Tag Archives: Brookstone

Brookstone Law Fights For Orange County Law Enforcement Professionals Who Fight For Us

Posted on by


Newport Beach, CA (PRWEB) January 3, 2011

The work of law enforcement specialists at times requires serving eviction notices to foreclosed property owners, but those who serve hardly ever think about they would be the ones being served and facing eviction.

&#13

That was the case not too long ago when Gerardo and Keryn Oseguera, two local married law enforcement experts who had full-time jobs serving the neighborhood for a lot more than 27 years, found themselves facing alleged wrongful foreclosure by one particular of Americas largest mortgage lenders.

&#13

Their foreclosure was delayed only by a brief moratorium on foreclosures and might be overturned by means of the function of Brookstone Law Computer. With offices in Newport Beach, CA and and Ft. Lauderdale, FL, Brookstone Law is involved in active investigations of the banking crisis which includes instances all through the nation exactly where customers are taking the banks to process for unlawful lending practices.

&#13

The moratorium was brought on by the nationwide controversy more than administration of loan documents that brings into question the ownership of thousands of mortgages and, according to court documents, featured a Bank of America witness testifying to consistent illegal administration of loan documents from the Bank to mortgage lender Countrywide. (John T. Kemp, Kemp v. Countrywide House Loans Inc., 08-02448, U.S. bankruptcy Court for the District of New Jersey). Ironically, the originator of the Osegueras loan, is now a subsidiary of Bank of America.

&#13

We did everything by the letter. We were not asking for principal reduction, just to be in a position to afford the payments. All we want is for our kids have a roof more than their heads and get some certainty in our lives, stated Gerardo Osegura.

&#13

Brookstone Laws analysis of the couples loan documents has revealed that the lender reported the couples combined revenue at twice the actual amount, permitting the Osegueras to get a loan for which they have been not qualified and could not afford. Brookstone identified that the lender also changed the total amount and term of the loan and, in performing so, left the couple unaware they were facing bigger debt than they could afford a total debt they did not discover until following the lender went out of organization and were served notice of foreclosure.

&#13

In 2009, when the couple realized adjustments in their loan would improve month-to-month payments beyond their ability to afford them, they contacted the lender to request a modification. But primarily based on the incorrect info in the documents, when they applied for a loan modification and in spite of good credit and safe complete-time jobs they have been turned down three occasions. Over the course of two years, they exhausted each and every available alternative to modify their loan without accomplishment.

&#13

Brookstones function has created us a lot more hopeful right now than we have been in years, Osegura mentioned.

&#13

As reported throughout national and international media, the issues banks and lenders have triggered by improper administration of loan documents has been a major factor in the nationwide foreclosure crisis.

&#13

The nationwide bank crisis is brought on by foreign money entering our economy, which not only violates the Patriot Act and raises the possibility that an overwhelming majority of the loans issued from 2004-2008 are not excellent, said Vito Torchia, Jr., managing attorney of Brookstone Law.

&#13

Because it is so challenging for mortgage holders to have achievement dealing with banks, lenders and mortgage adjustments, Brookstone Law has been at the forefront of guarding the rights of mortgage holders in the crisis.

&#13

More than ever prior to, shoppers need professional legal aid to defend their rights when they deal with corporate banks, mortgage lenders and institutions like Bank of America. The Osegueras story is sadly typical and reveals how some banks and lenders make the challenges that mortgage holders face as they try to keep away from foreclosure nearly insurmountable, stated Torchia. We are devoted to helping these who are facing wrongful foreclosure and fighting for the first responders, military and community servants who fight for us.

&#13

About Brookstone Law, Pc&#13

Primarily based in Los Angeles, with offices in Newport Beach, CA, and Ft. Lauderdale, FL, Brookstone Law, Pc, is a law firm comprised of attorneys with expertise and achievement in company, corporate and individual finance, employment, entertainment &amp media, art &amp museum, intellectual home and real estate law. The firm has a network of far more than 40 affiliate attorneys nationwide and employs very educated specialists, paralegals, paraprofessionals and administrative staff dedicated to serving our clientele. For details, get in touch with (800) 946-8655 or go to http://www.brookstone-law.com.

&#13

# # #

&#13
&#13
&#13
&#13
&#13

More Loan Modification Press Releases

Brookstone Law, Computer Predicts Boost in California Foreclosures

Posted on by


Newport Beach, CA (PRWEB) January 15, 2011

Despite a decrease in California foreclosures reported for December, 2010, the foreclosure crisis in the state is going to get worse, not far better, in 2011, according to Vito Torchia, Jr., managing lawyer of Brookstone Law, Pc.

