Homeowner Rejected for Free Loan Modification Wins $250,000 Principal Reduction After Hiring CPAC (DE) to Sue for Bank Fraud and Lender Abuse
(firmenpresse) - SANTA ANA, CA -- (Marketwire) -- 03/06/12 -- It was almost two years since Mr. Carillo was able to make his variable $3900 a month interest-only payment. For two years Carlos worked with Ocwen to get a .
Several times, his lender's resulted in him making temporary trial payments with an empty promise for a Loan Modification that never materialized, yet Carlos never received an explanation as to what happened to all those payments he made in good faith.
On 10/20/2011 he expected yet another promised Loan Modification but what he received instead was a : his home was to be auctioned off on 11/14/2011.
In November of 2011, Carlos was referred to who immediately Prequalified Carlos for a while they performed a () that flagged the N.O.D. as illegal based on State Law.
According to Gary Lane, President and Supervising Attorney for CPAC (DE), "Most people don't realize that the decision makers are not necessarily the Servicing Companies people make payments to. Often these Mortgage notes have been sold; some several times in bundles for far less than face value. Banks sell the Note to one another for a discount, yet they rarely grant a struggling homeowner a loan Modification voluntarily. I think that should be Criminal and I approach them in that light. Not only the Servicer but we eventually find who the true Note Holder is. We bring them into the process one way or another; if it's not through our efforts we'll leave it up to the courts."
Gary Lane continues, "That's why I believe our system, process and proprietary software are so effective where others fall short, that coupled with a staff of industry professionals that really want to make a difference and will do what it takes."
On 02/09/2012, CPAC (DE) secured a settlement that Mr. Carillo wasn't expecting. His $577,272.00 mortgage that had a variable payment of $4,516 was permanently lowered down to $1,481.51 at 2% for the life of the loan. As an added bonus, his final Loan Balance will only be $287,150.01 -- a Permanent Principal Balance Reduction of $ 249,522.31.
Fabricio Baca
800-643-4637
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Datum: 05.03.2012 - 23:01 Uhr
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News-ID 1089967
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"Homeowner Rejected for Free Loan Modification Wins $250,000 Principal Reduction After Hiring CPAC (DE) to Sue for Bank Fraud and Lender Abuse
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