California-based law firm Mesa Law Group has discontinued its Home Owner Mortgage Restructuring (HOMR) program. Originally announced in May, the product was designed in conjunction with Investors Finance Inc. (IFI) to offer borrowers a principal-reduction option.
According to Mesa Law Group, the lien-elimination solution was not able to overcome the complexity that many principal-reduction programs face. The length of term, resistance from lenders, and IFI's finance structuring could not stand up against Truth in Lending Act and Real Estate Settlement Procedures Act requirements, the firm says.
Mesa Law Group says it has contacted all of its clients who signed up for the HOMR program and is working with the clients to find ‘alternative solutions.’
Tazwell Randall, Mesa Law Group's vice president of client relations, says that in the firm's ‘drive to be innovative, we've found issues with a product, addressed it, discontinued the relationship with IFI and are making it right by our customers.’
SOURCE: Mesa Law Group