We were bulked mailed a group lawsuit offer against Wells Fargo about illegal loan origination documents and sales of loans to other entities without notification. Also illegal foreclosures on property. We responded to the bulk mail with a phone call and made an over phone appointment to discuss what Wells Fargo had done to us.
Brookstone Law said we had a case and that we needed to bring all our documents to their Newport Beach office for further review . We drove up there from [redacted] with the copies of the closing documents that Wells Fargo had given us.
A junior attorney spoke with us because they were so busy with all the people who had responded to their mailing. We showed him our documents and told him our story about all that Wells Fargo had done to us and he said we had a strong case and they want to do a complete audit of all our documents that Wells Fargo had sent us. This was going to cost $895.00 to determine whether we could join the group lawsuit against Wells Fargo not a class action suite. And then if our documents pasted the audit then we would have to come up with a $5,000.00 retainer to join the group law suite against Wells Fargo.
They told us we may get a free and clear loan, that our loan with Wells Fargo would be null and void and basically not exist any more. We would owe them nothing. Or there would be a large reduction in the principal of our loan which would far out way the mere $5,895.00 dollars we are giving them with no guaranties what so ever. They also told us that they have already wone at least 6 free and clear loan cases already (no proof).
And they it looks like the Feds will have to step in and make the Banks give many people free and clear loans, or a significant principal reduction because of all the illegal loan transfers to unknown investors (like ours) that Banks have done.
Brookstone is now calling me every day once or twice to give them my VISA info to start the document investigation as soon as possible. And if we don’t do this they say we will be left out of any settlement that the Feds negotiate with Wells Fargo for illegal loan transfers and illegal foreclosures, which Wells Fargo has done both on our property, and double dipped on Interest as well. I was only able to negotiate a 12 month modification because the Investor that owns our loan only allows a 12 month piggyback loan mod..
I would like to find out if Brookstone Law’s Claims are true and do they really have a chance in hell to get a free and clear loan or a significant principal reduction on our loan (and others). Or are they just going to take our money and say later they tried their best but it didn’t work out the way they said.
Thank You in advance if you look into all these claims. We are completely current on our loan but several other people we know are getting permanent loan modifications from Wells Fargo, but they say the Unknown entity that owns our loan does not allow a permanent modification.”
I’m not a lawyer and I can’t give you legal advice. But what I can give you is the benefit of my experience and common sense. Nothing good ever comes from these pitches to pay in advance when pressured to cough up the bucks.
I seriously doubt the person you met with is a junior attorney. It smells like a commissioned sales person.
There is no guarantee you’ll get one benefit out of this. Unless you have almost $6,000 to throw away I’d suggest staying away from this at this time. Let some group of people with money to burn on a no guarantee crapshoot be the guinea pigs for something that is unproven and magical.
If you feel your loan is deficient in some way, find a local real estate attorney and go talk to them before you do anything else. A second opinion from an independent attorney will be invaluable before you part with your money.
As far as I am aware there has not been any bulk erasure of mortgages and the most recent case in Massachusetts that I’m familiar with did block the foreclosure due to a title defect but it did not erase the underlying mortgage.
Do you remember the name of the junior attorney?
Please post your responses and follow-up messages to me on this in the comments section below.