Struggling US homeowners to sue lenders

Discussion in 'Economy' started by hvactec, Aug 6, 2010.

  1. hvactec
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    hvactec VIP Member

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    8/06/2010
    VALLEJO, California - Bobbie Vivar is sick and tired of the way lenders are dealing with struggling homeowners like her.

    It took her two years to get a loan modification approved by her lender, Bank of America.

    But before she could begin paying a lower rate, she received a foreclosure notice from another department within the bank.

    Vivar decided to sue her lender, who refuses to correct this mistake.

    “The thing is lenders do not communicate well. They don’t communicate within their departments. They don’t communicate with us homeowners. I had no choice but to talk to a lawyer because my lenders are not budging. All I want is for my monthly payments to go down,” said Vivar, whose 4-bedroom home dropped in value from $800,000 to $300,000.

    Vivar is just one of over 100 struggling homeowners who filed a lawsuit in California against their lenders, in an effort to get them to cooperate.

    Nora Echaure is a homeowner advocate from the Home Protection Group, which spearheaded a class action suit against lenders in April.

    The class action suit is aimed at not just exposing fraudulent transactions within lending institutions; it also stops the foreclosure process.

    “Homeowners work hard to be able to purchase homes. So it’s extremely painful to lose them. The lawsuit is a way to get the attention of lenders to really help these homeowners out,” said Echaure.

    full story Struggling US homeowners to sue lenders | ABS-CBN News | Latest Philippine Headlines, Breaking News, Video, Analysis, Features
     
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    The $2 Trillion the Fed gave to parties still unidentified would have satisfied every residential mortgage in the USA.

    How's that for stimulus?
     
  3. Madeline
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    Madeline BANNED

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    I cannot tell from the linked article. Anyone know what legal theory the borrowers are suing under?
     
  4. topspin
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    topspin BANNED

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    The my mommy says your a meany theory
     
  5. Douger
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    Douger BANNED

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    murkins don't need ' theory". They have " faith"..............and more greedy Jew lawyers than there are mosquitoes in the Everglades.
     
  6. Madeline
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    Madeline BANNED

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    I agree to pay you X dollars in exchange for a loan. Later, the reason I wanted the loan appears to have been a terrible decision. Absent fraud on your part, I'm not seeing a lawsuit...mebbe I'm just not creative enough?
     

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