[*1] You.S. Bank, N.A great. v Rodriguez 2013 Nyc Slip Op 232 Supreme Court, Bronx State Torres, J. Published by Nyc County Laws Reporting Bureau pursuant to help you Judiciary Law 431. Which advice is uncorrected and you will at the mercy of upgrade in advance of guide when you look at the the newest posted Official Records.
Shapiro, DiCaro & Barak, LLC, Rochester, Nyc (Scott Ferraro, Esq., of the advice) towards Plaintiff ; Legal advice New york-Bronx, Bronx, Nyc (James J. we, Esq., of counsel) toward Accused.
Inside foreclosure action, the newest accused Jorge Luis Rodriguez (Rodriguez) aims an order, pursuant in order to CPLR 3408 and you will Consistent Civil Laws , finding that new plaintiff U. S. Lender, N.
Especially, Rodriguez claims one to Wells Fargo mishandled and you may misapplied the HAMP direction about his eligibility for HAMP. Therefore, Wells Fargo materially broken the HAMP guidance, and you may showed a lack of good-faith. Consequently, Rodriguez wants your order that: (1) directs Us Financial to help you process and you will P guidance; (2) tolls the newest accrual of great interest, late fees and All of us Bank’s guidance fees up to eg time just like the brand new court establishes that the plaintiff is actually conformity with CPLR 3408; and you may (3) tolls the brand new accrual of interest, late charges and you can Us Bank’s guidance fees retroactively away from . Plaintiff opposes the action, and you can claims it’s got quite complied on HAMP guidelines.
The united states Agencies of Treasury (DOT) oriented HAMP pursuant in order to Areas 101 and you may 109 of the Crisis Financial Stabilizing Act out of 2008 (several USC 5201-5261). HAMP is designed to end avoidable property foreclosures because of the incentivizing loan servicers to reduce the required month-to-month home loan repayments definitely striving property owners. In program, servicers is actually required so you can stick to guidance promulgated because of the Mark when choosing an excellent mortgagor’s qualification to own a permanent loan mod (find You Dept. out-of Treasury, To make Domestic Reasonable Program, Guide to possess Servicers off Low-GSE Mortgages, during the twenty seven []). This new Spa integrated an effective “Program Documentation,” and that set forth advice, measures, information, files, and you will directives granted by Mark, Federal national mortgage association, otherwise Freddie Mac about the this new duties off using servicers.
To start with, the latest HAMP Level step one system try developed to simply help individuals that delinquent to their mortgages due to their primary home otherwise against impending likelihood of default. Borrowers into the chance of defaulting on their mortgage loans can then incorporate for the system, therefore the financial servicer gets the modification otherwise reduction services in order to the new borrower. While the a condition regarding engaging in the application form, servicers have to comply with guidelines and functions issued by Mark (pick Dedication to Buy Economic Means and Servicer Participation Arrangement, see including House Affordable Modification Program: Evaluation, [utilized ]).
HAMP Level step 1 contains the following direction off qualification: (1) the loan mortgage must have started ahead of ; (2) the loan must be an initial lien; pecuniary hardship need to be showed of the homeowner; the house or property need to be you to definitely five tools; there can’t be any prior loan mod under H the house or property ought to be the dominating quarters; therefore the payment per month must be higher than 29% of the borrower’s month-to-month gross income. Once a borrower suits so it requirements, good servicer often review the newest monetary advice provided with the fresh new debtor to determine when the he is entitled to brand new Level 1 system [*2](get a hold of [accessed ]).