&#13

There are pending circumstances against main banks filed by state Attorney Generals throughout the nation, and the current selection in Massachusetts is an example of how main lenders are failing to prove they personal the mortgages on which they are foreclosing. There are literally millions of mortgages all through the nation in which ownership is in query. This is a crisis of the highest order and one particular that will continue to have a large impact on the state and the nation. said Vito Torchia, Jr.

&#13

According to the Occasions, the Massachusetts case was substantial due to the fact it was the first time that a state Supreme Court had ruled on the concern of chain of title. A spokeswoman for California Atty. Gen. Kamala D. Harris stated such lawsuits may be brought in the Golden State, exactly where foreclosures remain largely outside the court method.

&#13

The banks inability to prove that they personal shoppers mortgages is only one particular of the a lot of issues. An additional large-scale crisis is forthcoming: increased interest prices on customers adjustable-price mortgages.

&#13

There is a large quantity of adjustable-rate mortgages scheduled to reset to larger rates in coming months which is most likely to lead to an improve in foreclosures in California. This is particularly true since numerous borrowers will not be capable to afford higher payments provided the unfortunate combination of the states higher unemployment rate and stagnant economy, mentioned Vito Torchia, Jr. As evidenced by Bank of Americas current sharp boost in foreclosures, the crisis is more than likely going to get worse for property owners in 2011, not much better, and may possibly even surpass the peak amount of foreclosures by the banks in 2009.

&#13

According to Vito Torchia, Jr., this means thousands of customers will face potentially wrongful foreclosure and, due to loan modification delivers, a lot of will truly locate themselves additional behind on their payments and could eventually be foreclosed upon.

&#13

The Massachusetts case is the first of a lot of choices we anticipate to see in 2011 that will shield homeowners from predatory lending practices and the sloppy mortgage administration practices which have turn out to be standard in the lending sector, mentioned Vito Torchia, Jr. Despite the fact that many banks delayed and even halted foreclosures in 2010, they are poised to return to procedure foreclosures aggressively in California and all through the Country, and it is vitally critical that home owners are conscious of the require for professional legal help and how it can have a optimistic result in their situations. 2011 will see a main boost in litigation against the banks.

&#13

Brookstone Law, Computer will be filing a number of suits and has contracted to aggregate members for other suits against major banks and mortgage lenders such as:&#13

Brookstone Law, Computer Aids Foreclosure Victims as Moratorium Ends

Posted on by


Newport Beach, CA (PRWEB) January 17, 2011

Following a brief moratorium final year, thousands of consumers throughout the country are again facing potentially wrongful foreclosure. Hundreds of thousands of homeowners all through the nation are also pursuing agreements that some lenders lead them to believe will lead to permanent loan modifications if they make lowered payments, but as a outcome of these agreements, a lot of customers will truly locate themselves further behind in their payments and could eventually be foreclosed upon.

&#13

Simply because of the depth and severity of what we perceive to be a enormous abuse perpetrated by lenders who had been bailed out with our tax dollars, Brookstone Law will be filing lawsuits against lenders to shield California homeowners.

&#13

A lot of customers are standing up to defend their rights by contacting Brookstone Law by way of Bankclassactions.com http://www.BankClassActions.com. (BCA), a special website created to support home owners who have been mistreated or abused by banks and mortgage companies. BCA provides law firms the opportunity to post a totally free public profile for mass action suits (Class Actions and Mass Joinders) that have already been filed and for these that are in the active investigation phase. Consumers who check out the website can create a private and safe profile and are notified when their profile matches the profile of an existing case or investigation. The Consumer can then choose to transmit their profile to the law firms designated make contact with. BCAs mission is to give shoppers with a easy interface that provides the information they require to connect with attorneys that are fighting for their rights in courtrooms across America.

&#13

Brookstone is really impressed by BCAs capacity to query its database and answer inquiries about loans produced by specific lenders at specific instances in distinct jurisdictions. We use this data to refine our litigation theory analysis and greater serve our clientele, said Vito Torchia, Jr., managing lawyer of Brookstone Law, Pc.

