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‘Toxic’ mortgages crush couple’s dream

‘Toxic’ mortgages crush couple’s dream


Via Virginia Parsons w/ Comment:

Let me also add – this couple, who are visually impaired, could not read the loan documents.  There are no laws to protect them that might make it mandatory for the loan documents to be read aloud.  And as we are all well aware, loan documents are not provided in advance of signing for any attorney or accountant to review.

Blind man, woman file a countersuit, saying predatory practices hurt them

December 19, 2010 – By HARRY EAGAR, Staff Writer

KIHEI – Across the country, a few of the millions of people who have had their homes foreclosed are counterattacking in the courts. One of the Maui suits involves Wilmer Galiza and his wife, Flordeliza Tapat. Many Mauians know them.

Both are members of Blind Vendors of Hawaii. Galiza operates the snack shop at Maui Memorial Medical Center (and formerly ran the one at the courthouse), and Tapat runs the one at Kalana O Maui, the main county building in Wailuku.

In 2005, they had owned a home in Dream City for eight years. Galiza’s brother next door wanted to sell his bigger home, and he and mortgage broker Eric Miyajima urged the couple to keep their small house and buy the bigger one. By living in the big house and renting out the small house and three apartments in the big one, they were told they could build up assets for their retirement.

That dream didn’t work out. They’ve been foreclosed on both houses. Their credit is damaged, and although they continue to live in the second house, which is specially equipped for their needs, they face the threat of eviction at any time.

Their case offers an example of just about everything that could go wrong during the mortgage run-up and run down, according to their attorney, Jim Fosbinder: unrecorded transfers of deeds, predatory bait-and-switch offers, failure to disclose required information to borrowers, promises of assistance that never came; stonewalling their attempts to modify not one but two mortgages; robosigners; and missing documents.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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