PRETENDING TO MODIFY WHILE SETTING HER UP FOR FORECLOSURE
BORROWERS BEWARE: MODIFICATION PROCEDURE, UNLESS IT IS UNDER COURT ORDER IS A RUSE TO GET YOU FURTHER INTO DEFAULT
EDITOR’S NOTE: She’s not the first by a long shot, but this case shows that Judges are getting increasingly suspicious and angry about the behavior of the pretender lenders. And again it shows that for the last 6 months an increasing number of Judges are demonstrating their willingness to apply the law and let the chips fall where they may. As we keep saying — that’s all we ask — apply basic law and let the chips fall.
We know that
- that the pretenders are just interlopers stealing houses,
- that nearly all the foreclosures to date are subject to being overturned,
- that if they are not overturned we have a major title crisis using wild deeds as the basis for future transactions, and
- that the artificial deflation of housing prices caused by the “inventory” of “foreclosed” homes is dragging every one down — from the person who is minding his own business paying his monthly payments on a mortgage that is probably already paid off, to the government agencies and authorities who are losing tax revenues, to the unemployed, underemployed and people who have simply given up.
The lessen is DON’T GIVE UP!
Pinoy homeowner wins foreclosure lawsuit
REDWOOD Shores, California – A 73-year-old Filipino woman made history when she became the first person in California to win her house back from her lender even after it was foreclosed in San Jose, California.
Corazon Palma got her 4-bedroom house back after staging a battle against Washington Mutual through a wrongful foreclosure lawsuit.
Palma is a cancer-survivor who lives on a fixed income. So, in 2008, she asked her lender to lower her monthly mortgage payments of $3,900 a month.
A year later, she said that her lender promised to send her a loan modification packet. Instead, a Coldwell Banker real estate broker came to her house to notify her that her house had been foreclosed at a Trustee Sale.
“I was so shocked. It felt like a bucket of cold water fell on me. When they gave me the note, I called my attorney,” said Palma.
She sought the help of Attorney Kenneth Graham, who represents many Filipino homeowners in Northern California.
Graham said, “WAMU deceived Mrs. Palma into thinking they were making loan modification efforts on her behalf while they were secretly planning a foreclosure sale on the property.”
Her fight in court paid off. Last January, a judge ruled that Palma be awarded back her house.
Last Friday, she attended a court hearing in San Jose to find out the terms of the judgment. Palma would have to wait until December 3 to know if she will end up getting her house back for free.
Graham said, “The best case scenario for Mrs. Palma is if a judge rules that the lender has no further right to exercise the loan against the property. Hence, Mrs. Palma gets the property for free.”
Worst-case scenario for Palma is that she continues to pay her mortgage but at a lower monthly rate.
No matter the judgment, Palma said she’s glad she won the fight to keep her home.
She said, “But I know other homeowners are being abused as well and lenders really need to be taught a lesson for deceptive practices to stop.”
Homeowners who feel that their house has been wrongfully foreclosed may contact the Law Offices of Kenneth Graham at (925) 932-0170 or visit their office at 1575 Treat Blvd. #105, Walnut Creek, California or their website, www.elaws.com. Balitang America
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | Bank of America, borrower, countrywide, creditor, disclosure, Eviction, foreclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, MERS, mortgage meltdown, predatory lending, quiet title, rescission, securitization, TILA audit, trustee, WAMU, Wells Fargo