To comply with the old statutory scheme Loan Servicers provide 800 numbers for borrowers to apply for a modification while at the same time they affect corporate policies that render these numbers worthless.
This story came from Ms. S., a visitor to one of our free Saturday consultations. Ms. S. makes her monthly mortgage payments to servicer BSI, which is short for Banca della Svizzera Italiana, the oldest bank in the Swiss canton of T.
“The California Homeowner Bill of Rights” was signed into law on July 12, 2012 by California Governor Jerry Brown to address the widespread negligence and fraud by Loan Servicers required by law to modify homeowners’ loans.
Having interviewed over a thousand clients for complaints against their lenders, servicers, and the securitized trusts that bought their subprime loans, I have heard this line from clients over five hundred times...