Carrington Mortgage is a sub prime lending institution which has defrauded the American people and in turn has caused millions of dollars in damages to individuals all across the United States. Class Action Lawsuits have been brought against Carrington Mortgage but so far there has been no verdict. The reason for this is because in order to file such a lawsuit, one must be a resident of the state in which the fraud occurred and must have some personal injury or loss as a direct result of the fraud. Therefore, it is very difficult to file a class action lawsuit against Carrington Mortgage because you must be a resident of the state in which they committed the fraud. If the Class Action Lawsuit had been allowed to go forward then all consumers that were affected by the fraud would have received monetary damages.
Class Action Lawsuit Against Carrington Mortgage
So why don’t attorneys file these lawsuits? Well, most attorneys who are skilled in this field do not wish to risk their reputation by naming the lender that committed the fraud. Additionally, they want to protect their own pockets because they know that if the plaintiff won the suit, they would receive nothing. Therefore, the attorney will usually recommend that the victim get a loan from an alternate lender in order to pay off his or her outstanding balance. This way, they avoid having to give up any of their money. Unfortunately, this is often a bad move because usually the alternate lender will charge a very high rate of interest on the money that is owed.
One way to fight your lender is to file a class action lawsuit against them and then take out a second mortgage on your home in order to cover the cost of the loan.
When you get a letter from your attorney, it may include something to the effect of “it is recommended that you refinance your Carrington mortgage due to the fact that you presently carry a high rate of interest due to the excess risk that comes with lending to you.” Your attorney will then instruct you to obtain a secondary loan to pay off your original loan. As mentioned, if you fail to pay this loan in a timely manner, your attorney may tell you to take out a third or fourth mortgage on your home.
Unfortunately, if you fail to make your monthly payments, you could be sued by your original lender, your attorney, your third party attorneys, the Office of the Superintendent of Deeds, and possibly yourself.
It is very important that you seek legal counsel immediately if you become delinquent in your mortgage payments. Once you file a class action lawsuit against your carrington mortgage lender, you have the right to bring your case to the Office of the Superintendent of Deeds and to have the mortgage repayment terms revised. This is why it is so important that you notify your loan servicer immediately you become delinquent on your loan repayment.
You will also have the right to join any other lawsuit filed against your lender.
This means that if another class action lawsuit has been filed against your lender, you may wish to join that lawsuit as well. It is always best to seek legal counsel when you are dealing with an institution, like your carrington mortgage company, that does not have their own court system. If your lender’s attempts to force you to go to court by threatening you with losing your home or being sued, then you should be very vigilant in protecting yourself from such threats.
It is unfortunate that the carrington mortgage fraudsters got away with their crimes for so long.
The lesson here is that you should not be afraid to contact your lender and your Attorney and demand that they put a stop to these illegal activities. If you fail to do so, and you let them know that you will file a lawsuit, you may very well be proved right. The amount of money that can be recovered through a class action lawsuit is staggering. Not only could you recover damages for injuries, medical bills, but punitive damages as well. With that in mind, you owe it to yourself to seek out legal counsel as soon as possible and get on the road to finding out what really happened to you and how to go about filing a lawsuit to help you out of this nightmare.