March 31, 2022
By Jarrett Osborne-Revis
Recently, in Kwang Sheen v. Wells Fargo Bank NA, the California Supreme Court confronted a recurring issue in California courts: California borrowers seeking additional protection in the mortgage modification field despite the “extensive body of state and federal legislation.”
These borrowers urged California courts to recognize that lenders and loan servicers owe some common law duties of care after undertaking a review of a borrower’s loan modification application. Years of foreclosure litigation addressing this issue divided California and federal courts, leaving lenders and loan servicers at risk for future litigation in pursuing their nonjudicial foreclosure remedies.
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