&#13

Following many consumer inquiries on the web site, Brookstone Law will be filing a number of suits and has contracted to aggregate members for other suits against leading banks and mortgage lenders which includes:&#13

Brookstone Law, Computer, Bank Lending Practice Investigations Focus on Recent Bank of America Revelations

Posted on by


Newport Beach, CA (PRWEB) December 13, 2010

Brookstone Law, Computer, is expanding its civil litigation division and is involved in investigations of the situations all through the nation exactly where actions against buyers have exposed banks unlawful lending practices.

&#13

Among those investigations is assistance for the present high-profile foreclosure case in New Jersey in which a Bank of America spokesperson revealed the Banks unlawful administration of loan documents with subsidiary Countrywide Property Loans. The revelation potentially brings into question the ownership of millions of properties that could lead to Bank of America getting liable for billions of dollars in inherited negative loans.

&#13

In testimony just before the Home Economic Solutions Committees hearings November 17 on Issues in Mortgage Servicing from Modification to Foreclosure, Georgetown University Law Center Professor Adam Levitin described the potentially devastating implications of the case by saying, If these legal troubles are resolved differently, then there would be a failure of the transfer of mortgages into securitization trusts, which would cloud title to nearly each house in the United States and would create contract recession/putback liabilities in the trillions of dollars, tremendously exceeding the capital of the USs key economic institutions.

&#13

The bungled defense by Bank of America in this case is another instance of a trend of rulings against Banks primarily based on a constant lack of legal documentation in mortgage foreclosures, mentioned Vito Torchia, Jr., managing attorney of Brookstone Law. This was a case exactly where the witness told the truth and we all got a appear behind the curtain. Unlawful documentation practices are only one particular of the several obstacles against customers and it is important that these practices are coming to light. The reality that the revelation was by the Banks spokesperson offers it considerable credibility, regardless of the Banks subsequent statements.

&#13

The case is In the Matter of John T. Kemp, Kemp v. Countrywide Residence Loans Inc., 08-02448, U.S. bankruptcy Court for the District of New Jersey (Camden).

&#13

About Brookstone Law, Pc &#13

Primarily based in Los Angeles, with offices in Newport Beach, CA, and Ft. Lauderdale, FL, Brookstone Law, Computer, is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment &amp media, art &amp museum, intellectual house and true estate law. The firm has a network of a lot more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative employees dedicated to serving our consumers. For details, get in touch with (800) 946-8655 or check out http://www.brookstone-law.com.

&#13

# # #

&#13
&#13
&#13
&#13
&#13

More Loan Modification Services Press Releases

Brookstone Law, PCs Emergency Extension Division Gives Emergency Help to Seniors Facing Foreclosure Sale

Posted on by


Newport Beach, CA (Vocus/PRWEB) January 31, 2011

The current launch of Brookstone Law PCs Emergency Extension Division (EED) (http://www.brookstone-law.com), a new resource to support property owners facing foreclosure keep their houses, achieved timely final results this week for two neighborhood seniors by stopping the sale of their property the day just before it was scheduled to be sold.

&#13

Bob and Angela Sacchi, a married couple in their 80s living on a fixed pension income and savings in West Hollywood, CA, had been facing foreclosure, the sale of their house and eventual eviction based on a predatory residence loan they obtained in 2004 and the banks refusal to let them to modify their mortgage regardless of quite a few attempts to repair their troubles over the previous several years. The case is Angela and Robert Sacchi, vs. Residential Credit Solutions, Inc., Case No. BC453524 in Los Angeles Superior Court.

&#13

Like numerous property owners, the couple had heard stories about how mortgage holders facing foreclosure are treated by banks and how numerous banks do not enable brief sales to address foreclosures. Media reports have highlighted banks mishandling of mortgage foreclosures and mistreating consumers, practices which have lead to legal action throughout the country such as suits filed by more than 40 state attorneys general against banks and lenders. Coverage has integrated banks throwing peoples belongings into the street in wrongful evictions, overcharging thousands of members of the militarys mortgage payments and bank executives admitting to blatant misadministration of loan documents in wrongful foreclosure trials.

&#13

Facing quick foreclosure sale, without having chance for a loan modification, living on a fixed low income and with nowhere to go if their property was sold, there seemed to be no way for the couple to quit foreclosure until they contacted the EED specialists at Brookstone Law.

&#13

EEDs team of legal authorities and specialists acted decisively and fought for the couple in court by filing a lawsuit that resulted in a postponement till the finish of subsequent month. Brookstone Law will continue to represent the couple and could take additional actions to extend the postponement or obtain a cancellation of the sale.

