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We audit mortgages for violations of state and federal underwriting statutes. BCA aggregates class members for Class Action firms suing predatory lenders and those who have abused their power in the administration of federal subsidies meant to inure to the benefit of homeowners. The BankClassAction.com site is a data platform where homeowners can match themselves with Class Action Lawsuits by answering specific questions about their interaction with their lender while the Class Action firms post specific relevant information about their case and/or investigations. The homeowner can either "FLAG" themselves as a potential member of a particular (or multiple) cases -OR- request that the platform auto profile relevant cases. In either event the homeowner data is securely passed to the relevant law firms and this costs neither the homeowner nor the law firm a dime.

Monday, December 13, 2010

RICO fraud case in Georgia filed against Wells Fargo

Mortgage 'Modification' Called RICO Fraud
     MARIETTA, Ga. (CN) - A homeowner claims Wells Fargo instructed her to stop making her monthly mortgage payments to qualify for its loan modification program, then foreclosed after she followed the bank's instructions. The class action seeks damages for RICO fraud, in Cobb County Court.
     Lisa Smoak Reid claims the bank "lulled [her] into inaction by offering to work out options to resolve her delinquency, but failed to provide any means to do so, and has failed to provide the plaintiff with the amount of the deficiency."
     Reid says a Wells Fargo representative told her on April 1 this year "to fall behind on her mortgage payments," to qualify for assistance programs. "Defendant Wells Fargo informed plaintiff that a modification was possible, but told the plaintiff that she had to be three months behind on her payments," the complaint states.
     So, Reid says, "Plaintiff, upon the advice of the defendant's representatives, fell behind three mortgage payments and was in contact with defendant Wells Fargo, who told plaintiff to look on the website for assistance programs."
     She adds: "On or about August 1, 2010, plaintiff regularly started to make payments on the property again."
     In the meantime, she says, she "filled out the requested documentation [for mortgage modification] and sent it back to Wells Fargo."
     Reid says Wells Fargo told her they had received her documentation, but never told her whether the bank accepted or rejected her request, "although they continued to draft payments from the plaintiff for differing amounts."
     But the bank never told her "of the reasons for the different amounts of the bank drafts," and they never contacted her attorney about her request for modification either, Reid says.
     Instead, the bank foreclosed, putting at risk her $50,000 in equity and the $60,000 she spent on renovations. It also "threatened to obtain a dispossessory order" unless she pays "an alleged deficiency in the mortgage note," but Reid says that bank never told her "how much she allegedly owes."
     Reid wants an emergency hearing and injunction to stop the foreclosure proceedings and set aside the foreclosure permanently. She also wants $15 million in punitive damages for RICO fraud, breach of fiduciary duty, breach of contract and emotional distress.
     She is represented by Frank Marquez with Belli, Weil, Grozbean & Davis of Atlanta.
     Similar complaints have been filed, and continue to be filed, against banks across the United States. 

7 comments:

  1. I know this to be true. I This is just one of the many things WF has tried to do to me. They suggested this to me and I didn't go along with it. However there are a hundred other things they have done. I They have not been applied many payments or have applied them late and charging me late fees for them. I They have inaccuratly reported late payments (ruining my credit) They have and continue to try to, make, me, pay, fees for things. I They forced me into a second loan with a13% interest rate and they refuse, to, refinance itnetc, etc, etc. The I could go on and on but, I think anyone reading this gets just how crooked they are. I Hope you win your case. Then Maybe others will follow suit and break them.

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  2. i need the case number to rico fraud case in georgia by lisa coston.

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  3. THIS IS HAPPENING TO ME NOW!! IT STARTED OVER 2 YRS AGO. I WAS CURRENT AND TOLD I HAD TO GET BEHIND TO DO A MODIFICATION..SO I DID. WELL JUST HELL SINCE. I JUST TOLD AN AGENT FROM WELLS FARGO THIS TODAY AND HE TOLD ME "OH NO , NO ONE WOULD EVER TELL A CUSTOMER THAT!" I HAVE THE NAME OF THE PERSO WHO TOLD ME AND MY LAWYER AT THE TIME. I WOULD LOVE MORE INFO ON THIS AND WANT IN! THEY HAVE TO PAY FOR ALL THE HELL THEY ARE PUTTING PEOPLE THROUGH.

