A Shot Across the Bow!

A huge shot was fired across the bow of the Major Banks Friday! A game changing precedent was set in a small claims court in Indio California that may bring the Banks to their knees.  A small lawsuit with a unique plan of action has gotten the attention of one of the Country’s largest Banks and soon the Nation! This lawsuit has done what the Obama Administration and the U.S. Treasury couldn’t do, and that is to get the Banks to process and approve a Loan Modifications is a TIMELY manor! The Bank fearful of the Judges possible ruling agreed prior to trial, to modify their Loan in 30 days. Their Loan Modification had been languishing in the Banks Loss Mitigation department for over 7 months! 

As you know I have been very critical on this Blog of the Making Home Affordable Program (HAMP) and the lack of WILL or AUTHORITY of the Obama Administration to do what is necessary to get the Banks to do what is right! Below is the News release from California Housing Justice and (http://www.lenderrefund.com which explains the dtory in more detail. 

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On Friday, March 26^th, a Superior Court in Indio, California approved a precedent setting loan settlement agreement between a local Rancho Mirage Homeowner (plaintiff) and one of the Country’s largest Mortgage Banks (defendant). This landmark agreement, negotiated between Ira Meltzer of California Housing Justice and the Banks legal department insures a guaranteed completion of the Homeowners loan modification within 30 days. The Plaintiff had previously been denied a Loan Modification from their Bank until they filed a Court Motion with the help of California Housing Justice and Mortgage Debt Solutions of Rancho Mirage (http://www.lenderrefund.com) 

The Bermuda Dunes couples story is like many in California and around the U.S. They had tried unsuccessfully for 7 months to get a Loan Modification with their Bank, only to receive continued delays, lost documents, and repeated requests for the same documents. In frustration they sought expert help, and attended a seminar provided by California Housing Justice. During the seminar they learned of their legal alternatives and a unique plan of action from Attorney Doug Kaye and the expert modification services of Mortgage Debt Solutions. 

After the court victory,  Attorney Doug Kaye, of Rancho Mirage, representing the plaintiff, hailed the agreement and quick Court approval, saying “ It’s important not to single out this one lender that was the first willing to repair years of modification gridlock. Now all mortgage banks working with California homeowners seeking mortgage relief, through California Housing Justice (http://www.lenderrefund.com/) and Mortgage Debt Solutions can follow the terms of this agreement to complete their loan modification in 30 days!”  

Teresa MacNamara, of MDS says, “We may finally have the  Game Changer! After 2 years of frustration and struggling on behalf of homeowner modifications and short sales, with the mortgage banks, we are finally seeing the light at the end of the tunnel.”  

FOR FURTHER INFO.: Alan Sherman (760) 488-2600 or info@desertmortgagerelief.com or visit http://www.lenderrefund.com to get them working for you.

California Housing Justice and Mortgage Debt Solutions are not for profit operations.