The conventional wisdom is that banks win and homeowners lose. The balance of power has shifted and banks are no longer immune; homeowners can now expect to recover money from banks. And this is just the tip of the iceberg. We have 27 active cases pending, and more homeowners are coming in every day, said Joshua Denbeaux. In FREEDOM MORTGAGE CORPORATION Plaintiff, -v.- MAMIE E. MAJOR, et al.,Defendants. SUPERIOR COURT OF NEW JERSEY CHANCERY DIVISION: BERGEN COUNTY DOCKET No. BER-F-32463-13, Bergen County Superior Court Judge Gerald Escala ruled that Freedom Mortgage Corp gave a home refinance loan to Mamie Major, a 70-year-old Englewood resident, despite knowing that she would be unable to repay it. He also stated that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower, and also argued that the transaction has been demonstrated to be effectively one-sided, for the benefit of the lender. Freedom Mortgage Corp has been found guilty of violating NJs Consumer Fraud Act and will be forced to pay NJ homeowner Mamie Jones triple damages and attorneys fees. Seton Hall Law ProfessorMark Denbeaux added, This is an enormous breakthrough. For the first time homeowners are being paid money by the banks for the fraudulent loans the banks have written. The judges ruling should further encourage homeowners to bring actions against banks because the playing field has been leveled. Read more: certifiedforensicloanauditors/articles/08.14/nj-lawyer-sees-victory-for-homeowners-suing-banks-for-consumer-fraud.html#ixzz3C4pRJcfH Under Creative Commons License: Attribution No Derivatives
Posted on: Mon, 01 Sep 2014 15:09:02 +0000
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