9th Circuit Opens Door to Modification Fraud and RESCISSION

No doubt in my mind Fannie thought it could usurp HAMP rules just like it did Rule 17. Maybe Fannie & Freddie will also be bought by the NYSE owned by ICE.

Livinglies's Weblog

Modification Fraud or breach of Contract — even when the “offer” of modification is illusory. This is typical bait and switch practice in the industry. the homeowner thinks they are in a modification when Chase was merely dragging “trial payments” out of her.

Rescission counts, although the court states that the homeowner must raise it in her pleadings against Chase.

  • It boils down to this. With its March 1, 2010 letter, Chase deceptively enticed and invited Oskoui into a process with the demonstrably false promise that a loan modification was within her reach if she were to make three monthly payments of $2,988.49 each. The next day – and for the first time – Chase eliminated a HAMP modification from its menu, but neither advised Oskoui what the CHAMP Guidelines required nor suspended additional payments until it could determine her CHAMP eligibility. Chase now says in its brief that the…

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1 thought on “9th Circuit Opens Door to Modification Fraud and RESCISSION

  1. This is exactly what happened to me by Chase and to millions of us by all the banks Unfortunately I am still trying to save my home going on to the Supreme court and praying they accept my case after this scam was pulled on me. So unfair to all of us that were scammed by the banksters. https://deadlyclear.wordpress.com/2013/01/18/hamp-the-modification-scam-and-now-settlement-sham/
    Chase has put us in harms way with this horrific crime.

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