The NewsFactory | Strategic Communication | Press Release Distribution

Noted Foreclosure Attorney Tim McFarlin Explain New Law That Requires Background Checks For Mortgage Brokers

TheNewsFactory — Mon, 26 Jul 2010 07:05:15 +0000

IRVINE, CA (AttorneyNewswire.com) — July 26, 2010 — California mortgage brokers will have to pass criminal background checks, credit checks, and licensing exams by July 31 before being allowed to work in the state. California is one of many states that did not previously require mortgage brokers to earn individual licenses, but the move comes after record foreclosure and mortgage default rates that have been blamed on loans being issued to under qualified borrowers and borrowers who lenders knew wouldn’t be able to satisfy their payments.

By January 1, all states will follow suit after federal law is enacted that will require some sort of standard licensing requirements for all brokers in the U.S. Part of the law will assign unique identification numbers to each broker in order to track their history of lending.

Irvine based foreclosure attorney Timothy McFarlin appreciates the effort by the government, but admits that it may have come too little too late.

“These laws are a great idea, but they don’t do much to address the current issue. Millions of homeowners are kicked out of their homes on a regular basis and millions more are quickly approaching foreclosure at this very moment. The law is only a few days from taking effect in California and a few months from taking effect nationwide, but that does little for the borrowers who have already been made the victims of predatory lenders and brokers.”

McFarlin admits that he is skeptical about the new law because, “Every time a new law is put on the books, some crook gets right to work trying to figure out a way to work around it.”

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation.
The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.
Media Contact:
Talien Barsamian
(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

Bank of America Tells Borrower His Loan Modification Attempt is Void, Respected Foreclosure Attorney Tim McFarlin Reacts

TheNewsFactory — Fri, 23 Jul 2010 07:05:36 +0000

IRVINE, CA (AttorneyNewswire.com) — July 23, 2010 — Alin Negrila, a San Antonio, TX resident and Bank of America customer, bought his home just before the economy fell. When it became difficult for Negrila to make his monthly mortgage payments, he contacted his lender to discuss his options. Negrila was placed on a forbearance plan for six months before Bank of America started the loan modification process. Then, on June 10, Negrila received a letter from Bank of America informing him that he had 26 days before his home would be sold at auction. The letter confused Negrila because the information he was sent regarding his loan modification said that he had until June 17 to submit his application.

The lender informed Negrila to disregard the intent to sell letter and to call the lender on the day of the intended sale. Negrila waited the 26 days and was surprised to learn that his home was already sold to a third part on the day of the sale. He was told that his loan modification application was null and void since the home had been sold. Negrila was transferred to multiple departments within Bank of America before being told that his home in fact was not sold to a third party and that the lender still had ownership of the home. In frustration Negrila contacted a local news station who contacted Bank of America who promised they would instruct one of their home retention specialists to reach out directly to Negrila.

Timothy McFarlin, an Irvine based foreclosure attorney, was disgusted with Bank of America’s actions in this case from the beginning.

“Lenders have been dealing with loan modifications at a steady pace over the last couple of years. They know that no loan modification is ever completed in just a few weeks, but that’s exactly how long they gave Mr. Negrila to apply for a loan modification before attempting to foreclose. Even though it was eventually revealed that Mr. Negrila’s home had not been sold, no person should have to live through being told that their home was sold right out from under them when in fact it was not. That just sounds like a bad prank. As for the fact that Bank of America ensured the news company that a representative would be reaching out to Mr. Negrila, I’m just surprised that it takes the involvement of a television news crew before a lender like Bank of America is willing to help a borrower.”

McFarlin advises borrowers to contact an experienced foreclosure attorney if it appears that their lenders are offering little assistance with their loan modification. “If a lender ever gives a borrower only a few weeks to apply for a loan modification, or if the lender ever tells their borrower to ‘call back on the day of the sale’, the borrower should contact an attorney as soon as possible. These are two red flags that the lender will most likely fail to act quick enough to save the borrower’s home.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement.
Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.
Media Contact:
Talien Barsamian
(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

Employment Law Group says Dodd-Frank Financial Services Reform Bill Provides Robust Whistleblower Protection

TheNewsFactory — Tue, 20 Jul 2010 07:05:56 +0000

WASHINGTON, DC (AttorneyNewswire.com) — July 20, 2010 — Recognizing that robust whistleblower protection is critical to preventing another financial crisis, Congress included in the Dodd-Frank financial services reform bill numerous provisions to encourage whistleblowing and to provide robust protection from retaliation. The bill provides substantial monetary rewards for reporting fraud to the Securities and Exchange Commission or the Commodities Futures Trading Commission. Whistleblowers who provide original information leading to a recovery of over $1 million or more in fines are entitled to a reward of 10 to 30 percent of the total amount collected, and employees who report wrongdoing to the SEC or CFTC are protected from retaliation.

