Published On: June 4, 2013
NY Attorney General suing HSBC Holdings, PLLC for failure to properly negotiate loan modifications and other foreclosure law violations.
“Heads I win, tails you lose” is a fraudulent coin toss. Wells Fargo did no better.”
HSBC failed to follow the laws. In an article from published in Bloomberg.com, New York Attorney General Eric Schneiderman is suing HSBC Holdings, PLLC for failure to meet requirements to give homeowners an opportunity to negotiate loan modifications and other foreclosure law violations.
If a lender or servicer sues for foreclosure in New York they must offer a settlement conference within 60 days. N.Y. found that HSBC failed to file the required paperwork in hundreds of foreclosure cases, but continued to charge interest and fees, increasing the amounts owed by homeowners. Due to the increase in debt the homeowner may not qualify for a loan modification.
In addition, Schneiderman said in May that he was prepared to sue Bank of America and Wells Fargo (WFC) for violation of terms of the nationwide $25 billion settlement, such as failure to comply with standards for processing applications from homeowners for loan modifications.
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We have several videos on our web site.
Below are a few that might be of interest:
- “Lender’s Foreclosure Rights in Arizona”
- “Should I keep my home or let it go into foreclosure?”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”
MUSINGS BY DIANE:
“Despite the efforts of Consumer Financial Protection Bureau, the Federal Government, Congress and lots of states we still see mortgage companies, payday lenders, auto lenders and banks act like they are exempt from the laws. They hatch schemes to do everything, except what the laws require. Never trust those who have financial incentive to mislead you. Do your homework first. Check them out on the Internet (great and powerful tool for everyone – con artists too).
I am not a conspiracy theorist, I am just a realist. For over 30 years I have watched as some of my own clients rip off their clients or neighbors.”
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
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I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
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Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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