&#13

Thanks to Brookstone Laws EED group we went from the threat of the sale of our property to a sense of safety about our future, said Mr. Sacchi, a member of the Screen Actors Guild and American Federation of Television and Radio Artists who starred in the film “The Man Who Stole Bogart’s Face” and has appeared in many well-liked television series including “Kojak” and “Fantasy Island.” Brookstone Laws legal group helped when we required it and cared about our circumstance. They stated they would fight the bank and for us in court and they did. We couldnt have done that with out the EED at Brookstone Law.

&#13

At a time when millions of Americans are losing their homes as portion of the foreclosure crisis, home owners face a daunting challenge when dealing with banks. To deal with these challenges, numerous home owners have turned to the EED aid them keep their properties.

&#13

Developed by Brookstone Law Computer to aid buyers deal straight with an institutional bureaucracy that is biased against them, the EED is a special service not provided by any other firm that offers homeowners facing foreclosure a fighting likelihood to keep their properties. Brookstone Law PCs EED attorneys and specialists are knowledgeable in working directly with banks and extensively trained to assist homeowners accomplish postponements.

&#13

Brookstone Laws legal team researches all available choices to help property owners extend their sale date whilst they are in the procedure of litigation, bankruptcy or short sale. Costs are contingent upon success of the service, which indicates customers pay only if the sale can be postponed or stopped. Property owners facing foreclosure like the Sacchis are making use of the EED to aid preserve their homes and stay away from declaring bankruptcy and in other instances to help them preserve their houses after possessing filed for bankruptcy and not being in a position to refile for 7 years.

&#13

We dont cease functioning until we accomplish the results our clients need. Our professional legal group was so excited to hear how we helped the Sacchis, stated Nisha S., a seasoned EED specialist.

&#13

The procedure usually requires many hours per client and several instances demand as considerably as a full day to get results since a majority of EED activity is spent by the Firms lawyers and experts in foreclosure law and litigation dealing straight and negotiating with banks and lenders.

&#13

“Our EED legal group and specialists are to be commended for doing such fantastic perform on behalf of a deserving couple. We know how to deal with the banks and will not hesitate to go to court if essential to get the results we require, each locations where our group of legal specialists and attorneys is of greatest value to homeowners searching for relief, stated Vito Torchia, Jr., managing attorney of Brookstone Law, Computer. With no dedicated attorneys and specialists like Brookstone Laws working on their behalf, the Sacchis would be in quite difficult circumstance. We will continue to work on their behalf to aid them hold their home.

&#13

ABOUT BROOKSTONE LAW, Pc &#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with encounter and accomplishment in enterprise, corporate and private finance, employment, entertainment and media, art and museum, intellectual home and true estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs very educated specialists, paralegals, paraprofessionals and administrative employees devoted to serving clientele. For information, contact (800) 946-8655 or check out Brookstone-Law.com (http://www.brookstone-law.com).

&#13

###

&#13
&#13
&#13
&#13
&#13

Connected Loan Modification Services Press Releases

Brookstone Law, Pc: Obama’s Housing Strategy Is a Red Flag for Property owners Looking for Relief

Posted on by


Newport Beach, CA (PRWEB) November 05, 2011

Though the Obama administrations recent efforts to assist home owners could bring relief to millions who owe a lot more than their houses are worth, the measures getting regarded as by Washington are clearly made to benefit banks more than homeowners, according to Vito Torchia, Jr., managing attorney of Brookstone Law, Pc.

&#13

The Presidents proposal is purely political and will possibly enhance spending a lot more than avert foreclosures. He intends to placate the Banks at the expense of homeowners who clearly need to have loan modifications, which banks have been reluctant to provide, stated Vito Torchia, Jr.

&#13

According to media coverage, the collapse of the housing industry has left an estimated 11 million Americans owing more on their mortgages than their houses are worth. Although about 70% of those borrowers have loans with interest prices higher than are available today, their lack of collateral prevents them from refinancing into new, much more cost-effective loans.

&#13

It is becoming increasingly apparent that home owners with out expert legal counsel are going to have to deal directly with banks that are empowered by the government to supply solutions not most likely to give home owners what they need to have, mentioned Vito Torchia, Jr.

&#13

Current media coverage shows that though a reduction in monthly payments could avert some property owners who aren’t in default these days from going into foreclosure, experts anticipate an estimated two.2 million borrowers to shed their properties in 2012.

