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NY AG sues HSBC for violating foreclosure laws

The state says HSBC’s stalling tactics leave homeowners in “legal limbo”

New York Attorney General Eric Schneiderman has sued HSBC for allegedly running afoul of state laws by preventing homeowners from negotiating loan modifications that might keep them from losing their homes.

Under New York state law, residential mortgage lenders attempting to foreclose on a home must participate in a settlement conference with the homeowner within 60 days. At this conference, the homeowners have the chance to negotiate foreclosure alternatives—including loan modifications—with the aim of keeping them in their homes.

Alanna Byrne

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