Public law 111–22

[mimirayo]

In a letter from my Senator in response to my forwarding our petition to her she referred to this Public Law as what is to be followed concerning modifications. I think I have to read it a few times to fully understand it, but it points out a few interesting tidbits.....like if the modification will provide more money in the long run to foreclosure..it should be done.

It cuts off the knees of the servicers that claim they don't want to be sued by investors by the following phrase:


‘‘(b) NO LIABILITY.—A servicer that is deemed to be acting
in the best interests of all investors or other parties under this
section shall not be liable to any party who is owed a duty under
subsection (a)(1), and shall not be subject to any injunction, stay,
or other equitable relief to such party, based solely upon the
implementation by the servicer of a qualified loss mitigation plan

http://frwebgate.access.gpo.gov/cgi-...ubl022.111.pdf

This is the link for those that would like to see the whole law and maybe understand more "legalese" than I do

[flagirl4444]

The problem is, the major servicers can use their own NPV test and possibly tweak it so that the outcome is often in favor of foreclosure.