Ask the Expert: Foreclosure Defenses

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FOR IMMEDIATE RELEASE / CONTENT CONSIDERATION November 24TH 2009/LOS ANGELES, CA / in an office loft work setting only blocks away from the courthouse is a Los Angeles base expert witness serving attorneys who are under fire for not winning cases.

In a recent case , the judge in a Contra Costa Courtroom Judge viewed things in line with Soliman's testimony. A court ruled and awarded the Northern California nurse her home in a decision ruled "final (with prejudice).

A 25 year mortgage banking and sub-prime veteran M.Soliman has a 24 hour work ethic that focuses on wrongful foreclosures. He has emerged as a silent threat to lenders. Soliman is part of a narrow and isolated sector of foreclosure defense business who works as an expert to attorneys who represent borrowers in court. It was all on a dare claims Soliman.

At that time he was working with a law firm serving as an expert for matters investigated by the SEC.The challenge came from another staff member at the law firm Gareeb Pham. She dared him to use his experience to help a homeowner in trouble. That dare and challenge resulted in a foreclosure claim being dismissed totaling over $800,000 .Since then he can show an impressive track record that includes discounts by over $500,000 and cases being dismissed in various unlawful detainer hearings.

Another case was won at trial last month included a $400,000 Wells Fargo obligation. The borrower was in default and facing eviction. Wells Fargo is under significant pressure for its role in "Predatory Lending".

According to Soliman, lender foreclosures can only be resolved, overcome and won in court. The alternative to losing a home in foreclosure is not something all that impossible.The Henderson's of Antioch California were in default on an $864,000 loan by six or more months. For a school teacher, the loan was a stretch. The trustee was instrumental in forgiving $500,000 by reducing the mortgage to $184,000.According to Soliman, each settlement is obtained on its own merits. Another homeowner Syeerta Corbitt struggled withtwo mortgages that totaled nearly one million. The lender was reckless and completely irresponsible for putting theborrower into a financial no win situation. The case was brought to court after months of failed negotiations to convinceAurora of its duty to provide the borrower relief. By definition, predatory loan is considered a pejorative concept by the courts in America. It's a subjective classification for which no specific violation or tort can be found in legal diction. Predatory lending is none the less a verifiable act by a lender who causes a borrower to suffer an extreme

Financial hardship leading to foreclosure. In the matter of "Wells Fargo V Goines" Los Angeles Superior Court the borrower who is a single mom in Los Angeles was awarded the decision. The decision was offered by the court whereby she prevailed at trial. Foreclosure and eviction is now on hold indefinitely with the court's ruling that was issued "Final" by the presiding Judge (Los Angeles, Compton branch Court House). There are other means for coming out of foreclosure and salvaging something of value. Cash settlement offers of $50,000 and $25,000 was provided by separate lenders. The larger award went to a hard working immigrant Soliman will attest to as "absolute lender exploitation". Here, a borrower who never earned a fraction of the Monthly payment needed to meet his $600,000 mortgage obligation was at least returned some of the cash lost to the lender while trying to avoid the inevitable.A similar sad story with a bitter sweet ending was the settlement awarded to Mr. Emmanuel from La Fayette, California.According to Soliman the lender GMAC / Homecomings financially buried the borrower in debt service a 30 year resident and pillar of the community. He lost everything! "He lost his savings, everything he sold to date to make end's meet and now his home" said Soliman.

The $25,000 award for moving and is a small consolation for losing your home. Any money will none the less help to ease the pain. Wins in and out of court are starting to surface and give everyone hope. These cases include borrowers facing a Sheriffs eviction and whereby a "stay" from eviction will allow the borrower another 30 days to pursue a defense when no hope was originally thought available. It's not hard to predict what cases will win in court but negotiating with a lender is a dead end, said Soliman.

Why the courts rule one way then another is due to the level of preparedness. Your story and facts must be precise andto the point. Soliman is basing his arguments for attorneys to bring to court on technical accounting criteria Subjectto the Federal Accounting Standards Board and the court's interpretation of accounting rules.

That really is what I find to be my passion, said Soliman. Challenging Wall Street's ability to take what universities and colleges teach next year's accountants is wrong. Securitizers then rework the rules according to GAAP in order to advance more unlawful acts by banks and lenders.

Soliman can usually sniff out a higher probability of winning cases prior to engaging a borrowers counsel. The Daniels case (HSBC Bank V Danielle's, Sacramento CA County Sup. Court) in Napa is a good case in point. Here the trustees documents and recorded instruments were all out of sync and failed to meet the proper chronological order for date sensitive materials. According to Soliman, what's does the Judge consider before ruling. It's hard to say but when the lender say's one thing and the recorded information is off it say's another?

We will keep you posted.