Posted on: 14th Jul, 2010 10:35 am
Predatory lending lawsuit cost 10k takes 6-12 months in order to rescind original loan terms, get principle reduction and more attractive overall terms. Legitimate route to take when loan mod does not work? Wamu note to Chase from 06 origination.
What about the loan are you accusing them of as predatory?
I'm not sure any of the original post makes a great deal of sense. I'm guessing that the question is whether to seek a modification or to file suit against the lender...is that it?
The "forensics" mentioned - is this the sign of a predatory law firm that is getting its $10K upfront and then failing to perform?
As always, caveat emptor.
The "forensics" mentioned - is this the sign of a predatory law firm that is getting its $10K upfront and then failing to perform?
As always, caveat emptor.
Note originated by Wamu in California, in 06 has revealed, by pre-limanary audit, the following: underwriting violations, disclosure violations, violations to many TILA's, over stated income and possibly other local, state and federal lending rules. Statistics show that over 80% of all mortgages have violated at least 1 or more laws in this regard.
The question is this: If I am to assume that only 1-2% of loans get modified then does a lawsuit vs the bank make sense in order to achieve the new loan results I am looking for? The terms of the lawsuit guarantee settlement. Another point to make here is this, how much does Chase really have invested in this note? I am guessing no more than 4 cents on the dollar...can you pinpoint this figure? It would give some basis for negotiating a fair new principle on new terms, don't you think?
Miles
The question is this: If I am to assume that only 1-2% of loans get modified then does a lawsuit vs the bank make sense in order to achieve the new loan results I am looking for? The terms of the lawsuit guarantee settlement. Another point to make here is this, how much does Chase really have invested in this note? I am guessing no more than 4 cents on the dollar...can you pinpoint this figure? It would give some basis for negotiating a fair new principle on new terms, don't you think?
Miles
As you want to file a lawsuit and as this is a legal issue, it's better to contact an attorney and take his opinion.
What does this mean? The terms of the lawsuit guarantee settlement.
Are you trying to say that you've been given a guarantee of success if you sue? What kind of lawyer gives guarantees? Oh that's right, a dishonest one! A liar! A cheat! A fool!
What kind of person believes such folderol? Well, let's not do any more name-calling...
How do you figure that Chase has 4 cents of every dollar "invested" in this note? Do you have some magic formula that tells you that, or did your fabulous lawyer give you that information?
Color me skeptical about the whole enterprise.
Are you trying to say that you've been given a guarantee of success if you sue? What kind of lawyer gives guarantees? Oh that's right, a dishonest one! A liar! A cheat! A fool!
What kind of person believes such folderol? Well, let's not do any more name-calling...
How do you figure that Chase has 4 cents of every dollar "invested" in this note? Do you have some magic formula that tells you that, or did your fabulous lawyer give you that information?
Color me skeptical about the whole enterprise.
I am very skeptical of the word "guarantee" as well. If you are in California (or even if you aren't) then please read:
http://www.dre.ca.gov/cons_adv_fees_alert.html
http://www.dre.ca.gov/cons_adv_fees_list.asp
http://ag.ca.gov/newsalerts/release.php?id=1774
http://ag.ca.gov/newsalerts/release.php?id=1862&
http://www.dre.ca.gov/cons_adv_fees_alert.html
http://www.dre.ca.gov/cons_adv_fees_list.asp
http://ag.ca.gov/newsalerts/release.php?id=1774
http://ag.ca.gov/newsalerts/release.php?id=1862&
It's rather stupefying to see validation from someone before vilification. Thanks, Shane.
Miles, you haven't chosen to drop us a note in the last few days. That means you've either heeded the advice given or you've gone ahead and spent that money for nothing.
Miles, you haven't chosen to drop us a note in the last few days. That means you've either heeded the advice given or you've gone ahead and spent that money for nothing.