Do Homeowners Have a Right to a Loan Modification

A Minnesota court answered the question: Do Homeowners Have a Right to a Loan Modification? And the answer is...no!

A lawsuit brought by Minnesota homeowners asserted that homeowners had a right to a loan modification. U.S. District Court Judge Ann Montgomery disagreed, stating that loan modifications were not an entitlement.

No kidding!! Can you imagine the multi-year lender backlog that would occur if all homeowners had the unilateral right to modify a contract? Did the plaintiffs to the lawsuit envision a world where lenders could modify a loan to their benefit any time they pleased.

Sometimes I just can't believe the kind of lawsuits that come before the courts.