...the Court concluded that the trial modification
agreement constituted a “unilateral offer,” by which the bank promised to give
the homeowners a permanent loan modification if they fully complied with their
obligations. If lenders fail to offer homeowners a permanent modification
after full compliance with trial plans, they might be vulnerable to borrower
lawsuits alleging breach of contract and possibly consumer fraud.
About Weltman & Moskowitz,
LLP, A New York and New Jersey Business, Bankruptcy, and Creditors’ Rights Law
Firm:
Founded in 1987, Weltman
& Moskowitz, LLP is a business law firm concentrating on creditors’ rights,
bankruptcy, foreclosure, and business litigation. Michael L. Moskowitz is a
partner with the firm, focusing on business and bankruptcy litigation, as well
as corporate counseling, M&A, and transactional matters. Michael can be
reached at (212) 684-7800, (201)794-7500 or mlm@weltmosk.com. Melissa A. Guseynov,
an associate of the firm, contributed research and reporting to this article.
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