The bill also strengthens the whistleblower provisions of the Sarbanes-Oxley Act by doubling the statute of limitations, allowing a trial by jury, and extending whistleblower protections to employees of subsidiaries of publicly-traded companies. Additionally, the anti-retaliation provision of SOX now applies to employees of nationally recognized statistical ratings organizations such as Moody’s, A.M. Best, and Standard & Poor’s. The bill also creates a new cause of action for employees who blow the whistle about fraud and illegal activity concerning consumer financial products and services, and expands the scope of protected activities under the False Claims Act’s anti-retaliation provision.

According to R. Scott Oswald, an attorney who has litigated some of the leading Sarbanes-Oxley whistleblower cases and serves as Managing Principal of The Employment Law Group® law firm, “effective whistleblower protection is critical to preventing another financial crisis. The most efficient way for regulators to uncover financial fraud is to encourage employees with inside knowledge of the fraud to step forward.”

The Employment Law Group® represents employees in whistleblower, wrongful termination, and discrimination cases. For information about the whistleblower provisions in the Dodd-Frank bill, call R. Scott Oswald or Jason Zuckerman at 1-888-603-0983 or by email at inquiry@employmentlawgroup.com.

Unions Now Joining the Fight Against Under Performing Lenders, Foreclosure Attorney Tim McFarlin Supports The Position

TheNewsFactory — Mon, 19 Jul 2010 19:05:52 +0000

IRVINE, CA (AttorneyNewswire.com) — July 19, 2010 — Six labor unions in New York, along with New York City Comptroller John C. Liu, recently sent a letter to mega lenders Citigroup, JPMorgan Chase, Bank of America and Wells Fargo that expresses their concern over the lack of effort being made to assist borrowers with loan modifications. The letter cites specific complaints including ignored phone calls and multiple requests for documentation from borrowers. The letter even asks for each lending institution to name one high ranking lending official who will directly handle appeals from borrowers who are denied assistance.

Timothy McFarlin, a foreclosure attorney from Irvine, CA, fully supports the efforts of Comptroller Liu and the labor unions in New York, but admits that more will need to be done on a national scale to get the problem under control.

“If groups and organizations all around the country did something like this, the message would be delivered much louder and would show the lenders that their borrowers are tired of being taken advantage of. People in this day and age seem to have forgotten the power of collective efforts like those being displayed in New York. If it wasn’t for the collective efforts of those who felt they were being treated unfairly, many of the social advances we have made over the years would be non-existent. Borrowers who are sitting around waiting for their politicians to take action shouldn’t hold their breath. Is that single letter likely to have much of an effect on the entire lending industry? Probably not. Would thousands of letters from influential groups and unions from all over the country begin to have some affect? Maybe. At least it’s worth a shot. In this instance, the only other option for borrowers as a group is inaction. Historically, when it comes to creating a desired change, some action, no matter how slight, has always proved to be more influential than no action.”

As individuals, McFarlin advises borrowers to hire an experienced attorney to assist them in their pursuit of loan modification assistance. As a group, McFarlin advises borrowers to take more of an interest in efforts like those displayed in New York. He believes that grass roots and community involvement will speed the process necessary to begin making lenders more accountable to their borrowers.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

Attorney Jim Fitzgerald Notes Settlements of Paxil and Birth Defect Cases

TheNewsFactory — Mon, 19 Jul 2010 07:05:33 +0000

CHEYENNE, WY (AttorneyNewswire.com) — July 19, 2010 — GlaxoSmithKline makes Paxil. It also makes money, lots of it. And now it is going to pay some of it back because it withheld important information from the public. GlaxoSmithKline announced it expects legal charges of approximately $2.4 billion for the second quarter of 2010. The reports are that the $2.4 billion legal bill includes charges related to product liability lawsuits over Paxil, mothers and babies.

“The charge we have announced today reflects the company’s ongoing efforts to resolve certain longstanding legal cases,” according to its main corporate lawyer in a statement quoted in the New York Times. “This represents a substantial proportion of G.S.K.’s outstanding litigation.”

GlaxoSmithKline settled more than a hundred Paxil birth defect lawsuits in June 2010. The Fitzgerald Law Firm, a leading personal injury law firm in Cheyenne, Wyoming, had cases pending against GSK for a long time. Fitzgerald Law Firm’s cases allege GSK deliberately chose against adequately warning physicians and expectant mothers about the risk of birth defects when those pregnant mothers took Paxil. Those birth defects include persistent pulmonary hypertension in newborn babies (PPHN) and heart defects, including holes the heart and malformations.