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  4. I too am going through this same scenerio with Wells Fargo. Started back in July last year calling to find out what I could do as we were undergoing a tremendous loss of income. They took all of my information and told me that someone would be in touch. By the middle of August, I still had not been contacted, so I called back. I was then told that no one would contact me until we were in arrears. When I responded I was trying to make arrangements so that this would not happen, I was again told that I had to be behind in payments. I made $800 of $1130 so as to show a willingness to work out an arrangement. Late August I still had not heard from them, so I called back and inquired when I should expect someone to contact me. The CS rep that I spoke to told me what the Modification Specialist would be asking for, and I collected all of the information and faxed it to the number he provided. About a week later, I finally received a call for the MS, and she proceeded to tell me what I needed to send. I advised her that all of that documentation had already been sent. She said she could see from the notes that the files had been rec'd, and that she would have to look for them. I didn't hear anything for several more weeks and I was the one who called her. Of course she didn't know who I was, and started telling me again what I needed to send in. It was the same the next month. Then a new MS was assigned and it all started again. I was told at first we would have an answer in Oct."11, then it was Dec. "11. I called again late Dec, and was told the Middle of Jan "12. Early Feb I was called and told to send all the paper work back again as it was no good after 90 days. So I did. I was told we would have a response in Mar. No response came. Just past mid April we received notification that our modification request had been denied. And that we needed to make a payment of $4000 immediately. Upon discussing our options with a Cust. Serv. Specialist, we decided that our only option would be to do a short sale. We contacted a real estate agent and put the plan into action. This was in late April. She started the paper work for a short sale application at that time. We finally got the approval for the short sale on May 31. Today, June 4, we rec'd certified mail from an attorney in Atlanta that our home was to be foreclosed on the court house steps on July 3 of 2012. We have been jerked around from the beginning, my husband and I both have suffered extreem stress which has further added more comlications to our health issues. I want very much to join any class action lawsuit that may be in effect against Wells Fargo Mortgage.

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  5. Please help me.I have been fighting foreclosure by Wells Fargo since my Mom died in 2006. Right now I have to file a brief on my own due Sept 17, 2012. The atty I had told me that he was going to file a brief on July 11 stating that WF could foreclose on me. I FIRED HIM. I have been looking for an atty since. Went to Motions Court twice to request a continuance while I looked for representation. The first Judge treated me with respect. He granted it to me. I went back on 8/17 and tried to request another continuance.Another Judge, Judge Tom Piccione, Gave me such a hard time. He redused to allow me to finish a sentence. I couldn't answer a question or ask one. He bullied me. He pounded me into the ground until I fainted. As I was coming to I heard Piccione laughing me and making remarks. There is corruption everywhere especially in smaller towns. I ned help. WF did everything you mention here to me and more. They are evil. This is our Nazi Germany. Please help me!

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  6. The exact same thing happened to me. They got money from the government and then told me they couldn't modify my loan because I "didn't qualify because the mortgage was current". I was told this numerous times on different occasions. I was told that if "the mortgage was delinquent for say 6 months then Wells Fargo could 'possibly' assist in lowering the monthly rate". I ended up filing bankruptcy because I couldn't afford my mortgage and my credit score wouldn't allow me to get a new loan. Wells Fargo foreclosed on the house and then turned around and sold it for 32% of what I owed. I couldn't understand why a company would take such a loss until I found out it took Bailout money.

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  7. We are victims of Mortgage Fraud Deed Fraud, IF Theft. Filed a case in USBC in Northern Ga only to loose everything. I am a AA business owner who uncovered multiple TICO enterprises. We were blackballed and could not obtained ab attorney, The Judge put the Chapter 7 Trustee over the estate worth Millions. On one home was had 17 million dollars of fraud. The ring of sociopaths keeps growing, Banks, Attorneys Trustees and many other. I lost BOTH of my Commercial properties. I originally filed Chapter 13 but was being extorted to pay an astronomical amount of money money just to stay in the court, I had bi attorney and had no choice but to file chapter 7. I filed a statement of Intention. We later found oud all of the properties had clouds on them when they were sold. The Closing attorneys owned the title companies which explains it all. I am a fighter I have filed lawsuits which were all dismissed. Wells Faro, JP Chase m BOA and Lord knows how many others are all apart of the FRAUD. In total we are looking at about a 200 to 300 Million dollar lawsuit when you include the damages. This is on the lower end of the spectrum. AND NOT ONE ATTORNEY will represent us AFTER they have received our case and stated to us the treatment towards us has been unbelievable. I have all documents located in 5 places to back up EVERTYHING I have summarized ! We are a AA couple and this is UNBELIEVABLE,

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