&#13

If the Presidents plan is intended to support property owners who are beneath water, assisting the Banks while pushing more than two million people over the cliff is clearly the incorrect way to do it, said Vito Torchia, Jr.

&#13

According to media coverage, lenders could reduce their losses significantly by modifying mortgages to reduced the month-to-month payments of defaulting borrowers, but Banks are doing so due to the fact it lowers their bottom line income.

&#13

There’s no shortage of home owners whose property values and incomes have collapsed via no fault of their own even though lenders claim there is a moral problem in bailing out borrowers who can’t pay off their debts. This is ludicrous taking into consideration the Banks pushing of toxic loans, then regularly victimizing hardworking people all through the nation trying to hold their residences as has been effectively documented in the media, mentioned Vito Torchia, Jr. This clearly shows the Banks dont care about customers, who need to have powerful counsel in order to safeguard their rights when dealing with the Banks.

&#13

Recent media coverage has incorporated reports that FannieMae, FreddieMac and most national banks have refused to participate in a California system that delivers to spend half the price of principal reductions for lower- and moderate-revenue home owners with a demonstrable hardship, such as a extreme illness or a layoff.

&#13

If they wont help low income property owners with hardships, it is apparent they wont aid other property owners suffering from the toxic loans, lack of due diligence and wrongful foreclosures for which the banks are initially accountable, said Vito Torchia, Jr. Home owners attempting to save their houses are at greater risk than ever of not being capable to repair the troubles brought on by the banks that threaten them with the loss of their residences.

&#13

According to media coverage, state prosecutors from about the nation are pursuing mortgage fraud claims against the key banks and might persuade them to commit billions of dollars to writing off some of the debt owed by borrowers.

&#13

Fannie and Freddie, which have already been rescued by Washington, want to support homeowners beneath water, but if their consistent leaning towards a solution that rewards the banks at the further expense of home owners continues the victimization of millions of men and women in our country who are just trying to hold their properties, stated Vito Torchia, Jr.

&#13

ABOUT BROOKSTONE LAW, Pc&#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Pc is a law firm comprised of attorneys with expertise and success in organization, corporate and personal finance, employment, entertainment and media, art and museum, intellectual house and actual estate law. The firm has a network of a lot more than 40 affiliate attorneys nationwide and employs extremely educated specialists, paralegals, paraprofessionals and administrative employees devoted to serving clientele. For data, call (800) 946-8655 or visit Brookstone Law.com (http://www.brookstonelaw.com).

&#13

# # #

&#13
&#13
&#13
&#13
&#13

Brookstone Law, Computer, Files Landmark Mass Joinder Lawsuit Against Bank of America and Countrywide

Posted on by


Newport Beach, CA (Vocus/PRWEB) February 15, 2011

Brookstone Law, Pc, has filed a mass joinder lawsuit against Bank of America, potentially the most substantial and precedent setting legal action taken against lenders as a result of the national foreclosure crisis, it was announced these days by Vito Torchia, Jr., managing lawyer of Brookstone Law Computer.

&#13

The lawsuit alleges Bank of America (BOA) and its subsidiary Countrywide Monetary Corporation (Countrywide) perpetrated a huge fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA and Countrywide intended to deprive many rights and remedies for the difficulties they caused the borrowers. The case is Wright et al v. Bank of America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County Superior Court and was filed February 9, 2011.

&#13

This was the ultimate high-stakes fraudulent investment scheme of the final decade, said Vito Torchia, Jr. Couched in banking and securities jargon, the deceptive gamble with customers properties was a financial fraud perpetrated on a scale never ever ahead of observed in this country,

&#13

The lawsuit accuses Countrywide founder and CEO Angelo Mozilo of realizing that Countrywide could not sustain its organization unless it utilised its size and massive industry share in California to systematically generate false and inflated home appraisals all through California. It additional claims that Countrywide employed these false house valuations to induce borrowers into ever-larger loans on increasingly risky terms and that Mozilo knew as early as 2004 that the loans had been unsustainable and would outcome in a crash that would destroy the equity invested by borrowers and their net worth.

&#13

The lawsuit’s filing coincides with a current decision in a class action suit in Maryland that invalidated a lot more than 10,000 foreclosure circumstances managed by GMAC Mortgage because affidavits in the instances had been signed by a GMAC robo-signer who, according to court documents, attested to the authenticity of foreclosure documents with no any understanding about them, as effectively as signing other false statements in the case Manson v. GMAC Mortgage LLC, 08-cv-12166, U.S. District Court, District of Massachusetts (Boston).

