Tag Archives: UFAN

UFAN: Massachusetts Lawyer General Suit Against the Main Banks Noticed as a Positive Sign for Beleaguered Borrowers

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Roseville, California (PRWEB) December 16, 2011

In what came as a major improvement in the fight against mortgage fraud, on December 1, 2011, the Massachusetts Lawyer Common filed a suit against five of the major mortgage lenders, the LA Instances reports. The lawsuit alleges that Bank of America Corp., Wells Fargo &amp Co., JPMorgan Chase &amp Co., Citigroup Inc. and GMAC Mortgage used fraudulent documentation in the foreclosure processes, took back properties without showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state. The suit was filed in Superior Court in Suffolk County, case quantity 11-4363.

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The case is a welcome improvement for borrowers, who have frequently bore the brunt of the effects of the mortgage crisis. Much media focus has been centered on lawsuits brought on behalf of investors injured by getting been sold toxic mortgage securities.

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The United Foreclosure Attorney Network (UFAN) is one firm currently standing up for borrower rights and has suits pending against some of the significant lenders. The Massachusetts case is a constructive development in raising the collective consciousness that borrowers had been usually as considerably victims of fraud as had been the purchasers of their loans, says Kristin Crone, managing attorney at UFAN. UFAN has suits pending against JP Morgan Chase and Aurora in California Superior Court, and against Bank of America and Wells Fargo in California Federal Court. UFAN’s cases are discussed at length on its media web page.

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According to the LA Instances, the Massachusetts Attorney Common is open to settling the case so extended as the interests of Massachusetts borrowers are represented. The 50 state Attorneys General have been at one point on board with settlement negotiations that would see main banks spend a sum of funds in exchange for immunity for previous mortgage fraud, news sources recommend. Over the past year, even so, negotiations have stalled prompting specific Attorneys Common (like Kamala Harris of California) to withdraw from possible settlements. California Attorney General Kamala Harris concluded that what was getting provided by the banks was not good sufficient for residents of the state, media reports indicate.

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In 2008, then California Lawyer General Jerry Brown sued Countrywide (Men and women of the State of California v. Countrywide Financial Corp., Los Angeles Superior Court, case # LC083076) over alleged deceptive marketing practices that took advantage of borrowers. The case settled a couple of months later and Countrywide was supposed to provide borrowers principal and interest price reductions, according to The Boston Globe. Jerry Brown named the settlement, the largest loan modification in history and it was intended to offer $ 3.4 billion in relief for California borrowers.

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Despite high hopes at the time, that settlement has failed to acquire substantial relief for California homeowners, The New York Instances reports, and foreclosure prices continue to rise. Referring to the 2008 settlement, the spokesman for the present California Attorney Basic mentioned there is a substantial gap among the relief promised to property owners and what was actually delivered to them. And the mechanisms needed to hold the bank accountable just werent there.

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Complementary consultations offered.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm supplying mortgage litigation and other debt associated legal services. The committed attorneys and staff at UFAN operate tirelessly to seek justice and fight for the rights of its customers. For more details call toll free of charge 1-866-400-4242.

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This release could constitute attorney advertisement. The information in this release and on the UFAN internet site (ufanlaw.com) is for general info purposes only. Nothing in this release or on the UFAN website must be taken as legal advice. Prior successes are no guarantee of future efficiency. Litigation is inherently uncertain and results in litigation are never ever assured.

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UFAN Files New Lawsuit Against U.S. Bank on Behalf of Borrowers

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Roseville, CA (PRWEB) January 26, 2012

On January 13, 2012 UFAN Legal Group, Computer filed suit against U.S. Bank in San Diego County Superior Court (case quantity 37-2012-00065195-CU-OR-EC) on behalf of borrowers allegedly injured by the Banks lending and servicing practices.

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The complaint alleges that U.S. Bank schemed to profit from reckless and negligent lending practices that ensured borrowers would default on their mortgages. US Bank is alleged to have abandoned its personal underwriting standards in an effort to originate as several mortgages as possible for immediate sale on the secondary mortgage market. The complaint argues that since US Bank could immediately sell mortgages and get completely compensated, it incentivized fraud by loan officers and brokers by providing higher origination fees on subprime loans.

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According to the complaint, Plaintiffs allege US Bank acted negligently in both the origination and modification of Plaintiffs loans. Plaintiffs argue that US Bank wore two hats 1 of a purported lender of money and a single as a developer and seller of residential mortgage backed securities (RMBS). By taking on such a dual function, US Bank was no longer acting as a mere lender of cash, but rather acting as a middleman in marketing and advertising and selling loans. US Bank breached its duty by abandoning standard underwriting standards and encouraging the origination of predatory loans, the complaint alleges.

