Loan servicer denies homeowner the right to bring mortgage current (reinstate the loan) after loan goes into default.
$918,232 jointly and severally; $2,160,000 punitive damages against Specialized Loan Servicing LLC; $680,000 punitive damages against Residential Mortgage Solutions LLC.
$2,160,000 punitive damages against Specialized Loan Servicing LLC; $680,000 punitive damages against Residential Mortgage Solutions LLC.
Louis White PC by Jamil L. White and Andrey Yurtsan, Sacramento.
Ryan Law Firm PC by Andrew Mase and Timothy Ryan, Irvine.
Alexandra Lira Mendonsa, real estate finance, loss mitigation.
During the financial crisis of 2009, plaintiff's household experienced unemployment and lost income and plaintiff was unable to pay the mortgage payments as they became due. However, plaintiff turned it around, doubled the household income and was able to begin resuming payments. Plaintiff simply needed to get the loan current.
In February 2016, three weeks before the scheduled trustee sale, plaintiff came up with $63,000 to fully reinstate her loan. However, defendants illegally denied plaintiff’s reinstatement rights.
That irrespective of whether plaintiff was a responsible or irresponsible borrower, irrespective of plaintiff’s default history under the loan, as a California homeowner, plaintiff was entitled to the full protection afforded by Civil Code 2924c, specifically plaintiff had the right to reinstate her loan.
That defendants illegally denied plaintiff’s reinstatement rights by misleading plaintiff, providing inaccurate reinstatement information, and charging false inflated fees that are per se illegal under CC 2924c. In effect, defendants denied plaintiff’s reinstatement rights, defrauded plaintiff, and engineered the wrongful foreclosure of plaintiff’s family home simply to liquidate a $290,000 asset. Plaintiff sued for damages as a result of defendants’ acts and omissions.
That plaintiff failed to tender the proper amount to reinstate the loan.
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