the balance of power has shifted and banks are no longer immune; home owners can now expect to recover money from banks
Westwood, New Jersey (PRWEB) August 20, 2014
Joshua Denbeaux, partner at the law firm of Denbeaux and Denbeaux, sees the recent ruling that Freedom Mortgage Corp was guilty of violating the NJ Consumer Fraud Act as a victory for NJ residents because now their rights have been upheld and the lenders will have to pay money to homeowners.
"The conventional wisdom is that banks win and homeowners lose. The balance of power has shifted and banks are no longer immune; homeowners can now expect to recover money from banks. And this is just the tip of the iceberg. We have 27 active cases pending, and more homeowners are coming in every day", said Joshua Denbeaux.
In "FREEDOM MORTGAGE CORPORATION Plaintiff, -v.- MAMIE E. MAJOR, et al.,Defendants. SUPERIOR COURT OF NEW JERSEY CHANCERY DIVISION: BERGEN COUNTY DOCKET No. BER-F-32463-13", Bergen County Superior Court Judge Gerald Escala ruled that Freedom Mortgage Corp gave a home refinance loan to Mamie Major, a 70-year-old Englewood resident, despite knowing that she would be unable to repay it. He also stated that "the loan was granted in order to engender fees for the lender and not for the benefit of the borrower," and also argued that "the transaction has been demonstrated to be effectively one-sided, for the benefit of the lender."
Freedom Mortgage Corp has been found guilty of violating NJ's Consumer Fraud Act and will be forced to pay NJ homeowner Mamie Jones triple damages and attorney's fees.
Seton Hall Law Professor Mark Denbeaux added, "This is an enormous breakthrough. For the first time homeowners are being paid money by the banks for the fraudulent loans the banks have written. The judge's ruling should further encourage homeowners to bring actions against banks because the playing field has been leveled. "
The law firm of Denbeaux and Denbeaux is located at 366 Kinderkamack Road Westwood New Jersey 07675 201-664-8855 or email pr(at)denbeauxlaw(dot)com. Formed in 1989, Denbeaux & Denbeaux is a law firm dedicated to providing top level legal representation to its clients. The partners, Marcia Denbeaux and Joshua Denbeaux, represent individuals and businesses in New Jersey State and Federal Trial and Appellate Courts.
The firm primarily practices civil litigation, with a concentration in mortgage foreclosure,consumer fraud, commercial litigation, matrimonial law, business, insurance coverage litigation.
Their work has been featured in major media sources throughout the country including CNN, MSNBC, NPR, C-SPAN, CBS Evening News, the Associated Press, The Star Ledger, and The Record and in a ebook which can be downloaded for free Mortgage Fraud: Wells Fargo Wins, Homeowners, Attorney Generals and Courts Lose