&#13

According to court documents, the lawsuit claims Mozilo and other people at Countrywide pooled those mortgages and sold them for inflated worth which disregarded underwriting requirements and fraudulently inflated house values in order to take enterprise from legitimate mortgage-providers, implement a massive securities fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. When Countrywide pooled the loans and sold them, the company recorded gains on the sales. In 2005, Countrywide reported $ 451.six million in pre-tax earnings from capital market sales and the next year it reported $ 553.5 million in pre-tax earnings from that activity.

&#13

Countrywide did not care about the borrowers who would endure due to the fact their plan was primarily based on insider trading that would generate income for them as lengthy as achievable and then allow them get out before the truth of their activities was exposed and losses have been locked in, said Vito Torchia, Jr. According to Torchia, the scheme resulted in the mortgage meltdown in California that was substantially worse than in any other area of the United States. Beginning in 2008, Californians property values have decreased by considerably much more than most other places in the United States as a direct outcome of the scheme.

&#13

The lawsuit alleges that, as a outcome, borrowers lost equity in their houses, their credit ratings and histories were destroyed and they incurred unnecessary fees and expenditures. At the exact same time, Countrywide was paid billions of dollars in interest payments and charges and generated billions of dollars in earnings by promoting their loans at inflated values. Countrywide then employed borrowers private data to generate much more income: the lawsuit also alleges privacy violations ranging from disclosure of the private and confidential details of far more than 2.four million customers to outsourcing and sale of hundreds of thousands of records to bolster the fraudulent loan pooling scheme, resulting in the disenfranchising of thousands of borrowers inalienable rights of privacy.

&#13

According to court documents, lead Plaintiff John Wright purchased his first house in 2004 and Countrywide offered financing with a first and second loan. Less than a year later, Countrywide contacted Mr. Wright and encouraged him to refinance into an adjustable rate loan. As a initial time home purchaser who relied on Countrywide and their reputation and experience, he accepted their direction, which resulted in a new very first loan in 2005. But right after the damaging effects of sub-prime loans became public in 2007, Mr. Wright contacted Countrywide to refinance his loan into a fixed rate loan, but this time, Countrywide said they have been also busy and that he must wait to refinance, in spite of the truth that fixed price loans had been then at about a reduce interest rate than what he was paying.

&#13

“The American men and women are no longer going to tolerate fraudulent and abusive banking strategies and we are organizing the most powerful protest and legal action Bank of America has ever noticed, John Wright stated. Piggybankblog.com, myself and my supporters are a force to be reckoned with and we intend to construct the most successful coalition that the Bank of Destroying and Abusing America has noticed although the American people hold them accountable for their actions that led to the destruction of the American dream for so many men and women like me.”

&#13

According to the filing, Countrywide eventually permitted Mr. Wright to refinance and the company suggested an appraiser who offered an appraisal that later turned out to be inflated. When Countrywide refinanced his loan into a new fixed loan it was at a larger price than that which was offered to him when he started the procedure. The lawsuit claims that this churning of his mortgages allowed Countrywide to reap several charges, income and greater interest prices at Mr. Wrights expense. Soon after permitting him to refinance, Countrywide then erected several obstacles to Mr. Wrights attempts to modify his loan due to difficulty making payments and when they did, they approved a loan modification that lowered his payments of a lot more than $ 3,300 a month by only about $ 61.

&#13

In 2007, when Mr. Wright retained a law firm to help him, Countrywide falsely claimed they had in no way received a letter from Mr. Wrights representatives, that his legal counsel was not a genuine law firm and instructed him not to use an attorney to receive support with his loan modification.

&#13

I cannot help but conclude that as a direct outcome of my experiences and Bank of America’s potentially irregular, fraudulent and simply abusive home loan modification method, we are losing our potential and appropriate to pursue the American dream of life, liberty and the pursuit of happiness, John Wright stated. Thats why it provides me fantastic pleasure to participate in this lawsuit, which I contact “The American People vs. Bank of America.”

&#13

Then, following Countrywide changed its name and became a subsidiary of BOA, and even though BOA was conscious Mr. Wright was represented by a law firm, the Bank started a series of harassing phone calls to Mr. Wright searching for payments for the loan. Court documents show BOA subsequently engaged in delaying techniques which includes claiming essential documents have been missing or never received even though they had been sent repeatedly to BOA by Mr. Wright. BOA then assured Mr. Wright that he had nothing at all to be concerned about and apologized to him, blaming their personal incompetence for the lost documents.

