Ban on Borrower's Waiver of Defenses

, New York Law Journal


In his Foreclosure Litigation column, Berkman, Henoch, Peterson, Peddy & Fenchel partner Bruce J. Bergman writes: A branch of the onslaught of borrower protective legislation is a stealth component lurking in the Banking Department Regulations, which says that a homeowner cannot be required to waive legal claims and defenses as a condition of a loan modification, forbearance or repayment plan, which can place servicers in an essentially impossible situation.

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