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.
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.
Thank you, we'll be in touch!