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The complaint alleges that U.S. Bank used falsified borrower info like credit ratings and income, as effectively as inflated property appraisals, as component of the origination method. It is argued that US Bank incentivized property appraisers and loan originators to falsify this info in order to spot borrowers in bigger and more dangerous loans. The higher the loan quantity, the much more income U.S. bank was able to make on the sale of the RMBS to investors. The complaint suggests that Plaintiffs borrowed excessively in reliance on this falsified info and were harmed by the excessive debt burden.

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Plaintiffs also allege negligence on the part of U.S. Bank associated to the servicing of Plaintiffs loans. Plaintiffs have been lured into a false sense of security by means of the modification procedure, and relied to their detriment on representations by U.S. Bank that a modification would be forthcoming. The complaint alleges that no modification was, in reality, intended and that Plaintiffs placed false hope and abandoned other legal rights in reliance on the modification procedure. In numerous circumstances, Plaintiffs had been induced to default on payments to qualify for modification. US Bank had an interest in foreclosing on Plaintiffs as it no longer held the threat of default and now receives charges for foreclosing.

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Plaintiffs argue that US Bank was in a position to foresee this detrimental reliance and subsequent harm, and consequently breached its duty to Plaintiffs.

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The complaint against U.S. Bank is the newest lawsuit filed by UFAN on behalf of borrowers alleged to have been injured by the lending and servicing practices of the major banks. Home owners believed to have been injured by way of the mortgage practices of US Bank or other individuals are urged to get in touch with UFAN.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm delivering mortgage litigation and other debt associated legal solutions. The devoted attorneys and employees at UFAN operate tirelessly to seek justice and fight for the rights of its consumers. For much more information get in touch with toll totally free 1-866-400-4242.

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This release could constitute attorney advertisement. Kristin Crone, Esq. is the attorney responsible for this advertisement. The data in this release and on the UFAN web site (ufanlaw.com) is for common data purposes only. Nothing at all in this release or on the UFAN website should be taken as legal suggestions. Prior successes are no assure of future functionality. Litigation is inherently uncertain and outcomes in litigation are never ever assured.

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UFAN Legal Group Achieves Good results in Unlawful Detainer Representation

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Roseville, California (PRWEB) March 19, 2012

UFAN Legal Group lately won a landmark victory in combating an unlawful detainer brought by the Bank of New York Mellon against a California homeowner. The case, number CVL001156, was prior to the Merced Superior Court which granted UFANs motion to quash service of the unlawful detainer complaint. UFAN argued in its motion and at oral argument that the Merced court did not have jurisdiction to hear the unlawful detainer trial. The courts ruling was the most recent victory for UFAN in its efforts to fight for the rights of California property owners.

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We are incredibly pleased with UFANs outcomes as a result far, says the homeowner, Susan Jensen. All we want is for the banks to function with us and the other home owners who have been wronged.

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Mrs. Jensen and her husband Michael retained UFAN for litigation against Bank of America and Bank of New York Mellon this past summer season. A complaint was filed on their behalf and on behalf of quite a few other home owners on August 17, 2011 in Sacramento Superior Court (case number 34-2011-00109314). That case alleges quite a few causes of action which dispute the banks proper to title and the right to foreclose. The Jensens themselves had been led to believe that they were nevertheless getting regarded for a loan modification, which brought on the Jensens not to pursue obtainable legal action. Whilst in the modification approach and whilst promised foreclosure action was halted their house was foreclosed.

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UFAN based its motion to quash service of summons on the grounds that it is improper to hear an unlawful detainer action prior to a decision on the merits of the property owners claims against the bank. Due to the fact the unlawful detainer court is a court of limited jurisdiction and the proceedings are summary in nature, the complicated issues of title can’t be heard there. That is why those concerns have been brought in an limitless civil action exactly where they can properly be heard. To decide possession before a determination on the concerns of title frustrates due procedure. UFAN argued that it is necessary for the two actions to be heard in the identical proceeding and that the Sacramento court has already exercised exclusive jurisdiction. UFANs argument was effective and the Merced Court dismissed the pending unlawful detainer action.

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UFAN has faced an uphill battle in receiving unlawful detainer court judges to recognize that the unlawful detainer court does not have jurisdiction, and hence, ought to not authorize an eviction of a homeowner prior to that person has had their day in court.

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Even though quashing service of summons was a victory, the banks may nonetheless attempt to take the Jensens house in the short term. UFAN, even so, will fight every single step of the way for the Jensens and other customers who could face unlawful detainer.

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ABOUT THE UNITED FORECLOSURE Attorney NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm delivering mortgage litigation and other debt associated legal services. The dedicated attorneys and staff at UFAN function tirelessly to seek justice and fight for the rights of its consumers. For a lot more details get in touch with toll free 1-866-400-4242.

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This release could constitute lawyer advertisement. Kristin Crone, Esq. is the attorney responsible for this advertisement. The information in this release and on the UFAN web site (ufanlaw.com) is for common details purposes only. Nothing at all in this release or on the UFAN internet site must be taken as legal guidance. Prior successes are no assure of future efficiency. Litigation is inherently uncertain and final results in litigation are never assured.

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