Tuesday, July 20, 2010

The Good Guys win one!

A couple that lost their home to a PHIFA foreclosure rescue scam has been awarded $700,000 in damages against the fraudsters. Kudos to my friend Phil Robinson, at Public Justice, for shooting these fish in their barrel. The real issue in these cases is not proving the cause of action, it is getting paid.

But for the title professional, the key element of this Baltimore Sun article is its description of the 2007 lawsuit, where the homeowners regained title to their house, and an "new" mortgage in their name. This is describing the "bona fide" lender that retained a lien on the real property to the extent it paid off the homeowner's existing loan secured by the property.

Now, Phil, go get paid!