Now That The Dam Is Bursting Open, Are The "Ambulance Chaser" Billboards Trolling For "Wrongful Foreclosure" Cases Far Behind???
A story in The New York Times on the foreclosure mess fueled by the recent Ally/GMAC, dubious-document scandal contained this gem:
- The issue has broad consequences for the millions of buyers of foreclosed homes, some of whom might not have clear title to their bargain property. And it may offer unforeseen opportunities for those who were evicted.
- “You know those billboards that lawyers put up seeking divorcing or bankrupt clients?” asked Greg Clark, a Florida real estate lawyer. “It’s only a matter of time until they start putting up signs that say, ‘You might be entitled to cash payment for wrongful foreclosure
.’”(1)
Source: GMAC’s Errors Leave Foreclosures in Question.
(1) If the following "wrongful lock-out/trash-out" cases provide any sense for what "wrongful foreclosure" cases might be worth, the billboards should begin dotting the landscape before year-end:
- Nevada High Court OKs $1M+ Damage Award To Homeowner Due To Mortgage Company Misidentification Of Home In Foreclosure (for the court ruling, see Countrywide Home Loans v. Thitchener, 192 P.3d 243; 2008 Nev. LEXIS 79; 124 Nev. Adv. Rep. 64 (September 11, 2008).),
- Long Island Judge Hammers Wells w/ $155K Tab For Oppressive, Heavy Handed, Egregious Conduct For Pre-Sale Lockout Of Homeowner In Foreclosure (for the court ruling, see Wells Fargo v. Tyson, 2010 NY Slip Op 20079 (Sup. Ct., Suffolk County, March 5, 2010)).
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