Many law firms claim to have success in Paxil cases but only two lawsuits have ever resulted in a verdict against GSK for a birth injury, or death from suicide. One of those two successful cases against GSK over its Paxil product resulted in a verdict in Cheyenne, Wyoming, in which Jim Fitzgerald was privileged to serve as trial co-counsel for a family.

For more information about the Fitzgerald Law Firm, telephone 307-634-4000, 1-877-634-1001, or visit www.FitzgeraldLaw.com.

Noted Foreclosure Attorney Tim McFarlin Warns Homeowners To Never Transfer Title

TheNewsFactory — Tue, 13 Jul 2010 13:24:53 +0000

IRVINE, CA (AttorneyNewswire.com) — July 13, 2010 — Even though the public has been warned against the types of scams that prey on homeowners facing foreclosure, a large number of those homeowners continue to be made victims by clever thieves posing as loan modification companies. One tactic used by scammers is to request the title to the homeowner’s property so that they may act as the legal owners in order to fight the lender’s efforts to foreclose. Timothy McFarlin, an Irvine based foreclosure attorney, warns homeowners to never give up the title to their home or any other type of property.

“The scary thing about surrendering the title to a piece of property is that the person who receives the title becomes full legal owner of the property with the authority to evict the struggling homeowner and to sell the property for profit. No matter what the loan modification company says or promises, any attempt to receive full ownership rights to a property should be seen as a red flag by homeowners looking for help. By the time the homeowner realizes what is going on, they are often left with very few legal options to recover their property.”

McFarlin advises homeowners to fully investigate any company, firm, or person offering foreclosure assistance. He also recommends using the services of an experienced attorney over those of a loan modification company because attorneys are held to higher standards of conduct and must meet higher education and training requirements before being allowed to practice law. Loan modification experts and consultants, on the other hand, must satisfy little to no pre-employment requirements before being able to negotiate with lenders on behalf of borrowers.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

McFarlin and Geurts, LLP Provides Counseling and Assistance to Union Bank Borrowers, Helping Them Save Thousands per Month

TheNewsFactory — Fri, 09 Jul 2010 06:28:50 +0000

IRVINE, CA (AttorneyNewswire.com) — July 9, 2010 – McFarlin & Geurts, LLP is pleased to announce it is now able to represent Union Bank borrowers in negotiating lower mortgage payments and interest rates through little publicized Union Bank rules and regulations on “jumbo” loans.

Very few “jumbo” Union Bank borrowers may be aware that in response to a wave of distrust and scrutiny in the mortgage marketplace, Union Bank has voluntarily set up programs to negotiate with and assist its own borrowers and distinguish itself from the rest of the industry. These programs are complex and require specialized expertise to gain full benefit to the borrower, but with rates at unbelievably low levels, now is the time.

The program is only available to select Union Bank customers with a mortgage over approximately $730,000 with no more than 80% loan to value and good credit. It seems to stem from a strong desire by Union Bank to maintain and preserve its status as one of the leaders in the “jumbo” market and protect existing customers. The process will not damage a borrower’s credit, and does not require income verification or extensive documentation.

Real Estate and Mortgage Attorney Timothy McFarlin commented recently: “The new Union Bank regulations are an extraordinary opportunity for select Union Bank customers with jumbo mortgages. With rates as low as they are, just about anyone who got a Union Bank loan in the past 7 years can benefit without even having to provide income documentation.” McFarlin went on to say: “There is nothing like this in the industry, its going to make Union Bank the leader in jumbo mortgages for the foreseeable future.”

About McFarlin & Geurts:

McFarlin & Geurts LLP is an Irvine California based full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts regularly negotiates on behalf of clients to secure more favorable terms on residential and commercial loans without damaging or affecting a borrowers credit.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinlaw.com

California Foreclosure Attorney Tim McFarlin Supports Lawsuits Against Bank of America

TheNewsFactory — Thu, 08 Jul 2010 06:18:49 +0000

IRVINE, CA (AttorneyNewswire.com) — July 8, 2010 — Fifteen residents of Texas are suing mega-lender Bank of America for operating a system of lending that forces homeowners into foreclosure. The fifteen claim that the lender misleads borrowers, prevents modification of loans, and ignores promises to lower payments.

Attorneys for the fifteen low income Texans claim that their clients tried to work out a deal with the lender to modify their loans and avoid foreclosure but were consistently fed inconsistent information, had their modification documents lost, and failed to keep the borrowers updated on the status of their loans. The alleged victims also claim that Bank of America continued to pursue foreclosure even after forbearance and modification agreements were made.

Timothy McFarlin, a foreclosure attorney in Irvine, CA, believes that these kinds of lawsuits are necessary to bring attention to the faults of the lenders.

