The Class Action lawsuit refers to an instance in which several hundred or even a few thousand plaintiffs receive a claim for compensation after being improperly and repeatedly denied of their right to file a loan modification with the bank of America. This is usually done when the bank makes changes to the terms of the loan, thereby changing the monthly payments from adjustable rate mortgages to fixed rate mortgages. Such modifications often result in lower monthly payments, as well as extension of the terms of the mortgage, which can also help borrowers avoid foreclosure.
However, in a typical class action lawsuit, one or more attorneys are involved in filing suit.
These attorneys specialize in a particular type of lawsuit or have specific knowledge and expertise in handling cases that fall into this category. Class action suits are usually filed by law firms that have many attorneys on board, working on a contingency fee basis. (For more information on a contingency fee basis, see Filing a Lawsuit – Part 1.) Attorneys who participate in such lawsuits receive no compensation from the losing party, (although they may be compensated for expenses incurred.) But the class action lawsuit itself benefits both parties as it creates a forum for sharing information and forming new friendships.
It’s easy to find attorneys willing to represent you in a loan modification lawsuit.
There are literally hundreds of attorneys across the country who handle such cases. Attorneys who represent homeowners in such lawsuits can be easily located through the state bar association’s website, (link available below, ) or by contacting a local bankruptcy attorney. Bankruptcy attorneys can also provide referrals to attorneys that do handle loan modifications.
To find out if there are attorneys in your area that handle class action lawsuits on a contingency fee basis, contact the state bar association.
You can also search the court records of the county where the lawsuit is filed. In either case, you’ll probably need to provide some information about the property involved in your lawsuit, (i.e., the home or condo you are suing for mortgage foreclosure, ) and your contact information. (You’ll also need to provide information about the company you’re suing with the loan modification.) Once you’ve gotten one or two quotes, schedule an initial meeting to discuss your situation and possible outcomes.
During your initial meeting, your loan modification attorney should determine if he or she will be able to help you with the cost of the case.
If so, he or she can ask the company to supply its legal team to handle your case. If not, the attorney can assign an attorney who does have enough experience dealing with loan modifications to help you out.
It’s extremely important that you work closely with your attorney throughout your case.
He or she will be able to tell you if the company you’re dealing with is really legitimate and if it has the proper qualifications to provide you with the best loan modification assistance. Working with the right attorney can mean the difference between victory and defeat. Working with the wrong attorney could mean additional expenses or even a negative judgment against you. By keeping an eye on the qualifications of your attorney, you’ll be able to keep yourself out of hot water.