Homeowners Can't Enforce Hamp Loan Plan Terms, Rules California Court of Appeal

Summary

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Homeowners could not sue to enforce the terms of a loan modification plan crafted for relief under the federal Home Affordable Mortgage Program, the California Court of Appeal has ruled in affirming a dismissal.

The U.S. Department of the Treasury created the Home Affordable Mortgage Program (HAMP) in 2009. Under the program, financially distressed homeowners may avoid foreclosure by working with participating lenders to modify loans to an affordable level. Preliminary to a possible loan modification agreement, the borrower executes a "loan work-out plan" for the lender's review. During its review, the lender accepts reduced mortgage payments.

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Homeowners Can't Enforce Hamp Loan Plan Terms, Rules California Court of Appeal

In this case, the plaintiffs sued for breach of contract aft...

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