US Bank Class Action Lawsuit Mortgage
Class Action Lawsuit Against US Bank
Recently in our US Bank class action lawsuit mortgage holders started calling us and telling us that they are owed a lawsuit loan because their bad debts on their US Bank Class Action Lawsuit Mortgage were calculated to exceed the value of their property. We believe they called us because we represent a class of plaintiffs that have been severely harmed in their mortgage dealings. They are trying to force the US Bank to award a major injury claim which will allow them to recover most, if not all of the bad debts from their defaulters’ properties. We expect this to start happening very soon.
One of the most severe and unfortunate consequences of the financial crisis, we have recently experienced is the outbreak of class action lawsuit mortgage problems for thousands of US Bank customers.
We believe these cases are ripe for dismissal based on our experience with such cases in the past. We have been representing injured borrowers for over a decade and we have found that the US Bank class action lawsuit mortgage issues are often settled out of court without ever going to trial. Many of these cases are dismissed early because it simply is not worth the expense of a trial.
The US Bank routinely does not bother to inform its clients of these settlements in most instances.
The banks call it ‘settlement’ rather than ‘deferred reimbursement’ and we have discovered that the process used by the US Bank frequently involves an outside broker or agency that handles the settlements for the bank. These brokers or agencies receive kickbacks, and commissions for arranging these settlements from the bank. Often they do not even inform the client that a mortgage has been settled. If the client complains and asks about the mortgage, the bank will simply deny any knowledge of the matter and will not discuss it with the client until the case is ready for trial.
Some of the cases have been resolved satisfactorily through arbitration and through mutual agreement.
But in many of the mortgage cases, the lender has prevailed in a lawsuit and the verdict has been in favor of the bank. If the verdict had been in favor of the plaintiff, the bank could have been forced to repay all of the money it owed to the plaintiff through legal actions. This would have seriously harmed the bank’s own profitability and there is no doubt that such damage would have resulted in the filing of a Class Action Lawsuit. It is in the best interest of the banks to avoid lawsuits like this.
When a US Bank takes a loan in the name of a defrauded customer, the property is generally first owned by the bank for a time and then is sold by the bank to another party.
Sometimes the loan is extended to a third party and the property is re-sold by the bank. In either event, the original defrauded customer is typically forced into foreclosure. At that point, the lender sells the property at auction to recoup at least some of the loss. The bank recoups the mortgage amount along with closing costs from the proceeds of the sale of the property.
This is a case in point where one or more Class Action Lawsuits could be filed in a related situation. If one or more homeowners filed a lawsuit challenging the bank’s actions, and the judge ordered the bank to resell the property at auction, the bank would be obligated to follow through in terms set forth in the lawsuit. If the lawsuit was won by the plaintiff, the bank may be forced to resell the property and repay the mortgage amount through legal fees. If the plaintiff lost the lawsuit, the bank may not be obligated to sell the mortgage property. Such a result would severely harm the profitability of the bank and any other mortgage lenders.
It is important for the homeowners who file such lawsuits to contact their attorneys as soon as possible after they become aware of the lawsuit.
Attorneys representing the plaintiffs need to begin collecting information on the mortgagee. The bank will also need to begin collecting information on the homeowner’s mortgage. The bank should forward all relevant paperwork to the attorney who is handling the case.
A number of lawsuits have been won in the past when homeowners in the same situation have made an unfounded lawsuit against the bank. When these cases are won, the bank is required to cease its activities. However, it is usually very difficult to get such cases resolved outside of court because of the complexity of the foreclosure process. For this reason it is recommended that anyone who suspects that he/she has fallen behind in their mortgage should immediately seek legal advice before any lawsuit is filed.
