Yep, it’s me!
Wow, it’s been two days since I posted a blog? Where does the time go? Sure doesn’t seem that long.
Today I’ve been busy trying to figure out this letter I received. The letter is from a company about this thing called a “Mass Joinder Litigation Lawsuit”. What is that?? My thoughts exactly! If I have understood all the research I have done on this, it is a group of litigators suing the mortgage companies, represented by an attorney or group of attorneys. This is not to be confused with a “class action suit”. A class action suit splits up whatever settlement there is with all of the people in the suit, where the joinder thing deals with each person on an individual bases, ie: what your mortage was/is.
They (according to the letter I received, “they” = a company of attorneys) are suing the mortgage companies for fraud and other misappropriations, etc., trying to void the trust deeds and leave you with your property free and clear. As far as my research has taken me, this is rare, but this will stop/postpone any foreclosure proceedings you may be in.Â
If after an audit of your mortgage and it is discovered that there is/are fraudulentÂpractice(s) or other problems in your mortgage, the “norm” is to get your mortgage reduced to 80% of what the CURRENT VALUE of your home is and also get your loan at a rate of 2% for the life of the loan. There is the possibility that you will get “damages” in the amount of $25,000 to $75,000, as that is also asked for in the suit. My first thoughts on this is, “Hey!! Finally a bail out of this mess for the people!!” In short, the “Mass Joinder” appears to be a group of people that join together to pay the attorney(s) fees to sue the big corporate banks to try and recover some of our money.
Sounds like a great deal to me…but as we all know, when it sounds too good to be true, it usually is! There is a fee to join this “Mass Joinder”, and in this case, it’s around $4,000.00, which they will create a payment agreement for, half to get things started and the other half once the case is filed. If it is for real, of course it’s worth it! If it’s a scam…well…you know the drill.
I will investigate more and see if I will join in…or not…