“As an attorney I’ve represented a countless number of clients who were well deserving of loan modifications and other assistance. These people weren’t crooks or con-men, but average citizens who were just asking for help through a legitimate financial hardship. I understand that Bank of America wants to make a profit, but at what cost to their borrowers? It isn’t like these borrowers don’t want to pay their debts at all, they’re just asking for a little more time and a little less interest to lower their monthly payments. From a legal standpoint this type of situation would almost be comical if it wasn’t so sad. Who would have thought that a borrower would have to sue their lender just so the borrower could continue to pay off their debt? If this is what it takes to get the lenders to start fixing the problem that they are mostly responsible for creating, then I think every American facing foreclosure should seriously consider legal action against their uncooperative lenders.”

McFarlin advises every person facing an uncooperative or unhelpful lender to seek legal advice before pursuing litigation.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:

Talien Barsamian

(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.

Wells Fargo Blames Borrowers, Noted California Bankruptcy and Real Estate Attorney Timothy McFarlin Reacts

TheNewsFactory — Tue, 06 Jul 2010 07:06:11 +0000

IRVINE, CA (AttorneyNewswire.com) — July 6, 2010 — Michael Heid, co-president of Wells Fargo Home Mortgage, recently offered testimony in a hearing conducted by the House Committee on Oversight and Government Reform. His testimony offered an explanation for the lack of loan modifications his employer has managed to approve since the institution of President Obama’s Home Affordable Modification Plan (HAMP).

Heid claims that borrower error is a main factor in Wells Fargo’s inability to approve loan modification packages. Applications are often ineligible, completed incorrectly, or lack important documents. Despite the fact that much of the blame for his organization’s inability to modify loans has been passed to the borrowers, Heid did state that Wells Fargo will soon implement a policy requiring each homeowner to be paired with one Wells Fargo representative from the beginning of the loan modification process to the end, which is meant to alleviate some of the problems that borrowers face when they have to deal with multiple representatives distributing different information.

Timothy McFarlin, an Irvine, CA based foreclosure attorney, thinks Wells Fargo should accept more of the blame:

“The problem with Wells Fargo is that they have alienated struggling borrowers from day one. Their customer service agents have been accused of being rude and lacking the knowledge necessary to provide assistance to borrowers who are already in a fragile state of mind. Mr. Heid should try harder to put himself in the shoes of his borrowers. Mr. Heid should imagine what it would be like to face the loss of something near and dear to his heart, only to be faced with concrete deadlines, long and arcane application forms, rude customer service agents, and phone lines that always seem to disconnect before an answer to one of his questions has been offered.”

McFarlin believes that Wells Fargo should have offered one on one assistance from the beginning.

“If Wells Fargo noticed a problem of ineligible, incorrect, or incomplete application forms, they should have implemented a program to offer assistance to borrowers who needed help filling out the forms. Instead, they continue to toss a stack of papers at their borrowers and say ‘you figure it out’. That doesn’t sound the like action of a lender who wants to help their borrowers as much as Mr. Heid says he wants to help. This new idea of Wells Fargo to implement a one on one policy is coming too little too late, especially for the thousands of homeowners who have already lost their homes.

The timing of this implementation leads me to believe that Wells Fargo needed something to offer the House Committee in an effort to calm the controversy surrounding the lender. Hopefully the idea manages to work, but I’m not holding my breath.”

McFarlin recommends that borrowers have a legal professional review their loan modification documents prior to submitting them to their lenders to avoid a denial based on improperly filled out application forms. He also recommends that borrowers seek legal representation from an experienced foreclosure attorney. This not only releases the borrower from a tremendous burden, it will also help keep the lender honest.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:
Talien Barsamian
(888) 728-0044

Website Supporting David Hulstedt, Victim of Illegal Scottsdale SWAT Shooting, Now Shows Scottsdale SWAT Team Terrorizing Dog

TheNewsFactory — Fri, 02 Jul 2010 14:54:09 +0000

SCOTTSDALE, AZ (AttorneyNewswire.com) — July 2, 2010 — ScottsdalePoliceShooting.org, the website dedicated to presenting details of the illegal shooting of David Hulstedt by the Scottsdale Police Department, now provides direct access to a YouTube video posted by a user stating it’s the Scottsdale SWAT team harassing a dog so the team can attack. The video can be seen at www.ScottsdalePoliceShooting.org.

If the video is as it is reported to be, it is yet another aggressive attack by the SWAT team which nearly killed David Hulstedt on November 7, 2008. David was holding his young daughter, and complying with conflicting police commands, as renegade SWAT team members opened fire, despite the fact that no order was issued by command on the scene. David is now bed ridden and continues to fight life threatening injuries.

The shooting of David Hulstedt was caught on video tape, a video that proves initial reports provided by Scottsdale Police as to the cause of the shooting were inaccurate. The Scottsdale Police Department was unaware of the videotape until it aired on local television news.

For more information, visit www.ScottsdalePoliceShooting.org.