Aurora has non-suited (withdrawn) its suit against a Virginia homeowner after the homeowner counterclaimed against Aurora based on Aurora's position as a Servicer, the MERS nature of the loan, and the defective securitization of the loan. We argued, on behalf of the homeowner, that, as a mere servicer of the loan and not a party to the loan contract, Aurora had no interest in the underlying property. When it came time for Aurora to answer the homeowner's position, Aurora simply withdrew the lawsuit.
On a related note, homeowners really have a way of stopping improper foreclosures in Virginia. The key is to be proactive and to sue your nominal "lender" before the foreclosure process is even started. (In most cases, the foreclosure process is started by a foreclosure mill recording a document appointing a substitute trustee with respect to your property in the county land records.)
If the substitution of trustee has already been recorded, then you actually may have further, additional claims based on that document. If your loan was securitized, you are really in a no-weaker position than before the substitution of trustee was recorded.
Lastly, if your loan is less than 3 years old, you may be able to rescind (cancel) the loan contract based on TILA and then, if necessary, enforce that rescission in court. Alternatively, you may be able to rescind your loan based on fraud (such as appraisal fraud) for up to 5 years (and in some cases at any time) after your loan was originated.
Keep up the good fight, everybody!
Appraisal fraud? I definitely had appraisal fraud. The appraisal was almost $100K more than the sales price, and that was the main reason my husband and I moved forward with the purchase after the buyer of our existing home reneged at the last minute. It was an 80/20 loan and we planned still to sell our existing home and pay off the second mortgage. The market went sour and that was the end of that. The appraisal was even $85K more than the listing price. I am saying all this because I believe the appraisal was inflated to make the 80/20 work. I also discovered changes of income on the loan app, which is not on my copy of the app. The change is obviously someone else's writing and shows no initials or any other means of authorization.
ReplyDeleteI am so glad you mentioned this. Thank you! How can I rescind because of the appraisal fraud? If 5 years is allowed, I barely fall under that time limit, so I need to do it quickly.
WAY TO GO, GREGORY!!!
ReplyDeleteCongratulations and may the Lord continue to bless the fruit of your hands.
ReplyDeleteYou can't rescind because of appraisal fraud, but you can sue in tort for the appraisal & broker fraud. Notwithstanding, you'll need evidence to prove your case, just believing there may have been appraisal fraud won't cut. So that means having your appraisal forensically analyzed for the proof necessary to go after the culprits. And you won't find a better attorney, then Gregory Bryl, to go after them!
ReplyDeletehttp://www.reuters.com/article/2011/04/26/us-aurora-lehman-idUSTRE73P6M520110426
ReplyDeleteSince Auroral Loan Services / Auror Bank are being auctioned off for parts by their bankrupt parent, Lehman Brothers, this month, I wonder if they will put up anymore fights at all?
Gregory Bryl: I live in FL. & in pre-foreclosure; Aurora Loan Services is my servicer. I have a securitized loan with MERS as the owner. Would you be willing to publish your complaint on WordPress or on Foreclosurefraud.org so I would be able to view your motions & arguments? I will probably be pro se when going to court. You could help many Aurora victims that has mortgages w/ the fraudsters. As I've said many times prior; Lehman Brothers is not dead they have changed their name to Aurora Loan Services.
ReplyDeleteThank you for the info. It sounds pretty user friendly. I guess I’ll pick one up for fun. thank u
ReplyDeleteLitigation Services
YOU ROCK! Keep Posting you have no idea how many people read this and are helped!
ReplyDelete