UPDATE: March 21, 2010
They are now noting that they are currently suing JP Morgan Chase (as well as EMC). This case is now venued in federal court, Orange County, Cal. The current info and complaint can be found on the "EMC & Chase" page on their website -LanzaSmith.com.
This consumer protection action was filed in Orange County Superior Court on behalf of class representative Jean Wilcox and other California residents who applied for loan modifications. EMC is in the business of servicing mortgage loans on behalf of lenders and investors, including pooled mortgage security investments. EMC is a subsidiary of JP Morgan Chase.
It is estimated that the class may include hundreds or thousands of California homeowners who were victims of EMC's fraud - while struggling to keep their homes through this recession.
Contact Lanza & Smith | 888-244-3934 (toll free)
Any witness with knowledge of deceptive or unlawful loan servicing practices - whether through EMC or Chase - in addition to victims of such practices, are encouraged to contact Lanza & Smith by email or by phone at 888-244-3934 ((This includes anyone with relevant knowledge, including former employees of EMC or JP Morgan Chase)
Lanza & Smith
A Professional Law Corporation
3 Park Plaza, Suite 1650
Irvine, CA 92614-8540 toll free at 888-244-3934.
The lawsuit alleges that EMC defrauded home owners who were seeking to modify their loans. According to the legal complaint, EMC: a) repeatedly failed to grant loan modifications as promised, misrepresented the requirements for permanent loan modifications, and misrepresented the status of loan modification applications; b) asked borrowers to make payments under "temporary" loan modifications that EMC never intended to convert to permanent loan modifications as promised; c) erected phony obstacles to delay or prevent permanent loan modifications; d) misrepresented amounts due and other terms of loans being serviced; e) improperly recorded notices of default and prosecuted unlawful foreclosure actions; and f) charged unwarranted fees.
The lawsuit alleges that EMC engaged in a loan modification hoax. By inducing consumers to continue making excess or other unjustified payments in pursuit of illusory permanent loan modifications, EMC avoided the need to foreclose on multiple homes at once, thus conserving resources, and avoiding the liquidation of excess and over-valued real estate inventory. In addition, EMC artificially bolstered its financial statements (including balance sheets and related SEC filings), and minimized its reporting of toxic, defaulted, and distressed loans.
Jean Wilcox's experience was typical of the scheme perpetrated by EMC, the lawsuit alleges. EMC convinced Wilcox to apply for three temporary or "trial" loan modifications, while never considering her for a permanent loan modification as EMC had promised. During this process, the requirements for a permanent modification were continually shifted depending on who at EMC was on the phone, as Wilcox was systematically transferred from person to person. This process took over three years, required the re-submission of loan documents on numerous occasions, cost Wilcox thousands of dollars, injured Wilcox's credit, and wasted innumerable hours of her time and resources. Wilcox and her counsel believe that her experience has been common to many other California homeowners.
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