadline

38 Getting Information freddiemac.com/mymortgage/ fanniemae.com/loanlookup/ TILA 1641(f)(2) CFPB/RESPA Rule, 24 C.F.R (d) AG Settlement 14-day notice

39 Complying with Mass. Foreclosure Laws In order to conduct valid sale, foreclosing party must comply with the terms of the mortgage and with the statutes relating to foreclosure of mortgage by the exercise of a power of sale. M.G.L. c

40 Complying with Mass. Foreclosure Laws Three important notices to borrower Statutory notice of right to cure Contractual notice of acceleration Statutory notice of foreclosure sale

41 Complying with Mass. Foreclosure Laws Statutory notice of right to cure M.G.L. c A (the 35A notice ) Must provide name and address of mortgagee Offers time to bring current before foreclosure starts (150- day cure period) U.S. Bank v. Schumacher, 467 Mass. 421 (2104) (in eviction case, must show harm from improper notice to set sale aside)

42 Complying with Mass. Foreclosure Laws The acceleration notice Contained in the mortgage usually paragraph 22 Lender must send Explains right to reinstate mortgage and contest foreclosure Contractual requirement for valid sale.

43 Complying with Mass. Foreclosure Laws Notice of foreclosure sale Informs borrower of sale date and procedures Must correctly identify the mortgagee the current assignee of the mortgage (Ibanez)

44 Complying with Mass. Foreclosure Laws Identifying holder of note Lender/Servicer Affidavit under M.G.L. c C Authorizes recording of certification of noteholder status protection for innocent third party purchasers at foreclosure sales.

45 Other Defenses to Foreclosure Challenging lender/servicer conduct related to loss mitigation Violation of duty to consider borrower for eligibility for loan modification

46 Enforcing Loan Modification What might work Rules Breach of contract theories Breach of TPP Breach of duty of good faith and fair dealing Promissory estoppel Tort claims (negligence, intentional misrepresentation) 93A unfair and deceptive acts in commerce

47 Legal Theories for HAMP Enforcement Two types of cases: Enforcing the obligation to consider borrower for initial HAMP eligibility Enforcing conversion from trial payment plan to permanent HAMP modification

48 What Relief does borrower want? Evaluation or mod? It helps to allege borrower is qualified for HAMP Run CheckMyNPV.com

49 HAMP Enforcement - TPP Enforcement of TPP as contract Consideration Terms of the contract What about statute of frauds?

50 Prior TPP Letter Language If I comply with the requirements in Section 2 [regarding payments] and my representations in Section 1 [regarding income verification] continue to be true in all material respects, the Lender will send me a Modification agreement for my signature and will modify my Loan Documents.

51 Responding to the Servicer s Failure to sign What constitutes a signature? Signature? Or letterhead? Partial performance can overcome contract formation and statute of frauds problems Reference structure of HAMP In re Pico, 2011 WL (Bankr. S.D. Cal. Aug. 9, 2011) The Court cannot adopt IBM's interpretation that Chase was free not to sign the LMA despite promising to do so....

52 Did the Homeowner Comply with the contract? Make all payments? Make all payments on time? Provide all information? Update all information? What does TPP require?

53 What Is the Duty of Good Faith and Fair Dealing? According to Restatement (2d) of Contracts: Remedy for evasion of the spirit of the bargain, lack of diligence and slacking off, willful rendering of imperfect performance, abuse of power to specify terms, and interference with or failure to cooperate in the other party s performance. ( 205) Requirement for honesty, standards of decency, fairness and reasonableness Adherence to industry standards for loss mitigation, including, perhaps, loss mitigation requirements of pooling and servicing agreement

54 EXAMPLES of BREACHES OF DUTY OF GOOD FAITH & FAIR DEALING Falsely stating not a HAMP participant Falsely stating investor does not permit HAMP modifications Offering non-hamp mods with less favorable terms Demanding redundant, unnecessary documents Routine loss of documents Denying receipt of documents Failing to give decision Failing to send accurate notices of denial/cancellation Failing to disclose NPV data

