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Quicken Loans hit hard in law suite - Bad appraisal
September 22nd, 2011 3:17 PM

Attorneys Jim Bordas and Jason Causey took on a large national lender, Quicken Loans, in the matter styled Brown v. Quicken Loans, Inc., et. al. The case began when Bordas and Bordas set out to defend Lourie Jefferson and Monique Brown from foreclosure proceedings initiated by their mortgage lender, Quicken Loans. During the course of this defense, Bordas & Bordas discovered abusive and predatory conduct on the part of Quicken Loans. Bordas & Bordas filed a twelve-count Complaint on behalf of Ms. Jefferson and Ms. Brown detailing predatory lending practices against Quicken Loans and its appraiser in the Circuit Court of Ohio County, West Virginia.

Circuit Court Judge Arthur M. Recht of Ohio County, W.Va. concluded an 8-day trial that spanned 17 months by awarding punitive damages, attorney fees and costs in the amount of $2.7 million to these Wheeling homeowners. This award brought the total verdict in the case against Quicken Loans, Inc. to over $3 million. Bordas & Bordas also obtained a settlement for a confidential amount with the real estate appraiser. The case encapsulates much of what lead to the collapse of the housing market and economy as a whole. In particular, the Court found the lending practices of Quicken Loans to be unconscionable based in part upon Quicken's utilization of a highly inflated appraisal in making the loan. The Court went on to find that Quicken Loans defrauded the homeowners by misleading them into paying excessive loan origination fees; falsely promising to favorably refinance the loan in the near future; and concealing an enormous balloon payment from its own borrowers.

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Posted by Stephen Rochkind, SRA on September 22nd, 2011 3:17 PMPost a Comment

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