Family Reaches Settlement with BofA and Nationstar to Save Their Home
Pasadena, CA -- (ReleaseWire) -- 07/21/2014 --Karen and Ronald Dinson were well on their way to the American Dream. Ronald was doing well working in the film industry, Karen was a stay at home foster mom of needy children and they had their own comfortable home. Life was good. When the economy began its downward slide, Richard’s work hours were cut dramatically. At the same time, their mortgage payment adjusted upward to a much higher rate and an unaffordable payment, a real struggle for this family and their foster children. They fell behind on their mortgage payments and now faced foreclosure.
Karen approached their lender Bank Of America with a plea for help. “We weren’t looking for a handout,” lamented Karen, “just a little breathing space to catch-up.”
But Bank of America refused to talk to them. Months of trying turned to years, but after lost paperwork, a “musical chairs” chain of changing bank representatives, no help was forthcoming. Now the Dinsons were 41 payments behind which amounted to $200,000 in arrearage and Bank Of America refused to accept any mortgage payment unless the Dinsons could pay-off the total delinquent balance in full - or nothing!
“This is an unfortunate scenario we hear too often,” says attorney Art Hoomiratana of RealEstateLawCenter.org in Pasadena. “Once again, another example of the banks accepting taxpayer money but not living up to their end of the bargain to properly review borrowers for all available mortgage relief options to help borrowers save their home from foreclosure – as is required and mandated by government programs, the 2013 Homeowners Bill of Rights and often in violation of other laws. Once you fall behind, banks/mortgage servicers often take so much time to evaluate a borrower’s request for assistance that the continuing delinquency may ruin your credit so you can’t refinance or borrow money to get yourself back on track. If or when a borrower hits that 90 day delinquent mark when the bank/mortgage servicer can legally refuse to accept anything but the full amount of arrears, then they’ve got you,” cautions Art Hoomiratana. “From then on you’re on a fast track to foreclosure, and for most borrowers, at the mercy of the lender/servicer. And that’s not a safe place for a borrower to be,” warns attorney Hoomiratana.
“I was at my wit’s end, I didn’t know who or where to turn to, I was sure I was going to lose my house and my marriage,” said Karen Dinson. In desperation, the Dinsons sought the legal help of attorney Art Hoomiratana at the RealEstateLawCenter.org in Pasadena, California. That’s when things turned around for the Dinsons.
“This is not the arena for a non-attorney homeowner to try to seek help alone,” says attorney Art Hoomiratana. Bank Of America was served with legal papers - the defendant in a lawsuit filed by The Law Offices of Art Hoomiratana - and this got their attention. Bank Of America now showed motivation to talk to the Dinsons.
“This is not what America is supposed to be,” cried the Dinsons. “My firm works to identify defects in documents and procedures and to identify violations of state and federal laws, and when appropriate, we file a lawsuit on behalf of our homeowner clients to help protect their legal rights and hold the lenders/mortgage servicers accountable for their bad acts,” explains real estate litigation attorney Art Hoomiratana. “Very often it is like a David and Goliath experience, fighting big banks with significant funding on behalf of American families who are often experiencing significant financial distress.” Hoomiratana adds “We’re very passionate about the work we do here.”
“My job is to litigate these cases to settlement for the benefit of our clients and their families.” Such was the case with Karen and Ronald Dinson of Santa Clarita, California.
The Dinsons lawsuit against Bank Of America was proceeding well and the Bank agreed to settle with the Dinsons, including the restructure of their loan to a payment that they could afford. Midway through the settlement proceedings, however, Bank Of America threw the Dinsons a curveball by transferring servicing of the Dinson’s loan to another mortgage servicer – Nationstar Mortgage.
“What they did was dishonorable,” asserts Karen Dinson. “It’s a slap in the face for a bank to transfer servicing and thereby disavow further responsibility in a pending settlement in the middle of a negotiation,” says attorney Art Hoomiratana. “Unfortunately, we see this more and more these days. Bank Of America seems to be playing a game of “Hot Potato” with their most troublesome loans, hoping to wiggle out of accountability and the liability of fixing their mistakes.”
The Law Offices of Art Hoomiratana then re-filed their lawsuit against both Bank Of America AND Nationstar Mortgage, which forced both banks back to the negotiating table.
The happy result is that a litigation settlement agreement was reached which resulted in the Dinson Family keeping their home, saving a total of over $1300 a month on a restructured mortgage payment with a much lower interest rate. The icing on the cake was that as a part of the litigation settlement, the Dinsons did not have to pay over $195,000 in accumulated delinquency and could begin their “fresh start” with a much more affordable mortgage payment.
“I am thrilled, this is a big result for my family!” said Karen Dinson. “Honestly, you guys saved my marriage, and I want everyone that is going through what we did, to know that there is hope!”
[See DINSON v. BANK OF AMERICA, et al. - LASC Case No. PC052381]
About The Law Offices of Art Hoomiratana / RealEstateLawCenter.org
RealEstateLawCenter.org / The Law Offices of Art Hoomiratana is a law firm which focuses on commercial, residential real property law, litigation, and bankruptcy matters
Attorney Art Hoomiratana and our team bring a wealth of legal experience and seasoned expertise to represent our clients during this difficult economic time, generally considered to be the most difficult real estate crisis in modern times.
We believe strongly that banks, banking industry lobbyists and predatory lenders have far too much influence in Washington and exist to serve their investors at the expense of their borrowers. Because this current administration cannot, or will not, institute a responsible, effective system of checks and balances for the banking industry, it falls to the legal profession to advocate for the homeowners and small businesses of America.
To this end, we pride ourselves not only on the excellent results we obtain for our clients, but also on our compassionate service and support to our clients in what is, for many, the most stressful period of their lives. Note: The facts and events of each case are unique and no specific outcome for any legal matter can be guaranteed.
Our firm is proud that most of our clients come to us by referral from satisfied past clients. Please contact us to tell us your story. We look forward to speaking with you and hope to provide value and benefit to you.
For further information, please contact
750 E. Green St. Suite 333
Pasadena, CA 91101
Further information can be viewed at: http://www.realestatelawcenter.org