55 Promissory Estoppel Unambiguous promise Foreseeable reliance by homeowner Detriment A contract, but no consideration

56 Initial Application & Promissory Estoppel Aceves v. U.S. Bank, N.A., 2011 WL (Cal. App. Jan. 27, 2011): Clear and unambiguous promise: not foreclose while we negotiate loan mod Reliance on promise: declined to pursue bankruptcy relief, other options Reasonable reliance to detriment Consideration not a required element

57 OTHER Possible Common Law theories Negligence Is there a duty of care? Breach/Injury/Causation Fraudulent misrepresentation One of the successful theories in Wigod Court s equitable authority

58 Understanding Government- Insured Mortgages Three Federal Agencies Insure Loans: HUD manages FHA single-family insured loan program VA manages VA single-family insured loan program USDA (Rural Housing Service, RHS, FmHA) manages two distinct programs: USDA insured single-family home loan program USDA direct loan program (purchase and home repair loans)

59 Structural Similarities - Authority Federal Statute Codified Regulation (C.F.R.) Agency Handbook Administrative updates (on website) Court decisions 59

60 FHA-Insured Loans Federal Housing Administration (FHA) Single Family Insured Mortgage Program The United States Department of Housing and Urban Development (HUD) runs the program through FHA, who manages the Mutual Mortgage Insurance (MMI) Fund. 12 U.S.C. 1708(a). National Housing Act, 12 U.S.C z25

61 FHA LOSS MITIGATION AUTHORITY Statute; 12 U.S.C. 1715u HUD Regulations: 24 C.F.R , et seq. and , et seq. HUD Mortgagee Letters HUD Handbooks (e.g. No ) Court Decisions HUD/FHA website: (contains Mortgagee Letters, Handbooks)

62 FHA Mortgage Terms There is both a contractual and regulatory basis for the mandatory nature of loss mitigation. Paragraph 6(B) of the FHA Note: In many circumstances regulations issued by the Secretary [of HUD] will limit Lender s rights to require immediate payment in full in the case of payment defaults. This Note does not authorize acceleration when not permitted by HUD regulations.

63 Litigation - Breach of Contract The FHA note and mortgage specifically incorporate the loss mitigation regulations. When servicers breach the regulations, they also breach the contract. While this argument is sometimes couched in different terms, it essentially boils down to a breach of contract.

64 FHA Loss Mitigation Tools Repayment agreement Forbearance Special forbearance FHA standard loan modification FHA HAMP Assumptions Pre-foreclosure sale Deed in lieu of foreclosure

65 FHA-HAMP When the FHA standard mod is not affordable Does not leave borrowers with surplus income of at least $300/month Does not reduce payment by 10% Total partial claim may not exceed 30 percent of the unpaid principal balance as of the default date (if arrearages exceed this amount, they may be capitalized).payment between 25% and 40% No formal NPV test

66 Major Mortgagee Letters (general structure) (implements FHA-HAMP) (adjusts loan modification) (revised FHA-HAMP) (fixed issues with ) Others: Mortgagee Letters (interest rates), , (communications with homeowners),

67 FHA Policy - Caveat On September 11, 2014, HUD issued a draft version of its Single Family Housing Policy Handbook related to mortgage servicing. HUD s website claims the new handbook consolidates policy and provides a comprehensive guide for servicing. Comments are due by October 17, Final version expected mid-2015.

68 Mortgagee Letter Provides the basic structure of FHA loss mitigation Includes partial claim this is a major component of FHA-HAMP HUD s website on partial claims: The Borrower will execute a Promissory Note and Subordinate Mortgage payable to HUD.

69 Mortgagee Letter The partial claim note is interest free. The entire principal balance is payable as one balloon payment. No monthly or periodic payments are required. The note is due at the earlier of 1) payoff of the first mortgage, 2) when the borrower no longer owns the property, or 3) other specified event. See Mortgagee Letter

70 Mortgagee Letter FHA s first try at a HAMP-type program. Prior to Mortgagee Letter , FHA had a loan modification program, but it did not have an affordable payment target, such as 31% of gross income. FHA-HAMP generally did not include steep interest rate reductions or extensions of the the loan term to 40 years.

