Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

تمرين 14

Yolanda Mulato had a mortgage on her home through Wells Fargo Bank and made timely mortgage payments for several years. After retiring from her job, Mulato's monthly income fell, and she began to experience financial difficulty. Mulatto sought to reduce her monthly mortgage payment by requesting a loan modification from Wells Fargo. The bank's home preservation specialist acknowledged Mulato's request and sent her a stack of forms to complete. Upon returning the completed forms to the bank, Mulato received a letter from the Wells Fargo stating, in part: "Now that we've received your documents (applying for mortgage assistance), our home preservation team will carefully review what you've submitted to determine if you are eligible for mortgage assistance.... If you are eligible and your modification does not require a trial period plan, you will receive a final loan modification agreement adjusting the terms of your mortgage." Sometime later, the bank notified Mulato that she was ineligible for mortgage assistance, because she had other assets that could be used to pay the mortgage. Mulato claimed that the italicized language of the bank's letter constituted a promise to provide a loan modification plan and that a contract had been formed. Was she correct?