MORTGAGE FRAUD PRESS RELEASE

AND NOW IT HAS HIT HOME…………….

National City Mortgage, a Miamisburg, Ohio division of National City Corporation has been sued in Federal District Court, by Mr. and Mrs. Nicholas Oliva of Las Vegas, Nevada, charging the corporation and its personnel here in Las Vegas with Fraud, multiple Truth-in-Lending Violations, Breach of Contract, Gross Negligence, and other related charges. These charges center around a 3-year ARM that was sold to this local couple in May 2005, as the 7-year ARM they were expecting and wanted, but the 3-year ARM they were told to sign, used the 7-year rate of 5.625% not the lower 3-Year ARM interest rate that prevailed in May 2005. When the couple pointed out the mistake at initial signing, they were told by the Senior Loan Processor to sign the documents anyway to lock in the interest rate as it would be fixed. They assured the home buyers that “it would have never gotten by the examiner.” The broker’s office was also called at closing and the Senior Loan Processor reiterated “that the paperwork was fixed” and the couple indeed had a 7-year ARM at 5.625%. When the couple received a letter in May 2008 from National City Mortgage informing them of the 3-year ARM, they called twice and were told in essence that there was nothing National City Mortgage could do about it. When the couple then wrote a letter on May 7, 2008 and demanded that National City stop this illegal loan and contact them, which was a formal rescission letter, National City ignored them. The couple then contracted and retained The Bach Law Firm, LLC who also sent them a letter to try and resolve the situation, but they too were completely ignored. The couple is current in their mortgage payments, have FICA scores of 850 and 840 respectively, have no credit card debt or car payments and have the best of credit. The couple can only assume that National City is aware of the penalties from the automatic Truth-In-Lending Act, Regulation Z and is ignoring the federal law, forcing the couple to spend vast sums of money to defend themselves. No other explanation exists for National City Mortgage to allow the federal law’s 20 day response requirement to expire after the rescission notice or to ignore The Bach Law Firm’s letter. In the lawsuit, the couple are seeking compensatory damages, treble damages, punitive damages, statutory damages, and attorney’s fees.

For additional information or interviews, please contact Jason J. Bach, Esq. of The Bach Law Firm, LLC at (702) 925-8787.