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Attorney’s Fees and Modifications

Our client, R.B. took out a note and mortgage with Lehman Brothers Bank on July 18, 2005. The note and mortgage were industry standard documents, however the note did not contain any indorsement. This would end up proving fatal to the Bank.

Unfortunately, R.B. and her husband fell on hard times after their business didn’t fare so well with changing technology. Ultimately, the Bank filed a foreclosure complaint on October 28, 2008. Attached to the complaint was a copy of the mortgage, however no copy of the note was attached. While the rules and requirements for foreclosures back in 2008 were much more lax than they are today, the lack of a note attached to the complaint was something that would prove problematic for the Bank in the future.

The case followed a fairly standard foreclosure process throughout the litigation. In August, 2013, on the eve of trial, the Bank decided to take a voluntary dismissal of their case rather than try it with all of the Note issues. Since the case was voluntarily dismissal, R.B. was entitled to recover her attorney’s fees as a prevailing party, which was granted in June 2015.

We provided Plaintiff’s counsel with our attorney’s fees demand, eventually they made a very low counter-offer. Not surprisingly, R.B. did not want to settle on such a little amount of money. During the settlement negotiations however, the Bank refiled another foreclosure action. One of the solutions we came up with was to settle the attorney’s fees for a lesser amount of money but to also include a favorable modification for our clients – thus making sure R.B. gets reimbursed and gets out of their new foreclosure action with a real solution. After some further negotiations, the Bank agreed and presented modification terms that R.B. was happy with. Thankfully, we we’re able to resolve this case and the second foreclosure action while also keeping our clients in their home and getting them paid.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you. http://www.fight13.com/Contact-Us.aspx. Results may not be typical. You may not have as beneficial a result.

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Escrow Issues

Our client, M.S. took out a note and mortgage with Aames Funding Corp. on October 14, 2004. The note had been modified several times in an attempt to make the monthly payments more affordable, with the last modification making the loan non-escrowed. The note and mortgage were industry standard documents, with the note containing a blank indorsement. M. S. was able to make her mortgage payments until the bank alleged that she defaulted on her July 2013 payment.

M.S. spent a significant amount of time calling, emailing and writing letters to the Bank to ascertain why they believed she did not make her mortgage payment. Per the bank, an installment was missed which snow balled into additional late fee and eventual escrow advancement. What the bank was failing to understand was that the loan was not escrowed at that time. The prior modification took the loan out of escrow. Unfortunately, M.S. was not able to get the Bank to resolve the problem, and the Bank filed a foreclosure complaint on September 23, 2015. Attached to the complaint was a copy of the note with a blank indorsement and a copy of the mortgage

The Bank amended their complaint twice throughout the course of litigation. The case was eventually set for trial several times, however it was pushed back for various reasons. Eventually, trial was set to commence on October 4, 2017. The Bank provided copies of their trial exhibits which illuminated some unique issues. First, with escrow, there appeared to be some issues that the Bank may have had a difficult time explaining – the loan was never escrowed with them, so the fact that the Bank was paying escrow on behalf of the client/before she could, helped cause her to appear to be in default within the Bank’s records. Conversely, our client missed certain mortgage payments prior to the lawsuit, while she tried to sort out the escrow problem. The Judge could have ruled for either side given the issues.

We tried to negotiate a settlement with the Bank well in advance of the trial date, but we were not able to come to come to terms that made everyone happy. Finally though, on the eve of trial, the Bank was willing to strike up a deal. In the past, the offers they made included similar terms to M.S.’s prior modification, however the Bank had insisted that the loan be escrowed. For obvious reasons, M.S. did not want the loan to be escrowed with this servicer. The day before trial, the Bank was willing to offer her the loan modification she wanted, and to make the loan non-escrowed. After discussing the merits of the case, the changes of winning or losing the trial, M.S. took the safe options and agreed to modify the loan to get her out of foreclosure. Thankfully, we were able to help her see this case though. This could have easily been a situation where the Bank steamrolls a borrower into foreclosure over an accounting/escrow mistake.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you. http://www.fight13.com/Contact-Us.aspx. Results may not be typical. You may not have as beneficial a result.

