Lynn DiRienzo, a successful business owner, purchased a home in 2005 for $1.6 Million, putting down the usual 20% cash. Deutsche Bank, the trustee of the IndyMac Mortgage Loan Trsut 2006-AR1, entered into an agreement with IndyBank as the servicer. OneWest Bank acquired the assets of IndyMac after the FDIC had taken it into receivership, but continued to service the loan as an 'IndyMac' entity. Two years later, she is notified that her adjustable rate mortgage had reached it's balance cap limit and her payments would double to $9,000.00 a month. She was current with her payments at the time.
The rest of the story we have heard a thousand times; the banks promise to modify it, the banks tell you to miss a few payments in order to qualify. The banks instruct her that in order to qualify for a HAMP loan, she has to be seriously delinquent. What the bank failed to tell her, was that a HAMP modification was impossible, as the principal was over $750,000.
She continued to rely on the banksters, and her credit score drops when she has stopped making payments as instructed. The loan officers now inform her she can't get a loan modification because of her credit score. In 2011, Deutsche initiated foreclosure proceedings.
In this all too familiar scenario, the good news is she fought back, and filed a lawsuit pro-per for four varieties of fraud ( intentional misrepresentation, negligent misrepresentation, false promise and concealment). The trial court found she would likely prevail on at least two of her causes of action,(misrepresentation and concealment) and granted a preliminary injunction preventing Deutsche from foreclosing on her home, pending the outcome of the trial.
Judge Gregory Lewis upheld the lower courts decision on appeal in case Super. Ct. No. 30-2012-00566906
Cheers for Lynn,- and the law offices of Timothy Lea Joens, and Kirk & Tobery
See the latest opinion here:
http://www.courts.ca.gov/opinions/nonpub/G047653.PDF
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