|Your personal background.|
|Real Estate Law Center clients are made up of the homeowners who were taken in by the banks' subprime -- no income needed, and inflated income loans. Though the government has tried to enforce civil judgments against banks, such as a multi-billion dollar settlement that Citibank was a part of, the banks have been able to ensure that they do as little as possible.|
Attorney generals across the country reached a $25 billion dollar settlement with the banks, which were supposed to go towards loan modifications. However, the banks chose who to employ to look over their loans through consultants that they had prior relationships with. The banks also ensured that the loan modification forms were filled out, by default, with the answers they wanted.
By taking on the banks as predatory lenders, Real Estate Law Center has been able to win their clients a reduction in payments by lowering their interest rates or principal amounts (though not all outcomes are the same). Real Estate Law Center does this by grouping together their clients and filing mass tort lawsuits.
While some confuse these legal actions with class action lawsuits, the two are very different. Class action lawsuits are paid for by attorneys and a bulk of the settlement goes to those attorneys. In the case of Real Estate Law Center's mass tort lawsuits, plaintiffs employ and retain the firm, but because there are so many plaintiffs, the cost of retaining its’ services are spread out among many people, making it much cheaper than hiring an attorney for an individual lawsuit.
With mass tort lawsuits, Real Estate Law Center ensures that voices that banks like Citibank have been trying so hard to ignore must be listened to. Though the firm cannot guarantee what happens in every case, even in the cases of those who were in imminent danger of foreclosure, Real Estate Law Center has been able to help them in their struggle.
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