SOURCE: CPAC Non Profit Law Clinic

June 22, 2011 00:01 ET

CPAC Non Profit Law Clinic Helps 100-Year-Old World War II Veteran After IndyMac/OneWest Bank Forecloses on Home of 38 Years

SANTA ANA, CA--(Marketwire - Jun 22, 2011) - According to Paul Perez, nephew of Mr. Basilio Mosqueda, who just turned 100 years old this June 14th, the United States World War II Veteran, mostly deployed in Europe fighting Nazis, and his 91-year-old wife Estella, reached out to CPAC (DE) Non Profit Law Clinic through their web site after their Lender, IndyMac Bank, sold to OneWest Bank by our Government's FDIC in what has been reported as a "Sweet Heart Deal" that allegedly allows OneWest Bank to capture large losses via Taxpayer Funds when Mortgage Loans purchased by OneWest get foreclosed, wrongfully or not.

Basilio Mosqueda took out what appeared to be a low interest rate home loan in 2005 with exactly the same $1,822.00 fixed income he and his wife have today. They have been retired for 33 years. The $1,190.07 loan payment left the retired War Veteran couple just enough to live on.

According to their Nephew, the then 94-year-old War Veteran should have had an Attorney present at the signing of the complicated loan documents that were barely reviewed but clearly shown where signatures were needed. Not told the $1,109.07 payment was only a partial interest rate payment called a negative amortization that was not only variable but that the charged interest not required to be paid on a monthly payment would be added to their unpaid loan balance, eventually reaching a point where the true payment of $2,639.19 would be due every month until the rate increased further raising his monthly payment, or the loan got paid off or the property got foreclosed upon.

Realizing he wasn't able to sustain the new terms and that his lender refused to assist him, he sought help from the Non Profit Organization NACA that typically passes accurate financial information to Lenders satisfying pre foreclosure rules set forth in SB1137. According to NACA the documents were properly delivered but according to his lender those documents were never received from NACA.

According to G.Lee Lane Esq, President of CPAC (DE) Non Profit Law Clinic: "This isn't the first time people experienced this. NACA may have great intentions but often more aggressive legal measures are needed. That's what sets us apart from other Non Profits. We too offer no cost non-aggressive assistance, like other Non Profits. Many times even much more complex, comprehensive and complete services than clients typically obtain elsewhere. But where they stop we can continue."

Not only do CPAC Non Profit Law Clinic's attorneys have the highest count of individual Law Suits against Major Lenders but they also have a unique Product Defect Liability Law Suit against the entire Mortgage industry allowing multiple homeowners to be named as Plaintiffs in one Suit giving strength to Homeowners in numbers. Per Attorney Lane, "CPAC seeks to successfully settle every case from before the suit gets filed with the courts through the entire Legal process. Working to make it impossible for the true owner of the Note to ignore our clients' desire and ability to sustain their home. That differentiates us from those voluntary loan modification plans that only deal with the Servicers. This may explain why Voluntary Loan Modification processes have such a high failure rate." Attorney Lane states, "We've been given positive news from the Lender's Attorney who foreclosed on the Mosquedas. This should not be just another Trustee Sale, but we want it to be another REO Reversal that you read about on our web site, we're counting on the lender doing the right thing before we move further forward."

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