Combs Law Group Stops Deficiency Action By M & I Bank
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- (1888PressRelease) December 01, 2010 - Maricopa County, AZ - The streets of almost every residential neighborhood have unmistakable new foreclosure signs up and down them each day, and Arizona real estate law firms ( http://www.combslawgroup.com ) like Combs Law Group are assisting many homeowners facing very serious situations following foreclosures when their lender sues for a deficiency judgment. Recently, Combs Law Group successfully defended their client and prevailed in a deficiency lawsuit filed by M&I Bank.
The Foreclosure Crisis Hits Home
A nationwide disaster, the foreclosure crisis has hit millions of Americans. In many states, the rate is nearing eight percent, an unimaginable thought just a few years ago. Statistics suggest nearly 7 million homes have been affected. Among the unfortunate homeowners is one Arizona homeowner working with the Arizona real estate law litigation firm ( http://www.combslawgroup.com/areas-of-practice/real-estate-law/ ), Combs Law Group.
Attorney Benjamin A. Skinner said, "This was a unique case. There was a $500,000 deficiency claimed by M & I Bank, and despite an offer to settle by our client with no counteroffer from the bank, the bank continued with their wrongful efforts to collect on a debt in addition to foreclosing on the home. Fortunately, this time, we were able to stop a bank from undermining a citizen's livelihood with impossible tactics."
In this case, the homeowner had initially obtained a construction loan to build his Paradise Valley home, but before he could complete the home and the guest house, he ran out of funds. He went back to the bank and obtained a Home Equity Line of Credit (better known as a HELOC). Both loans were secured with a deed of trust on the home itself.
When the homeowner defaulted several months later, a foreclosure sale was conducted, but M & I Bank sued the homeowner for the unpaid balance on the HELOC. They claimed that because the two loans were separate, Arizona's anti-deficiency statues weren't enough to protect him in this case.
"We see banks taking aggressive tactics like these all the time these days," said Attorney Adam D. Martinez. "It's not fair to the homeowner, and it's certainly wrongful. These huge banks that received billions in bailout funds from taxpayer money think they have the right to do whatever they want, despite what the law says, and we're here to stop them."
With a defense that stated the HELOC was only an extension of the original financing, the judge agreed with the homeowner before the case ever reached a trial, dismissing the lender's lawsuit altogether. The judge even authorized the homeowner to file an application to be reimbursed for his legal fees because of the bank's wrongful conduct.
Homeowners Banding Together
As unique as this case is, it's not alone in one aspect - the bold, swift, and wrongful actions taken by banks in light of the foreclosure crisis at hand.
"Every day, banks are taking advantage of homeowners in serious situations," said Attorney Skinner. "From foreclosing on homes without complying with state law to not recognizing homeowners' rights when a foreclosure takes place it is up to every individual to fight back where banks are on the wrong side of the law."
Consumers are standing up, taking that advice and enlisting the help of real estate attorneys at Combs Law Group to fight some of the biggest banks in America.
Combs Law Group ( http://www.combslawgroup.com ) was organized as and continues to be a highly specialized, boutique real estate law firm. Christopher A. Combs is a State Bar of Arizona board certified real estate specialist and the founder of CLG. Every Combs Law Group attorney is recognized in Arizona for their ability and expertise in real estate and real estate-related matters.
Our commitment is to work with you as a client by providing straightforward advice and information in order for you to make educated decisions regarding your legal interests. We earn your trust by focusing on your personal needs while not losing sight of your business goals.
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