Foreclosure Defense: Meaning and Purpose

Rubin & Licatesi, P.C. Profile Image

Practice Areas: Foreclosure, Real Estate

For better or worse, those who happened to venture into the meaning and purpose of defending their homes and businesses against foreclosure may have now realized, against this overwhelming strain, a post-HAMP modification benefit designed to create the comprehensive solution to mortgage default, arrears and mortgage foreclosure.

Before the well recognized defeat and loss of rights and property, the callers to our law firm, RUBIN   & LICATESI, PC, made an unusual decision and took the unprecedented step of speaking with our attorneys and staff, perhaps seeking the empowerment of their civil rights. They seek this empowerment with the help of attorneys who will represent their interests in court against the powerful and well financed legal firms retained by their lenders.  Many may have been counseled by their banks that looking for independent attorneys is too costly or ill advised and instead suggest they should simply call the bank lawyers for guidance, casting the banks and lenders as allies when the stated cause is to foreclose.

The message now to every caller, client and reader is to telegraph and popularize the "2MP", Making Home Affordable Second Lien Modification Program.  It is now working, in use and the hands on experience in our law firm, RUBIN & LICATESI, PC, may witness the unsolicited extinguishing in some fashion by many of our clients still burdened with an unsustainable 2nd mortgage lien.

"Under 2MP, when a borrower's first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer to modify the borrower's second lien, according to a defined protocol, to accept a lump sum payment from Treasury in exchange for full extinguishment of the second lien, or to accept a lump sum payment from Treasury in exchange for a partial extinguishment and modify the remaining borrower's second lien according to a defined protocol."

Few government rescue programs capture the confidence of the Nation.  Take in a few of the eligibility criteria:

The 2nd mortgage loan originated on or before Jan 1, 2009.

The 2nd mortgage loan has a corresponding first lien mortgage loan with a HAMP modification in good standing.

The 2nd lien has not been modified.

A look at the major servicers’ and lenders’ performance in the recent program performance report lends good and sufficient reason to question and doubt potential for the seamless workings of the 2MP program.   JP Morgan Chase Bank's performance was rated in the MHA Servicer Assessment and resulted in its finding that it "has areas requiring substantial improvement due to their lack of progress in implementing previously identified improvements...servicer incentives will continue to be withheld at this time."    With all the attention given to the major lenders and servicers sub-standard performance in the MHA Program, there is good, sound and potent reason to doubt the widespread success of the 2MP program.

This is hardly a reason to rest on your success if you believe you may be eligible.  Your first lien modification under HAMP was created because of your efforts and your proof and evidence of default and hardship, and your 2nd mortgage lien servicer is not required to perform the same stress tests on you and your family.  The 2nd mortgage loan servicer has a number of options under this program where it may capitalize the arrears and fees, reduce the interest rate, extend the term of the loan,  partially or entirely extinguish the principal balance with the cancelled loan documents promptly sent to the borrowers.    Credit reporting agencies must be notified when a 2nd lien modification has been successfully concluded.

Household and business recovery is openly discussed, with strategies and plans developed through office consultations and client communications in a common goal to expand and offer valuable legal representation for those seeking the attractive benefits of a permanent loan modification program and defense against a mortgage foreclosure action.    Clients and callers to our law firm, RUBIN & LICATESI PC, share a singular vision and voice that their dilapidated dreams of business and homeownership can be defended with the protection of civil rights against seized, foreclosed upon properties.  Build upon this movement and call upon our law firm to add value when losing is not an option and.........KEEP HOME YOUR OWN.

Richard Rubin is a Foreclosure Attorney practicing in New York

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