Pleasanton California Homeowner Obtains a Massive Loan Modification, Thanks To the Use of Securitization Audit for Foreclosure Defense
Darell Walterson was facing foreclosure from Cal West Reconveyance and US Bank when he decided to use a securitization audit for foreclosure defense. The result was a loan modification with a principal reduction of $188,459.
Pleasanton, CA — (SBWIRE) — 01/14/2013 — Loan Modification used to be fairly simple to obtain for most homeowners during the housing boom. However, during this current state of the foreclosure crisis, securing a loan modification for a distressed homeowner is nearly impossible. For a homeowner in foreclosure, the chances are slim to none. Darell Walterson from Pleasanton, CA found a way to not only obtain a loan modification while in foreclosure, but also received a principal reduction of over $188,000. What was his secret weapon? A document called a securitization audit and one heck of a foreclosure defense attorney.
Walterson found himself in litigation recently when US Bank hired Cal West Reconveyance to foreclose on his property. The Law Offices of Art Hoomiratana represented Walterson with his foreclosure defense. Walterson also hired Paladin Securitization Auditors to prepare a securitization audit for his case. This mortgage audit, through detailed analysis, found:
“There is a question of standing in the foreclosure. If U.S. Bank is the Note holder, they have not come forward with the Note and documented chain of title showing how U.S. Bank paid for and came to own a loan once made by Plaza Home Mortgage, Inc. The loan would have been sold several times (from Plaza to one of the five Trust Originators; then to the Depositor; and finally to U.S. Bank, as the Trustee).”
Some of the details that leveraged US Bank into settling outside of court for a loan modification include Cal Western Reconveyance’s own employee acting and signing for a substitution of trustee as a MERS Secretary, probable bifurcation and invalidation of the deed, and two defunct mortgage corporations that have signed documents after filing for Chapter 11 Bankruptcy.
After seeing the evidence presented by Hoomiratana and Paladin Securitization Auditors, US Bank settled outside of court for a reduced mortgage rate of 3% (from 6.63%) and a principal reduction of $188,459.46 off of the original loan balance of $524,983.65. His payments were also reduced from $3,283.41 to $1,690.49.
The case number is 1261928 and was held at the Superior Court State of California, County of Alameda.
For the actual securitization audit used in the trial, click here.