Case Studies Show Alternate Dispute Resolution Gets Results with Lenders
Kassas Law, a California firm providing client-focused interdisciplinary services announces the success of its Alternate Dispute Resolution (ADR) service for homeowners, even as the housing market continues to generate bad news. Encouraging faster action from Lenders, Kassas Law and its proactive ADR program is generating success, even for those in the worst situations facing the sale of their home.
A sampling of six success stories from Kassas Law, available online at www.kassaslaw.com/stories shows the situation many homeowners face across America, how loan modification alone is not fixing the problem, and the impact made by the innovative ADR program. The results include principal reduction and in one case Kassas was able to get the homeowner’s house back after the bank wrongfully foreclosed. In many cases the result was a settlement or restructured note after multiple rejections, often taking only days or weeks instead of months or years. The strategy involves detailed analysis of the client’s existing loan, threatening action against banks unwilling to resolve the client’s case, and proactive communication to get all sides of the loan aligned. With this process Kassas Law has proved over a 90% responsive rate from lenders with the ADR process; nine out of ten lenders are willing to consider or engage in fair and transparent negotiation once ADR is initiated because of the attention to detail and extensive research that is performed for each client.
In the case of one client, the Lender had given her the runaround without success for two years. Kassas Law’s analysis helped resolve title issues, structure her case, and in court helped her to directly show the judge it was in the Lender’s best interest to modify the loan rather than selling at auction…to which the Lender’s defense had nothing to say. The lender offered to restructure the mortgage shortly after with a low capped rate, new payment lowered by $800 monthly, and having not been able to make a mortgage payment in three years the client was overjoyed and kept their house. However this is a rare instance which went to court, the majority of Kassas’ success stories are accomplished through pre-litigation without setting foot in a courtroom.
In a second example, the client came to Kassas after a year of trying to get a loan modification alone and was $15,000 behind in mortgage payments. He had been sold an expensive mortgage that was supposed to take care of his original problems, but after ADR analysis was performed it was clear that loan was predatory with no net tangible benefit for the client. Kassas took action, filed complaints, engaged the lender, and 16 days from start to finish the client received a restructured loan from the Lender. The result was a reduced monthly payment by $500 but more importantly included a principal reduction of over $100,000.
In many cases the client had tried for a modification over months and years without success which Kassas resolved in days, just by analyzing the loan with sophisticated tools like the REST Report and then executing a clear strategy with the Lender. Recently banks have been shown to be not acting in the best interest of their homeowner customers, some hiding predatory loans with apathy. This is resolved by the ADR program which “encourages” Lenders to reevaluate the loan and take the action they should have at the beginning of the homeowner’s hardship.
The success of Kassas Law’s ADR program comes against the background of increasingly bad news for the industry. Zillow.com has reported home values continued falling between Q4 and Q1 quarters, the sharpest drop since 2008, and overall home prices have been falling for 57 straight months. Foreclosure re-sales reached a new peak in March 2011, representing over 23 percent of all sales during the month compared to only 17 percent in March the previous year. In 2010 one out of every 1,000 homes in the country was lost due to foreclosure, and supply and demand indicates the housing market will not hit bottom for many more months.
“Even while foreclosures are soaring, we are proving that a strategy of pre-litigation gets results and saves homes,” says Anthony Kassas, founder and lead attorney of Kassas Law. “We’ve focused the ADR program so it gets the bank’s attention and forces action because they know we’re serious, and our success stories show we are getting results.”
About Kassas Law
Kassas Law is a highly regarded law firm providing client-focused, interdisciplinary services that result in high-value legal counsel for our clients. Anthony Kassas, Esq. founder and lead attorney at Kassas Law has been advocating for everyday Americans in areas that encompass the full range of consumer legal services, bankruptcy, real estate litigation, and default resolution. For more information visit our website: kassaslaw.com.
CONTACT: Kassas Law Staff, firstname.lastname@example.org
Web Site: http://www.kassaslaw.com
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