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Motion to Shorten Prejudice Period to Cancel Foreclosure Sale

When a bankruptcy is filed, a protection called the Automatic Stay comes into play, which prevents creditors from proceeding with legal actions against debtors while the bankruptcy is active (or forever, if the debt is dischargeable). Accordingly, many debtors resort to bankruptcy to try to save their home. Oftentimes, a foreclosure sale has already been set. The filing of the bankruptcy puts a stop to collection/foreclosure actions put into place prior to the bankruptcy filing. By stopping the foreclosure sale, debtors are given an opportunity to try to save their home by either applying for a mortgage modification or coming current on payments owed to the lender within the bankruptcy without the fear of a foreclosure sale looming over them.

In this case, the client had previously filed bankruptcy only four months ago on her own and the court dismissed the case. When the case was dismissed, the court prohibited client from filing any other bankruptcies for a period of 180 days (six months) from the date of the dismissal. Unfortunately, the foreclosure sale was set for much sooner than that six-month waiting period. Therefore, we filed a motion to shorten the prejudice period, seeking permission from bankruptcy court to file a new bankruptcy case before that waiting period. The court granted our motion, the bankruptcy was filed, and the foreclosure sale was stopped immediately. Now, client will be applying for a modification. If denied, client will make payments for five years to catch up on the missed payments and if she completes the payments, she will have saved her home, without having to worry about the lender breathing down her neck and threatening to sell her home during this stressful time.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 1,500 homes from foreclosure, eliminated $100,000,000 in mortgage principal and consumer debt, and have collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations, negligence and fraud. Contact us for a free consultation to see how we may be able to help you.

Results may not be typical. You may not have as beneficial a result.

Contact us to see how we may be able to help you. http://www.fight13.com/Contact-Us.aspx

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Disputed Fees With Loan Servicer

Jane came to Loan Lawyers because she was receiving numerous auto-dialed and/or pre-recorded message phone calls on her cell phone from her loan servicer trying to collect fees that she disputed she owed. The phone calls were causing a major disruption in her everyday life, affecting her ability to work and make a living. A majority of the phone calls made to Jane were disconnected when she answered but on a couple occasions, she spoke to a person and informed them that she was current with her mortgage payments and did not owe the amount they were attempting to seek, in addition, she told the loan servicer to stop calling her on her cell phone. Jane’s attempts to have the loan servicer stop calling did not stop the loan servicer from using an auto-dialer and/or pre-recorded message to contact Jane on her cell phone. Thankfully, Jane found the relief she was looking for from the help of the staff at Loan Lawyers. With Loan Lawyers representing her, Jane filed a lawsuit in Federal Court against the loan servicer for violation of the TCPA, FDCPA and FCCPA. Jane alleged that the debt collector willfully or knowingly violated the TCPA by calling her cell phone with an auto-dialer and/or pre-recorded message without Jane’s prior consent.

Under the TCPA, a person can receive $500 in damages for each violation or $1,500 for each violation if the defendant willfully or knowingly violated the TCPA. The matter was resolved and Jane is back to normal with her loan servicer. Jane can now move on with her life away from the loan servicer’s disrupting phone calls that haunted her thanks to the staff and lawyers at Loan Lawyers.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you.” http://www.fight13.com/Contact-Us.aspx

*Pseudonym used.

** Results may not be typical. You may not have as beneficial a result

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Cramdown of Interest Rate Where Vehicle Was Purchased Less Than 90 Days Pre-Petition

In Chapter 13 bankruptcies, debtors may cram down a car loan to the present-day value of the vehicle, as long as the vehicle was purchased over 910 days before the bankruptcy was filed. This represents huge savings to many clients who get to essentially write off the rest of the loan once they finish paying through the bankruptcy plan the crammed down value, which is the fair market value of the vehicle as of the petition date. However, if a debtor purchased a vehicle within the last 910 days prior to filing for bankruptcy relief, he or she is not eligible for a cramdown.

This client had purchased her vehicle recently, within the 910 days before the bankruptcy was filed; therefore, she was not eligible for a cramdown. The interest rate on the car loan was thirty percent (30%). Many bankruptcy courts apply the “910-day rule” to the interest rate as well as the loan amount. However, we filed a motion to value and determine secured status of lien as to the interest rate arguing that the 910-day rule only applies to the loan amount, an issue which courts are split on. The court granted our motion and our client was able to reduce the interest rate on her automobile loan from a suffocating 30% to a very reasonable 5.25%.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 1,500 homes from foreclosure, eliminated $100,000,000 in mortgage principal and consumer debt, and have collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations, negligence and fraud. Contact us for a free consultation to see how we may be able to help you.

Results may not be typical. You may not have as beneficial a result.

