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9th Circuit Opens Door to Modification Fraud and RESCISSION: Oskoui v Chase

Livinglies's Weblog

The 9th Circuit has laid bare its frustration — and that of thousands of other judges — with the inability to get a straight answer on modification, the collection of trial payments, and the damage caused by misleading statements or outright misrepresentation, whether negligent or intentional. This explicitly opens the door for homeowner actions in negligent misrepresentation, fraud, breach of implied contract, breach of implied covenant of good faith and estoppel. Hundreds of thousands of cases are affected — at least as to claims for money damages. Whether this will bleed over into courts of equity who are hearing foreclosure cases remains to be seen.

Modification Fraud or breach of Contract — even when the “offer” of modification is illusory. This is typical bait and switch practice in the industry. the homeowner thinks they are in a modification when Chase was merely dragging “trial payments” out of her.

Rescission counts…

View original post 2,269 more words

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