4/5/2011 5:08 PM (PST)
TAKE THE LATEST DRE WARNING WITH A GRAIN OF SALT!
Just When the Tide Was Turning Against the Banks… the California Department of Real Estate Comes to Their Rescue!
If you found this essay during your Internet travels or other research, you likely have a basic understanding of, and an interest in, the mortgage meltdown, the collapse of the real estate market, the foreclosure crisis, the billions of dollars in bailout money given directly to banks and indirectly to their CEOs, the tribulations suffered by families who begged for loan modifications, the farce of giving bogus trial loan modifications to borrowers with one hundred and fifty percent (or more ) loan to value ratios, and the reasonless denials for permanent modification after successful completion of a trial modification plan foisted upon borrowers who were ignorant enough to believe that their mortgage lenders would give them a permanent loan modification if they just passed the three-month test known as a trial loan modification.
At law firm of Fransen & Molinaro, LLP, we have represented borrowers in California State and Federal litigation matters against national mortgage lenders and banking institutions for about five years. We know, first hand, that the lenders hire extremely competent and fiercely aggressive counsel for every case brought against them. There are almost no limits to what these well-heeled defense law firms will do to win a case, whether that case is brought by a crackpot plaintiff who downloaded and filed a rambling and incoherent two hundred and seventy-eight page complaint (not counting attachments) drafted by people who believe that the United States Constitution prohibits the payment of income tax or whether that case is brought by a skilled consumer attorney representing an elderly couple about to be evicted as a result of failing to repay a predatory loan which was made in flagrant violation of every state and federal lending law on the books. Lawsuits against lenders are met scorn and ridicule by lenders’ lawyers. These zealous advocates of lenders’ rights file motion after motion, refuse to provide adequate responses to even the most basic of discovery requests, continue foreclosure and eviction attempts during the lawsuit, practice delay tactics, and make overt threats of countersuit against not only the plaintiffs but personally against the plaintiffs’ attorneys.
Those consumer attorneys courageous enough to represent sympathetic plaintiffs who have solid cases find themselves embroiled in time-consuming and expensive lawsuits. The convoluted state and federal statutes governing the mortgage industry constantly change. The State and Federal Court rulings which should act as guide to proper interpretation of these ambiguous statutes more often than not do no more than provide conflicting statutory interpretations based on the personal opinions and whims of appellate judges.
Until recently, the majority of the
4/5/2011 5:09 PM (PST)
Apparently, my post was cut off before I was done... visit www.loanlaw.net to see the rest...