&#13

Court documents show Mr. Wright then received a letter from BOA that denied the loan modification and demanded a lump sum payment. Mr. Wright called BOA and was told to disregard that letter and that he was q

Connected Loan Modification Services Press Releases

Brookstone Law, Pc: Obama Administrations Mortgage Deal Could Exclude Borrowers from Future Action Against Banks

Posted on by


Newport Beach, CA (Vocus/PRWEB) March 02, 2011

Recent media reports that the Obama administration is attempting to reach an agreement with banks more than mortgage-servicing breakdowns highlights the require for homeowners facing foreclosure to have legal counsel prior to any settlement, according to Vito Torchia, Jr. managing lawyer of Brookstone Law.

&#13

According to media reports, the Administration’s proposed settlement would require banks and loan servicers to bear the expense of write downs but provides banks the freedom to decide what these modifications will be. Those servicers would include mortgage-finance giants Fannie Mae and Freddie Mac, as well as investors in loans that had been securitized by Wall Street firms. Settlement terms stay in improvement and regulators are seeking at up to 14 servicers that could be a celebration to the settlement.

&#13

Brookstone Law, Computer, has filed a mass joinder lawsuit against Bank of America, potentially the most significant and precedent setting legal action taken against lenders as a result of the national foreclosure crisis. The lawsuit alleges Bank of America (BOA) and its subsidiary Countrywide Financial Corporation (Countrywide) perpetrated a enormous fraud, also constituting unfair competitors upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA and Countrywide intended to deprive many rights and treatments for the difficulties they caused the borrowers. The case is Wright et al. v. Bank of America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County Superior Court.

&#13

Now that the U.S. Government is discussing settlements that will defuse lawsuits against the banks that specifically challenge elements of mortgage securitization, the broken chain of title or MERS, principal reduction is the most critical aspect of any settlement, said Vito Torchia, Jr. Until banks and servicers totally embrace principal reductions, the thousands of homeowners who are underwater will continue to struggle and that will preserve the housing marketplace and our economy down for years.

&#13

According to media reports in the Wall Street Journal, Federal agencies have been scrutinizing the nation’s largest banks more than breakdowns in foreclosure procedures that erupted final fall and last week, the Office of the Comptroller of the Currency raised issues more than inadequate staffing and weak controls over foreclosure processes. In 2008, BOA settled claims worth more than $ eight.six billion for loans allegedly involving predatory lending practices committed by Countrywide, which it acquired that year.

&#13

Any settlement could be amongst the biggest ever against the mortgage sector especially considering that some are pushing for banks to spend billions or fund a comparable quantity of loan workouts, stated Vito Torchia, Jr. If a single settlement can’t be reached, it is most likely various federal agencies will nonetheless seek smaller sized penalties through regular enforcement channels, so banks could face the prospect of lawsuits from state attorneys common, which indicates property owners require for professional legal counsel will be just as wonderful right after any settlement as it is now.

&#13

ABOUT BROOKSTONE LAW, Computer &#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with expertise and accomplishment in business, corporate and individual finance, employment, entertainment and media, art and museum, intellectual property and true estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs very trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For info, call (800) 946-8655 or go to Brookstone-Law.com (http://www.brookstone-law.com).

&#13

# # #

&#13
&#13
&#13
&#13
&#13

Brookstone Law, PCs Emergency Extension Division Wins Foreclosure Cancellation for Nearby Seniors

Posted on by


Newport Beach, CA (PRWEB) July 13, 2011

Brookstone Law PCs Emergency Extension Department (EED) (http://www.brookstonelaw.com), a new resource to help property owners facing foreclosure maintain their residences, earned its first major victory this week on behalf of two regional seniors with a Court decision cancelling the sale of their residence.

&#13

According to court documents, Bob and Angela Sacchi, a married couple in their 80s living on a fixed pension income and savings in West Hollywood, CA, have been facing immediate foreclosure sale without having chance for a loan modification in January. With nowhere to go if their residence was sold, there seemed to be no way for the couple to cease foreclosure till they contacted the EED specialists at Brookstone Law.