Contact us to see how we may be able to help you. http://www.fight13.com/Contact-Us.aspx

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Second Mortgage Lien Strip

Client came to Loan Lawyers with two mortgages, which combined total almost $800,000. Upon filing for bankruptcy relief under Chapter 13, we filed a motion to value and argued that the second mortgage lien should be stripped in its entirety as the first mortgage exceeds the value of the home. After attending a hearing, the court granted our motion and our client’s second mortgage lien was stripped and the debt was discharged. Subsequently, our client was successful in obtaining a loan modification wherein there was a significant reduction in principal. Our client has gone from being underwater and behind on payments to being current and with equity in the home.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 1,500 homes from foreclosure, eliminated $100,000,000 in mortgage principal and consumer debt, and have collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations, negligence and fraud. Contact us for a free consultation to see how we may be able to help you.

Results may not be typical. You may not have as beneficial a result.

Contact us to see how we may be able to help you. http://www.fight13.com/Contact-Us.aspx

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Calls From Company Regarding Disputed Debt

Mary came to Loan Lawyers because she was receiving numerous auto-dialed and/or pre-recorded message phone calls on her cell phone from a loan servicer trying to collect a debt that Mary was not obligated to pay but her husband was. The phone calls were causing a major disruption in her everyday life, affecting her ability to work and make a living. The loan servicer called Mary on numerous occasions using an auto-dialer and/or pre-recorded message attempting to collect the debt from her and/or requesting to speak with her husband. Mary would tell the loan servicer that she did not owe the debt and to stop calling her cell phone, which the loan servicer would reply with “please send us a written letter requesting such.” After continuous calls, Mary decided to write the loan servicer a letter to stop the phone calls. Sadly, the letter did not stop the loan servicer from calling her call phone. Thankfully, Mary found the relief she was looking for from the help of the staff at Loan Lawyers. With Loan Lawyers representing her, Mary filed a lawsuit in Federal Court against the loan servicer for violation of the TCPA and FCCPA. Mary alleged that the debt collector willfully or knowingly violated the TCPA by calling her cell phone with an auto-dialer and/or pre-recorded message without Mary’s prior consent.

Under the TCPA, a person can receive $500 in damages for each violation or $1,500 for each violation if the defendant willfully or knowingly violated the TCPA. The matter was resolved and Mary no longer receives phone calls from the loan servicer on her cell phone. Mary can now move on with her life away from the company’s disrupting phone calls that haunted her thanks to the staff and lawyers at Loan Lawyers.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you.” http://www.fight13.com/Contact-Us.aspx

*Pseudonym used.

** Results may not be typical. You may not have as beneficial a result

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Usury Law Wins Consumer Case

Our client contacted our office because of a lawsuit they received based upon an old contract which they had allegedly signed, our client was sued for over fourteen thousand dollars. Upon carefully analyzing the lawsuit we realized that even though the rate of interested listed upon the contract was not illegal, the creditor had included other sorts of miscellaneous fees and charges and padded them onto the debt in such a way that the contract was usurious and so we filed a counterclaim. The creditor tried to get the Court to throw our counterclaim out but was unsuccessful. Ultimately the creditor agreed to pay our client for their violation of the Fair Debt Collection Practices Act, pay our office our legal fees and dismiss the case. Our client was very happy with the outcome of the case.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you. http://www.fight13.com/Contact-Us.aspx

** Results may not be typical. You may not have as beneficial a result

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Calls From Company Regarding Disputed Debt

Henry came to Loan Lawyers because he was receiving numerous auto-dialed and/or pre-recorded message phone calls on his cell phone from a debt collector trying to collect a debt that Henry disputed he owed. The phone calls were causing a major disruption in his everyday life, affecting his ability to work and make a living. Henry had purchased some electronics from a company online but when the items arrived, they were not the items Henry had ordered. Henry informed the company of the mistake and sent the items back to the company. The company decided to charge Henry for a re-stocking fee and other charges for returning the items even though the company sent Henry the wrong items. The company called Henry on numerous occasions using an auto-dialer and/or pre-recorded message. A majority of the phone calls made to Henry were disconnected when he answered but on a couple occasions, he spoke to a person, informed the person of the situation regarding the returning of the items and to stop calling him on his cell phone. Henry’s attempts to have the company stop calling did not stop the company from using an auto-dialer and/or pre-recorded message to contact Henry on his cell phone. Thankfully, Henry found the relief he was looking for from the help of the staff at Loan Lawyers. With Loan Lawyers representing him, Henry filed a lawsuit in Federal Court against the company for violation of the TCPA and FCCPA. Henry alleged that the debt collector willfully or knowingly violated the TCPA by calling his cell phone with an auto-dialer and/or pre-recorded message without William’s prior consent.

