Lawsuit to block foreclosures in Minn.

[ama125]

Just came across this headline: http://www.nytimes.com/aponline/2009...e-Lawsuit.html

I am a firm believer that any homeowner denied ANY modification or refinance should be given an explanation as well as a right to appeal. That is why I've posted elsewhere if anyone has been able to obtain their NPV test results. In that test, the servicer will use a value for what your home is worth based on an automated value model (AVM). I have asked this of my HUD counselor that if I had a physical property appraisal done and it says my home is worth less than the AVM, do I have any basis to contest that figure? It should be a no brainer but there is no formal means to appeal the servicer's decision. I have also asked that since my account already has an escrow for taxes and I am appealing my taxes for next year, would they have to use my new taxes in their calculations. If you apply for a credit card and are denied, you are told the reason for the rejection and are entitled to a free copy of your credit report to dispute those findings. It only makes sense that we should have the same kind of rights applied to loan refis and mods.

[mgallant]

Agreed, Too bad the banks are running our government!