Brookstone Law, Computer: New Federal Repair Poses Dangers for Victims of Loan Mismanagement and Wrongful Foreclosures by Banks

Posted on by


Newport Beach, CA (PRWEB) November ten, 2011

Even though aggrieved home owners ensnared by a foreclosure technique riddled with misconduct could get their first shot at receiving resolution from the banks, homeowners need to not assume their rights will be protected by the not too long ago announced federally mandated settlements, according to Vito Torchia, Jr., managing attorney of Brookstone Law Pc.

&#13

According to current media coverage, fourteen mortgage servicers acting under orders from federal regulators have begun mailing out letters to possible victims of wrongful foreclosure practices inviting borrowers to submit their circumstances for a free of charge evaluation by independent consultants that are funded by the lenders but vetted by regulators.

&#13

There are substantial issues with this so-called solution, the most essential of which is that the regulators have not released data about how they will establish how much to compensate borrowers discovered to have been foreclosed on improperly, said Vito Torhia, Jr. It funds a multi-million dollar national marketing campaign for the banks and it isn’t clear regardless of whether borrowers will have to give up rights to additional claims if they are compensated in some way.

&#13

According to media coverage, mortgage servicers that agreed clean up their foreclosure practices and compensate victims incorporate JPMorgan Chase Bank, Bank of America Corp., Citibank and Wells Fargo &amp Co. Each mortgage servicer is necessary to mail one letter to every customer eligible for the assessment and about 70% of these potentially slated to obtain letters are still in their properties. The letters will go out to homeowners who had been in foreclosure in 2009 and 2010, a period identified by regulators as the peak of foreclosure misconduct. In addition to the mailings, an marketing campaign will begin shortly to get the word out to individuals potentially harmed by the errors.

&#13

The banks have to send only one particular letter and they admit that completely thirty percent of these to whom they plan to send letters are not in their homes, which means numerous thousands who may possibly get aid will not even know about it, mentioned Vito Torchia, Jr. Homeowners who do not have expert legal counsel are likely to not get the settlements they deserve or and thousands are not even going to know about their opportunity to settle.

&#13

Media coverage indicates that bank regulators claim the system will aid make certain that mortgage servicers provide proper compensation to borrowers who suffered economic harm as a outcome of improper practices.

&#13

Its effortless for federal regulators with no skin in the game to throw out claims about how they are helping property owners victimized by the blunders of the banks and lenders, mentioned Vito Torchia, Jr. But it is obvious those without expert support are in the greatest jeopardy of losing an chance for a fair resolution — whether they get a single of the offer you letters or not.

&#13

According to media coverage, the system is the initial tangible action to result from widespread revelations final year that banks made quite a few errors when foreclosing on troubled borrowers. Amongst other troubles, mortgage servicers employed so-named robo-signers, folks who signed foreclosure documents without having getting certified to sign or properly reviewing them, and foreclosed on homes from men and women even though they have been becoming actively reviewed for loan modifications.

&#13

Now that the lenders are clearly admitting their culpability in widespread misconduct in mortgage loan due diligence, management and foreclosure, they are seeking to reduce their liability as considerably as feasible at the expense of shoppers. It is critical to note that more than 2 million individuals will lose their properties next year so this program barely scratches the surface of what they need to do to support these they have harmed, stated Vito Torchia, Jr.

&#13

Media coverage also contains indications that the plan proposed by federal regulators could detract from ongoing efforts by state attorneys basic to a settlement with the nation’s largest banks more than faulty foreclosure and mortgage servicing practices making it tougher for states to assist homeowners hurt by the banks and the foreclosure crisis. Those negotiations continue even even though some states have voiced concern over the path of the talks and California has dropped out of them altogether.

&#13

“There is no query, based on the design and intent of this system that federal regulators are more concerned about banks’ bottom lines than no matter whether banks follow the rules,” mentioned Vito Torchia, Jr. “It will be impossible to fix these troubles without costing the banks a excellent deal of funds, so there is wonderful concern about compromise options that favor banks more than property owners.”

&#13

ABOUT BROOKSTONE LAW, Computer&#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with experience and accomplishment in business, corporate and private finance, employment, entertainment and media, art and museum, intellectual home and genuine estate law. The firm has a network of much more than 40 affiliate attorneys nationwide and employs extremely trained specialists, paralegals, paraprofessionals and administrative staff committed to serving clients. For information, get in touch with (800) 946-8655 or pay a visit to the Brookstone Law.com net web site at http://www.brookstonelaw.com.

&#13

# # # #

&#13
&#13
&#13
&#13
&#13