Our client told us on day one, we do not want to keep the house, it has mold. We already moved out. We have already bought another home. We want to give the house back and avoid personal liability because we are well over $100,000.00 upside down. The first week we had the case we wrote the bank’s lawyers and offered them a deed in lieu of foreclosure if the bank would waive the deficiency. Our offer was refused. When the bank changed law firms we asked their new law firm if they would agree to a waiver of deficiency. Again our request fell on deaf ears. When the bank changed loan servicers, we again approached counsel about a waiver of deficiency and were told that a waiver of deficiency would not be approved because of a lien held by the second mortgage holder. I then reached out to Bank of America who held the second mortgage and obtained a satisfaction of mortgage from Bank of America who realized their position was completely underwater and therefore worthless.
Excerpt of Actual Cash For Keys Agreement |
After the second mortgage was satisfied we again reached out
the Nationstar but were unable to obtain a waiver of deficiency. With the case heading to trial, I
changed our plan. We are going to
take this case to trial and beat you, is what I told Nationstar’s counsel. Our firm had won other cases against
Nationstar’s counsel based on problems with notices of default sent by a prior
servicer. Nationstar’s counsel
knew that they had a real possibility of losing and requested the judge to
refer the parties to mediation.
Prior to mediation a settlement was reached. Since the settlement did not have a confidentiality
agreement I can tell you about it.
Nationstar agreed to waive the deficiency and pay our client $20,000.00
cash for keys a new cash for keys record for our firm. Great results like this one do
not happen by accident. Great
results happen when banks know that a homeowner has retained one of the small
fraction of foreclosure defense lawyers who regularly take cases to trial. To see the entire cash for keys agreement in redacted form click here.
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