Foreclosure Defense: DOUBLE VICTORY

DOUBLE VICTORY IN THE MIDWEST ON THE SAME DAY

Foreclosure Defense, May 5, 2010

Cinco de Mayo has a different meaning out here in the rolling hills of southern Iowa. It is late spring: the snows have melted; the horses and cows graze on thick, lush grass; and the farmers are busy tilling their fields and planting corn and soybeans. This is a special time here: the air is crisp and sweet with the smell of fresh earth.

On this special day, FDN scored two victories in two separate states in the same hour of the morning. In Iowa, FDN attorney Jeff Barnes, Esq. stopped, at trial, the entry of a foreclosure judgment requested by Wells Fargo in a case where Wells Fargo refused to provide discovery responses to the borrower and where an issue of an assignment of the mortgage loan to a third party remained unresolved.

In Illinois, FDN attorney Darren Fish, Esq. stopped the entry of summary judgment requested by the bank. Mr. Fish and Mr. Barnes will be filing a claim against the bank for fraud in the inducement and other causes of action where it appears that the bank lied to the borrower on a significant construction loan in order to tie up all of the borrower’s real estate, and after refusing to fund the balance of the loan later sought to foreclose on the properties and profit thereby. Significantly, the bank’s SEC filings demonstrated, at the time that the loan negotiations transpired, that the bank’s total net liquidity was significantly less than the projected loan amount. The borrower only discovered this fact, which the bank never disclosed, after the bank refused to fund the balance of the construction loan.

Both of these matters continue in litigation and discovery.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com