 Case
Example #1
A young woman obtained a mortgage from a local finance
company using her house and lot as collateral. We specifically
asked to see her mortgage paperwork and discovered that
certain disclosures that were required to be given had
not been given to her. We "rescinded" the mortgage
under the Truth in Lending Act and proceeded to have her
mortgage declared void. The underlying debt is being discharged
through normal bankruptcy procedures. |
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 Case
Example #2
A married couple obtained a second mortgage on their
home in the amount of $40,000.00. They could not afford
to maintain their first and second mortgage payments while
meeting their monthly reasonable household expenses. This
couple would have had to pay this mortgage for fifteen
(15) years at 16.65% with monthly payments of $609.47.
After discovering potential Truth in Lending violations,
we restructured the mortgage greatly reducing the amount
required to be paid back and the reduced interest rate
to 8% over ten (10) years while cutting the monthly payments
in half. |
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 Case
Example #3
A final example is where a married couple had a mortgage
for approximately $56,000.00. We specifically asked to
see the mortgage paperwork for a client. Upon reviewing
the first mortgage paperwork, we discovered that the conveyance
is invalid. We have filed a lawsuit in bankruptcy court
to have the mortgage declared void. Though this case is
currently pending and has not yet been decided, we fully
expect to prevail where the mortgage will be void and
the underlying debt will be discharged through normal
bankruptcy procedures. |
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Summary
Put our experience and our willingness to look behind
the transactions to work for you. Though not all clients
may qualify for the relief as stated above, we look for
ways to maximize the relief obtained through use of the
bankruptcy laws as well as the numerous consumer laws
that may apply to your situation. |
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