71 Mortgagee Letter Term extensions are limited by 24 C.F.R , and the interest rate is not significantly reduced under FHA-HAMP. Instead, FHA-HAMP combined a partial claim with a loan modification. The payment reduction was generally supposed to come from the partial claim. Under FHA-HAMP, the partial claim could include more than just arrears.

72 Mortgagee Letter Very few people qualified for this program. Consumer advocates complained to HUD for years about the original version of FHA-HAMP.

73 Mortgagee Letter Mortgagee Letter uses basic concepts from past Mortgagee Letters, including the combination of a partial claim and a loan modification for FHA-HAMP. It made significant change to the waterfall, making FHA-HAMP much more prominent and changing other programs.

74 Mortgagee Letter is a clarifying mortgagee letter that addressed problems. Like , it relies heavily on a flow chart to illustrate the program. Likely to be confusion over implementation

75 Mortgagee Letters and Revised FHA-HAMP is still early in implementation, and it is unclear still how some of the rules will work in practice. You need to understand how the flow chart works (Attachment A) in order to catch inevitable servicer mistakes.

76 New Applications CFPB one bite at the apple for complete applications limits only CFPB/RESPA remedies For FHA, if prior denial of option: May re-apply if changed circumstances For FHA, if prior option failure: May re-apply if changed circumstances

77 FHA National Servicing Center Oklahoma City Office U.S. Department of HUD 301 NW 6 th Street, Ste 200 Oklahoma City, OK Fax: (405) or (405) hsg-lossmit@hud.gov See also HUD Neighborhood Watch: (data on FHA loss mitigation activity by state and by servicer)

78 RURAL HOUSING LOANS U.S.D.A. s Rural Housing Service ( RHS, formerly FmHA ) manages two singlefamily home loan programs for borrowers in rural areas. Guaranteed Loan Program: private lender, guarantee not obvious from mortgage and note Direct Loan Program: The United States is the lender and they tell you they are

79 RHS RESOURCES Guaranteed Loans: 42 U.S.C. 1472, et seq. USDA Regulations: 7 C.F.R , et seq. RD Instruction 1980-D (tracks regulations) at RD Administrative Notice 4433 at Includes USDA Rural Development Loss Mitigation Guide (Single Family Guaranteed Loan Program) Appendix 4: Loss Mitigation Checklist Appendix 5: Loss Mitigation Forms

80 RHS Guaranteed Loan Program RHS Guaranteed Loans: Loss Mitigation obligation: 42 U.S.C. 1472(h)(13) Options for RHS Guaranteed Loans Special Forbearance Loan Modification Pre-Foreclosure Sale Deed-in-Lieu

81 RHS-HAMP For RHS-Guaranteed loans only Very similar to FHA-HAMP Appears in form of new final RHS Loan Modification Regulation: 7 C.F.R (effective 9/24/10) HAMP Supplemental Directive (9/17/10) MHA Handbook for Non-GSE Servicers Ch. VI Handbook describes servicer & borrower incentives Requires servicer participation agreement to get incentives

82 Rural Housing Direct Loans These are loans directly from the United States government (USDA) to the borrower for purchase or construction of residence Section 502 loans under U.S. Housing Act Regulations: 7 C.F.R. Part 3550 Handbook HB (Centralized Servicing Center):

83 RHS Direct Loans Direct Loans Special Features: Interest credit/payment assistance reduces monthly payment toward interest based on household income Periodic payment adjustments and review Forborne interest is subject to recapture

84 VA Loans - Introduction VA guarantees loans by private lenders Available for eligible veterans Can be for purchase, construction, refinance Relatively low interest rate, no down payment

85 VA Loans Resources Regulations: 38 C.F.R & 38 C.F.R VA Handbook H Servicer Loss Mitigation Program Handbook Both handbooks at

86 What Are the VA Options? Repayment Plan Special Forbearance Loan Modification VA-HAMP Compromise (short) sale Deed-in-Lieu of foreclosure Refinance Assumption Refunding- VA takes over loan

87 The nonprofit National Consumer Law Center (NCLC ) helps build family wealth for low-income and other disadvantaged people in the U.S. by offering advocacy expertise through publications, policy analysis, research, litigation services, and training.