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NJ Lawyer Sees Victory for Homeowners Suing Banks for Consumer Fraud

insurancenewsnet.com | August 21, 2014

Westwood, New Jersey (PRWEB)

Joshua Denbeaux, partner at the law firm of Denbeaux and Denbeaux, sees the recent ruling that Freedom Mortgage Corp was guilty of violating the NJ Consumer Fraud Act as a victory for NJ residents because now their rights have been upheld and the lenders will have to pay money to homeowners.

"The conventional wisdom is that banks win and homeowners lose. The balance of power has shifted and banks are no longer immune; homeowners can now expect to recover money from banks. And this is just the tip of the iceberg. We have 27 active cases pending, and more homeowners are coming in every day", said Joshua Denbeaux.

In "FREEDOM MORTGAGE CORPORATION Plaintiff, -v.- MAMIE E. MAJOR, et al.,Defendants. SUPERIOR COURT OF NEW JERSEY CHANCERY DIVISION: BERGEN COUNTY DOCKET No. BER-F-32463-13", Bergen County Superior Court Judge Gerald Escala ruled that Freedom Mortgage Corp gave a home refinance loan to Mamie Major, a 70-year-old Englewood resident, despite knowing that she would be unable to repay it. He also stated that "the loan was granted in order to engender fees for the lender and not for the benefit of the borrower," and also argued that "the transaction has been demonstrated to be effectively one-sided, for the benefit of the lender."

Freedom Mortgage Corp has been found guilty of violating NJ's Consumer Fraud Act and will be forced to pay NJ homeowner Mamie Jones triple damages and attorney's fees.

Seton Hall Law ProfessorMark Denbeaux added, "This is an enormous breakthrough. For the first time homeowners are being paid money by the banks for the fraudulent loans the banks have written. The judge's ruling should further encourage homeowners to bring actions against banks because the playing field has been leveled."


Back to August 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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