Class Action Lawsuit Against Suntrust Mortgage
- by Ayden
Lawsuit names are being used in class action lawsuits to identify and separate one of a kind legal cases. Attorneys for these three law firms Thomas H. Carter & Associates, Jeffrey A. Fortin & Associates, and Steven L. Katz & Associates have separately filed a class action lawsuit against SunTrust Bank, Inc., and SunTrust Mortgage. The three law firms Thomas H. Carter & Associates, Jeffrey A. Fortin & Associates, and Steven L. Katz & Associates have together spent more than $400 thousand litigating various foreclosure cases and subsequently defending against regulatory violations.
The Class Action Lawsuit against SunTrust Bank, Inc., is based on the contention that the institution created a massive and deceptive scheme to defraud borrowers into purchasing home loans through brokers without their consent or knowledge. As part of this deception, the bank trained representatives to focus on specific areas of the loan package that did not include the loan terms for the borrowers had signed. These brokers then made up fictitious percentages and fees that were advertised as representing the values of properties the borrowers actually agreed to purchase.
Class Action Lawsuit Against Suntrust Mortgage
When confronted by the Justice Department and Federal Reserve, the offending mortgage brokers have claimed that they were only acting within their states’ legal boundaries. This argument was dismissed by the Attorneys General in both New York and Washington.
These Attorneys General claimed that the Justice Department and Federal Reserve acted outside of the realm of lending practices acceptable to the states when they forced the banks to begin foreclosure proceedings against millions of homeowners. The Attorney Generals further claimed that, “The purpose of the complaint is to hold banks accountable for the actions they may take to recoup mortgage loans that were illegally given in the first place.”
Class Action Lawsuits against Suntrust Mortgage have been filed on behalf of the innocent homeowners that were defrauded by predatory lending practices of their predatory mortgage brokers.
Suntrust has also been accused of ignoring documentation requests from borrowers seeking modification of their loans during the time period when these loans were in default. Borrowers filing a class action lawsuit against Suntrust and Countrywide are seeking financial compensation for loss of income, medical expenses, punitive damages, and permanent damages.
Borrowers who file these lawsuits are able to receive a number of settlements.
The largest of these settlements will provide the borrowers with a lump sum payment of around ten to twenty-five percent of the total amount owed on the defaulted loan. However, there are other benefits that can be obtained by settling with these lenders. Some of the best offers come in the form of improving credit scores and reduced interest rates. Some settlements allow the borrowers to pay back the remainder of their loan in a two to three year’s time frame, or a lesser amount over a longer term.
The settlement agreements allow the borrowers to obtain the services of one of two organizations.
One of the options allows the borrowers to continue to make payments into an escrow account, while the other option offers the opportunity to settle the case through class action litigation. Either way, the borrowers will be protected from abusive acts of predatory lenders.
Although the borrowers are not required to retain attorneys for this type of case, it is strongly advised that they do so in order to have the best chance of receiving a substantial settlement.
Attorneys who are successful in these class action lawsuits are often paid on a contingency basis, which means that they only receive a percentage of the settlements won. Because of the nature of the litigation, however, these cases often end up going to trial. If at any point the case does go to trial, then Attorneys are entitled to their normal fees.
Lawsuit names are being used in class action lawsuits to identify and separate one of a kind legal cases. Attorneys for these three law firms Thomas H. Carter & Associates, Jeffrey A. Fortin & Associates, and Steven L. Katz & Associates have separately filed a class action lawsuit against SunTrust Bank, Inc., and SunTrust Mortgage.…
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