Publication
Financial Services Litigation Bulletin-July 2010
Frustrated by depreciating property values and failed attempts to modify their loans, distressed borrowers continue to file lawsuits against their lenders and others as a means of redress. In their search for viable legal theories, plaintiffs and their attorneys have now tried a new breed of claim with its roots in the federal programs designed to encourage loan modifications. While details vary from case to case, borrowers generally assert that their servicers are not abiding by the requirements of federal loan modification programs and related participation agreements. They claim that their servicers are foreclosing without considering their modification eligibility, and are improperly assessing their eligibility for relief.
About Snell & Wilmer
Founded in 1938, Snell & Wilmer is a full-service business law firm with more than 500 attorneys practicing in 16 locations throughout the United States and in Mexico, including Los Angeles, Orange County and San Diego, California; Phoenix and Tucson, Arizona; Denver, Colorado; Washington, D.C.; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Portland, Oregon; Dallas, Texas; Salt Lake City, Utah; Seattle, Washington; and Los Cabos, Mexico. The firm represents clients ranging from large, publicly traded corporations to small businesses, individuals and entrepreneurs. For more information, visit swlaw.com.
