Homeowner Gets Deed of Trust Voided, Promissory Note Rescinded and Financial Damages Award in Federal Court against Chase in Orange County, California

For those who haven't heard of one of the victories that one homeowner just won against a bank trying to foreclose on a house, Paul Nguyen took it upon himself to sue Chase Bank in court. He was awarded a default judgement against Chase Bank USA which rendered his Deed of Trust void, rescinded his Promissory Note and awarded him $16,000 for Truth in Lending violations.

The truth is there are other options for homeowners besides the bank-controlled solutions such as loan modifications and short sales. Many are choosing to start with a forensic loan audit, and even going deeper to investigate the securitization of their loan. Up to 85% of all loans originated in the last 10 years have some sort of fraud in them. The question is what to do with the information.

I recently completed a loan audit on one of my loans and was SHOCKED to find all that was wrong with it. It seems as though many rules were overlooked in the hayday of lending.

Unfortunately even with the evidence, many cannot afford the high cost of an attorney to defend their position. Many do not want to go it alone in the courts like this gentleman may have done.

In my own search for non bank-controlled solutions I have found there are administrative and legal programs out there that will help homeowners defend their position. Of course nothing is free, but both the programs that I have found are inexpensive and effective. In fact I've begun the journey myself now that I know that there is fraud in my loan. If you want more information on what I found please call me for a private conversation at 760.512.0438 (in California PST).

Details on Paul's victory can be found: www.4closurefraud.org

PAUL NGUYEN v. CHASE BANK - Deed of Trust Voided, Promissory Note Rescinded, Absolute Victory

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA PAUL NGUYEN, et al., Plaintiff, v. CHASE BANK USA, N.A., et al., Defendants.

CASE NO. CV09-4589-AHM (AJWx) ORDER OF DEFAULT JUDGMENT AND OTHER EQUITABLE RELIEF AGAINST CHASE BANK USA, N.A.; AND CHASE HOME FINANCE, LLCAND, JUDGMENT AGAINST FIRST AMERICAN LOANSTAR TRUSTEE SERVICES, LLC.

IT IS THEREFORE ORDERED that the Deed of Trust recorded with Orange County Recorder as instrument No. 2007000731120 on 12/12/2007 is wholly voided as to plaintiff Laura Nguyen. IT IS

FURTHER ORDERED that Defendant First American Loanstar Trustee Services record a DEED OF RECONVEYANCE to reconvey unto Plaintiffs thereto all right, title and interest which was heretofore acquired by First American Loanstar Trustee Services under deed of trust recorded with Orange County Recorder as instrument No. 2007000731120 on 12/12/2007.

IT IS FURTHER ORDERED that all adverse claims against property known as 16141 Quartz Street, Westminster, CA 92683 are quieted. The legal description of said property is: LOT 44 TRACT NO. 8977, IN THE CITY OF WESTMINSTER, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 369, PAGE(S) 46 AND 47 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. Assessor's Parcel No.: 107-903-44.

IT IS FURTHER ORDERED that the Promissory Note dated 12/12/2007 executed by Plaintiff Paul Nguyen in favor of Chase Bank USA, N.A. rescinded pursuant to 15 U.S.C. §1635(i).

IT IS FURTHER ORDERED that pursuant to 15 U.S.C. §1635(b), Plaintiffs had made offer to tender the loan evidenced by promissory note dated 12/12/2007 and Defendant Chase Bank USA, N.A. did not take possession within 20 days after tender by the Plaintiffs. Therefore, ownership of the loan proceed is vested in the Plaintiffs without obligation on their part to pay for it. IT IS FURTHER ORDERED that Defendant Chase Bank USA, N.A. within 20 days after entry of judgment shall return to the Plaintiffs any money or property given as earnest money, down payment, or otherwise pursuant to 15 U.S.C. §1635(b).

IT IS FURTHER ORDERED that Plaintiffs are awarded their costs of suit, to be paid by Defendants Chase Bank USA, N.A. and Chase Home Finance, LLC, in an amount to be determined by the Clerk of the Court.

DATED: September 15, 2010