November/December 2012 Volunteer Feature: Sheila Tendy of the City Bar Justice Center Lawyers' Foreclosure Intervention Network
Sunday, December 09, 2012
- Organization: City Bar Justice Center
Sheila Tendy joined Lawyers' Foreclosure Intervention Network (LFIN) in October 2008, and in January 2009 she began representing a homeowner who was facing foreclosure on the home in Bedford-Stuyvesant she grew up in that had also been in the family for three generations. Ms. Tendy, a bank regulatory and operational risk lawyer, was expecting negotiations, not litigation. After over three frustrating years of attempting to negotiate a loan modification from the uncooperative financial institution servicing the loan, Ms. Tendy made a motion for bad faith sanctions and successfully persuaded the court to make a determination that the servicer had acted in bad faith. Before the court could impose sanctions, the bank finally came to the table and offered a loan modification that forgave over $100,000 in accrued interest and fees which resulted in an affordable monthly payment for the client. Most importantly, the loan modification did not carry a large balloon payment at the end -- a typical feature of loan modification that Ms. Tendy was adamant should not be accepted. The loan modification allowed the client to keep the Brooklyn brownstone that her grandfather purchased in 1946.
Ms. Tendy’s persistence and untold dedicated hours have been a real gift to LFIN. Ms. Tendy has also been generous to other volunteers with her expertise in banking law, and has been actively following and writing about the financial crisis, providing very helpful insights along the way. The Justice Center was pleased to recognize Ms. Tendy’s efforts with a 2012 Jeremy G. Epstein Award for outstanding pro bono service.