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FOR IMMEDIATE RELEASE / CONTENT CONSIDERATION November 24TH 2009/LOS ANGELES, CA / in an office loft work setting only blocks away from the courthouse is a Los Angeles based expert witness serving attorneys who are under fire for not winning cases. A 20 year mortgage banking and subprime veteran M.Soliman has emerged as a silent threat to lenders. Soliman is part of a narrow and isolated sector of foreclosure defenses, who works as an expert to attorneys who represent borrowers in court.
It was all on a dare claims Soliman. At that time he was working with a law firm serving as an expert for matters investigated by the SEC. The challenge came from another staff member at the law firm Gareeb Pham. She dared him to use his experience to help a homeowner in trouble. That dare and challenge resulted in a foreclosure claim being dismissed totaling over $800,000 .Since then he can show an impressive track record that includes discounts by over $500,000 and cases being dismissed in various unlawful detainer hearings.
According to Soliman, lender foreclosures can only be resolved and won in court. The alternative to losing a home in foreclosure is not something all that impossible. The Henderson's of Antioch California were in default on an $864,000 loan by six or more months. For a school teacher, the loan was a stretch. The trustee was instrumental in forgiving $500,000 by reducing the mortgage to $184,000 according Soliman.
Soliman claims each settlement is obtained on its own merits. Another homeowner Syeerta Corbitt of Vallejo [VCM104344 AURORA V CORBITT / SUPERIOR COURT, COUNTY OF CONTR COSTA] struggled with two mortgages that totaled more than $ 1 million. The lender was reckless and completely irresponsible for putting the borrower into a financial no win situation, said Soliman. The case was brought to court after months of failed negotiations to convince Aurora Home Loans of its duty to provide the borrower relief.
The Judge viewed things in line with the testimony and awarded the parties representing the northern California nurse her home in a decision ruled with prejudice.
Another case was won at trial last month included a $400,000 Wells Fargo obligation. The borrower was in default and facing eviction. Wells Fargo is under significant pressure for its role in "Predatory Lending". By definition, predatory loan is considered a pejorative concept by the courts in America. It’s a subjective classification for which no specific violation or tort can be found in legal diction.
Predatory lending is none the less a verifiable act by a lender who causes a borrower to suffer an extreme financial hardship leading to foreclosure. In the matter of ["WELLS FARGO V GOINS" LOS ANGELES SUPERIOR COURT; COMPTON] the borrower who is a single mom in Los Angeles was awarded the decision. The decision was offered by the court whereby she prevailed against market leader and powerhouse Wells at trial.
Foreclosure and eviction is now on hold indefinitely with the court’s ruling that was issued "Final" by the presiding Judge (Los Angeles, Compton branch Court House).
There are other means for coming out of foreclosure and salvaging something of value. Cash settlement offers of $50,000 and $25,000 was provided by separate lenders. The larger award of $50,000 was offered to a hard working immigrant who Soliman attests to as a case of ”absolute lender exploitation". Here, a borrower who never earned a fraction of the monthly payment needed to meet his $600,000 mortgage obligation was at least returned some of the cash lost to the lender while trying to avoid the inevitable.
A similar sad story with a bitter sweet ending was the settlement awarded to Mr. Emmanuel from La Fayette, California. According to Soliman the lender GMAC / Homecomings financially buried the borrower in debt service a 30 year resident and pillar of the community. He lost everything! "He lost his savings, everything he sold to date to make ends meet and now were taking his home" said Soliman.
The $25,000 award for moving and is a small consolation for losing your home. Any money will help to ease
the pain.
Wins in and out of court are starting to surface and give everyone hope. These cases include borrowers facing a Sheriffs eviction and whereby a "stay" from eviction will allow the borrower another 30 days to pursue a defense with a filing in unlimited jurisdiction.
It's not hard to predict what cases will win in court but negotiating with a lender is a dead end, said Soliman. Why the courts rule one way then another is due to the level of preparedness. Your story and facts must be precise and to the point. Soliman is basing his arguments for more attorneys to bring to court valid cases based on testimony supported by sound technical filing and accounting criteria
The requirements are for providing evidence subject to California’s “power of sale” provisions and the Federal Accounting Standards Board interpretation of GAAP or generally accepted accounting principles. That really is what I find to be my passion, said Soliman. Challenging Wall Street’s ability to take what universities and colleges teach next year’s accountants is wrong. Securitizers then rework the rules according to GAAP in order to advance more unlawful acts by banks and lenders.
Soliman can usually sniff out a higher probability of winning cases prior to engaging a borrowers counsel. The Daniels case (HSBC BANK V DANIELLE'S, SACRAMENTO CA COUNTY SUP. COURT) in Napa is a good case in point. Here the trustee’s documents and recorded instruments were all out of sync and failed to meet the proper chronological order for date sensitive materials.
According to Soliman, what's the Judge and court going to rule when the lender says’s one thing and the recorded information say's another?
Maher Soliman is a 25 year veteran of the mortgage non-agencies and subprime sectors offering expert testimony to attorneys and clients representing themselves in court on wrongful foreclosure claims.
