Who has sued the bank or Lender and Won there case??

[Hector_Garcia]

Hello,
There's much talk on this forum about Predatory Lending and mortgage Fraud. We have been encouraged to have our loan docs examined in order to determine if fraud was committed. We may have a case for fraud, however we are not sure if it's worth retaining attorney and suing the lender for damages or maybe even get the loan modified.



My question is this: How many of you were victims of predatory lending or Fraud from a bank or loan officers and with help from attorney have been successful in suing the bank or loan consultant for damages or a very favorable loan modification??? Please explain!

[Irish Gal]

Originally Posted by Hector_Garcia

Hello,
There's much talk on this forum about Predatory Lending and mortgage Fraud. We have been encouraged to have our loan docs examined in order to determine if fraud was committed. We may have a case for fraud, however we are not sure if it's worth retaining attorney and suing the lender for damages or maybe even get the loan modified.



My question is this: How many of you were victims of predatory lending or Fraud from a bank or loan officers and with help from attorney have been successful in suing the bank or loan consultant for damages or a very favorable loan modification??? Please explain!

Hi Hector,

Welcome! How many victims of pred lending? Tons. Successful suits? Little to none. Frightened, distressed homeowners who had any assets paid every last dime to their lenders/predatory servicers in hopes of saving their homes. Some did. Many do not. Everyone's poorer now. No jobs. No $$$$ to sue anyone. Suits are for folks w/ money/assets and w/ win-able cases . Lawyers are not stepping up to the plate to help the masses, like they should be IMO. The lenders just jack people around. Ad nauseum. Poor people have no $$$$ to sue anybody. Lenders know this and exploit the situation. There's no representation for the mass victims of the fraud that has occurred. I don't mean to be too negative, but it's the truth, really. Keep reading and educating yourself, here. Lots of info. Some folks here are attempting to push class action suits or get justice for the sins of their lenders. State AGs from several states have already sued offending lenders but then don't hold the lenders accountable anyways (BofA/CW). So, lenders continue to get away w/ financial murder on consumers. Day in and out. It's the American way, today . Bankers rule. To hell w/ the victims of their fraud. Anyways, the best help folks here have obtained thus far are through non-profit housing agencies, specifically NACA. Give NACA a try. They are overwhelmed right now, but have gotten some folks 2% fixed rates for life of loan. You will be put through loan mod, boot camp to get there, but many have gotten mods they are happy with. IMO, the only mod that's worth anything is one w/ principal reduction, but lenders refuse to give up a dime to help consumers they defrauded and the econ they crashed. Instead, they jacked cc rates up, and foreclose, foreclose, foreclose. It's a battle. Keep eating your Wheaties . Good luck, Hector. Keep us posted.

[so-cal-gal]

While I have not won YET, the BATTLE has JUST BEGUN:
I'm a victim of CW/BofA failing to HONOR the mod they offered to me to comply with the CA AG settlement that was filed on the basis of false and misleading advertising (bad loans advertised as good, therefore predatory).

Now with CW employees even claiming that "the AG mods as the ones that could be canceled after being notarized and verified", you get an idea of the magnatude of deceit still being practised by CW/BofA

We have a multiple games of chess going with CW/BofA and some include dear larry's litton.

I am in contact with others who are at varying stages of dealing with this same fraud with canceled or never honored/implemented mods, credit ratings destroyed without your knowledge. Strung along that the mod had been implemented. Never informed never given a copy showing the CW signature that ONLY CW/BofA and Litton seem to see as being so essential. HUD-sponsored counseling agency personnel at HOPE see thru the bull.

So each of us have to hire our attorneys and file suit. The current CW practice is to THEN swoop in with the mod just when they get the suit and they want to settle but with a non-disclosure and not enough funds offered to cover your legal bills, let alone time taken from work or a business. HISS. Cheapskates.

Unfortunately, UNLESS some banking regulation is put into place that DECREES ALL borrower-signed mods that have been verified by the lender MUST be SIGNED by the LENDER within 7 days or HUGE penalties are imposed, MANY MORE problems will be found in the ensuing months and years as property values improve and shady servicers or noteholders trade the notes of unlucky borrowers, never including the MODIFIED note or the contract to modify it. This is going to be the next wave of fights with the lenders.

[Paul Molinaro Esq.]

RE: "Lawyers are not stepping up to the plate to help the masses, like they should be IMO."

Lawyers need to be paid, as this is a job for us... and while many people think lawyers should just work for free, such is not the case nor is it possible. Contingent cases are for matters like medical malpractice where collecting is not the issue but winning the suit is. When dealing with lenders and broke brokers, collecting is a big issue, so law firms like mine require payment up front for litigation. Otherwise, we could not afford to keep the lights on. It really is that simple.

- Paul

[Social Apocalypse]

I am afraid I have to agree with Mr. Molinaro on that one... Lawyers are in a position to help because of years of financial sacrifice, and much experience. This is their product. WHY should they give it away? It calls to mind the story of the man with the squeaky floor and called a carpenter to fix it. The carpenter checked the floor, and re-checked it and did some more checking then finally took out one large nail and pounded it into the floor. The squeak was gone. He presented the bill for $225 to the homeowner who protested, "All you did was pound a nail!" to which the carpenter replied, "but I knew where to pound it."

I would give anything to FIND an attorney who can help me with my case, and I AM willing to pay them, and I STILL can't find one because they are so busy with so many others or they are not experienced enough in the current predatory lending cases to handle it.

Additionally, several attorneys have volunteered their time here on this forum and helped point many in the right direction... including myself, and I am very grateful. They are necessarily vague sometimes (to my GREAT frustration sometimes!) but I understand why and they cannot possibly offer me specific advice without knowing more detail, even if they wanted to.

Any-hoo. It would be nice to know how to fight our way out of this paper bag we are in, but many of us got ourselves into it by NOT hiring an attorney when we should sometimes (Speaking for myself) and now we are crying foul when we got the crap kicked out of us by the horrible contracts that were dreamed up by lenders' attorneys.

I will celebrate the day when I can finally find an attorney who will help me, but in the mean time, I am extremely grateful for the free advice I have gotten on this forum, it has not always been WELCOME advice, but good advice just the same, and that's what I need.

Keep your chin up, I'll try and keep mine up, and hopefully soon, one of us will post a great victory on this forum to inspire others... I hope. I am running out of time, so it's really a race now.