Bank may be found to have agreed to modify the mortgage

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Reference no: EM132255940

Involving Business Law:

If you are the manager of the bank which has led a mortgage customer to believe that the customer might be able to modify the terms of the mortgage to make the monthly mortgage payment more manageable or to reduce the amount of money owed on the mortgage… and the customer provides a modification proposal and financial/tax return information in the expectancy that the bank will indeed modify the mortgage.

Is it fair to the bank and to the customer that the bank may be found to have AGREED to modify the mortgage?

What are the social and legal costs and benefits to a principle of law that obligates one to meet the reasonable expectations of another, even WITHOUT one’s agreement to meet those expectations?

Reference no: EM132255940

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