[*1] U.S. Bank, N.An excellent. v Rodriguez 2013 New york Slip Op 232 Finest Judge, Bronx State Torres, J. Authored by Ny State Rules Reporting Agency pursuant so you can Judiciary Laws 431. So it view is uncorrected and you may susceptible to update ahead of publication within the this new printed Authoritative Records.
Rodriguez holds the plaintiff has not provided a quick choice with the their mortgage loan modification app one comports to your relevant federal Home Sensible Modification System (HAMP) advice
Shapiro, DiCaro & Barak, LLC, Rochester, Nyc (Scott Ferraro, Esq., of the recommendations) toward Plaintiff ; Legal services Nyc-Bronx, Bronx, Nyc (James J. i, Esq., away from guidance) on Accused.
Within this foreclosures action, the fresh new accused Jorge Luis Rodriguez (Rodriguez) seeks an order, pursuant in order to CPLR 3408 and you will Consistent Municipal Laws , finding that the fresh plaintiff U. S. Bank, Letter.
Specifically, Rodriguez claims one Wells Fargo mishandled and you will misapplied the brand new HAMP advice on their qualification for HAMP. Thus, Wells Fargo materially violated the fresh new HAMP direction, and presented a lack of good faith. For that reason, Rodriguez wants your order you to definitely: (1) sends United states Lender to process and you may P advice; (2) tolls this new accrual of great interest, late charge and you will Us Bank’s guidance fees until such big date as the the fresh new judge identifies that plaintiff is within conformity which have CPLR 3408; and (3) tolls the new accrual of interest, later charges and you will You Bank’s guidance charge retroactively away from . Plaintiff opposes new actions, and you will insists it’s quite complied on HAMP guidance.
The united states Agency out of Treasury (DOT) created HAMP pursuant to help you Sections 101 and you can 109 of Crisis Economic Stabilizing Act of 2008 (a dozen USC 5201-5261). HAMP is made to prevent avoidable home foreclosures by incentivizing mortgage servicers to attenuate the mandatory monthly mortgage repayments without a doubt stressed residents. Underneath the system, servicers was obliged so you’re able to adhere to advice promulgated of the Mark when deciding a mortgagor’s qualifications having a long-term loan mod (see Us Dept. of Treasury, And come up with Home Sensible Program, Handbook getting Servicers from Non-GSE Mortgages, on 27 []). New Salon provided an excellent “Program Records,” and therefore set forth recommendations, actions, information, records, and you may directives provided by Dot, Federal national mortgage association, otherwise Freddie Mac to the brand new obligations off playing servicers.
Originally, new HAMP Level step one system are build to assist borrowers who are delinquent on their mortgage loans for their top home or up against impending danger of standard. Borrowers when you look at the likelihood of defaulting to their mortgage loans can then pertain on the system, therefore the home loan servicer has the modification otherwise avoidance attributes to the newest debtor. Since a disorder away from doing the application, servicers must follow advice and procedures issued by Mark (get a hold of Commitment to Buy Financial Means and Servicer Contribution Agreement, see and Household Affordable Modification Program: Review, [accessed ]).
An excellent. (All of us Lender), and its own financing servicer, Wells Fargo Lender (Wells Fargo), broken its obligations to negotiate inside good-faith throughout required settlement conferences
HAMP Level 1 provides the following recommendations away from qualifications: (1) the borrowed funds loan need to have began ahead of ; (2) the borrowed funds need to be an initial lien; financial hardship must be shown from the resident; the house or property should be you to four tools; indeed there can not be one prior mortgage loan modification around H the house must be the prominent household; in addition to payment must be higher than 30% of borrower’s monthly revenues. After a debtor suits so it requirements, a great servicer tend to remark the latest financial pointers provided with new debtor to decide if he’s qualified to receive this new Tier step one program [*2](look for [utilized ]).