Under the TCPA, a person can receive $500 in damages for each violation or $1,500 for each violation if the defendant willfully or knowingly violated the TCPA. The matter was resolved and Henry no longer receives phone calls from that company on his cell phone. Henry can now move on with his life away from the company’s disrupting phone calls that haunted him thanks to the staff and lawyers at Loan Lawyers.

Loan Lawyers has saved over 1,500 homes in South Florida from foreclosure, eliminated over $100 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact Loan Lawyers to find out how we may be able to help you.”

*Pseudonym used.

** Results may not be typical. You may not have as beneficial a result

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A Long-Term Reinstatement Repayment Plan

In March of 2004, our client, L.G., along with his then wife, took out a Note and Mortgage with Chase Manhattan Mortgage Corporation. Over time, the Note and Mortgage were sold and transferred to U.S. Bank, N.A., with Select Portfolio Servicing, Inc. acting as the loan servicer for U.S. Bank, N.A. During the time period when the Note and Mortgage were transferred, our client and his wife unfortunately went through a divorce where the family law court ultimately awarded ownership of the subject property to the ex-husband, our client. During the divorce proceedings, however, our client had temporarily moved out of the subject property while his wife was still living there. Our client would send his wife a check each month for his half of the monthly mortgage payments, and the wife was then supposed to send in the full monthly mortgage payment each month directly to the mortgage lender. Unbeknownst to our client, his wife was pocketing the checks that her husband was sending her each month for his half of the monthly mortgage payments, and she was not sending in any monthly mortgage payments at all to the mortgage lender. Obviously, the mortgage loan account went into default, and the mortgage lender eventually filed a foreclosure lawsuit against our client and his now ex-wife.

Because the family law court ultimately awarded the subject property to our client, the ex-husband, the ex-wife had moved out of the property and could no longer be located. Our client wished to move back into the property after the divorce and attempt to save it from foreclosure. For case-specific reasons that will not be discussed in this article, the mortgage loan account was no longer eligible for a loan modification, but our client still wanted to try to resolve his ex-wife’s underhanded default on the mortgage loan payments and bring the account back into good standing so as to avoid a foreclosure of the property. With loan modification no longer an available option, the only remaining option to be able to keep the home was to attempt to negotiate a reinstatement with the current loan servicer, Select Portfolio Servicing, Inc.

In general, a reinstatement is when the homeowner pays the mortgage lender the full past-due amount necessary to bring the mortgage loan account current again and out of foreclosure proceedings. Of course, depending on how long the account has been in default, the reinstatement amount may have grown so large that the homeowner cannot afford to pay it all at once in one lump sum. Such was the situation with our client, L.G. Because his ex-wife had stopped sending in mortgage payments without his knowledge and then pocketing the money for herself, the account had been in default for a considerable amount of time to the point that our client could not afford to pay to reinstate all at once.

We therefore met with our client and reviewed his present, overall financial status to determine what amount he could afford to pay the loan servicer each month to bring the mortgage loan account out of default and avoid foreclosure. After crunching all of the numbers, we determined that our client would not be able to afford to reinstate unless the loan servicer were to agree to a reinstatement repayment plan spread out over at least 12 months. This initially caused concern, as mortgage lenders/loan servicers are not obligated to provide a reinstatement repayment plan at all, and even those that do agree to provide a reinstatement repayment plan typically do not agree to a repayment plan of any longer than 4 to 6 months.

After extensive negotiation with the loan servicer’s attorney, factoring in the unfortunate situation caused by our client’s ex-wife during the divorce, we were ultimately successful in getting the loan servicer to agree to a 12-month reinstatement repayment plan. Such a long-term reinstatement repayment plan is nearly unheard of, but through our experience and negotiation skills, thankfully we were able to negotiate an option for our client that he can afford and that will enable him to keep his home.

Loan Lawyers, LLC has saved over 1,000 homes in South Florida from foreclosure, eliminated over $80 million dollars in mortgage principal and consumer debt, and collected millions of dollars on behalf of our clients due to bank, loan servicer and debt collector violations. Please do not hesitate to contact Loan Lawyers, LLC to find out how we may be able to help you:

Results may not be typical. You may not have as beneficial a result.

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*Results may not be typical. You may not have as beneficial a result

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