Our consumer rights attorney, Andrea Bopp Stark, had an article published in the Maine Law Journal. In “A Duty To Reevaluate A Duty Of Care For Mortgage Servicers,” Andrea argues that loan servicers have a duty to treat homeowners with care during the loan modification process. Because loan servicers do not own the loans they service they have little to no economic interest loans. Because a servicer has little to no stake in whether a loan is modified, they can profit when the process languishes, or is neglected. This places the borrower at the mercy of the servicer. Andrea asserts that loan servicers owe a duty to homeowners to act with due care, providing borrowers with careful and honest servicing of loan modification applications.
Please read the full article here.