home equity loan modifications
In the Nationstar MDL, Chase, and Bank of America class actions in which I serve as lead counsel, I am still fiercely trying to uphold the Texas Constitution's ban on volatile payment structures (Art. XVI, Section 50(a)(6)(L)), such as balloons, interest-only payments, and payment volatility. I have now filed a Petition for Review in the Texas Supreme Court in the Nationstar MDL, which is the leading case, and also a Petition for Certiorari in the U.S. Supreme Court (and a Reply there as well) to try to keep the Nationstar, Chase, and BofA class actions alive (BofA is stayed pending the Nationstar MDL final decision). Content may continue . . .
This article examines the process of modifying or refinancing a Texas home equity loan. The short answer is: if you're behind on your home equity loan, there are very specific ways to legally modify that loan. It's not "illegal" or "prohibited," as the big lenders are now telling their desperate borrowers. But it is very difficult for borrowers already in arrears. Borrowers who are substantially behind on a Texas home equity need to be prepared for foreclosure.Content may continue . . .