SERVICE: The Law Offices of Sulaiman & Associates helps clients in the greater Chicago, IL area with foreclosure defense cases. We will conduct an in-depth study of all the documents and the specific narrative of the Client/Borrower to discover what is the best course of action to be taken in regards to a proper Foreclosure Defense/Offense Strategy for the Client/Borrower. The Firm’s goal is to educate our Clients and with our advice and counsel guide our Clients through the potentially treacherous waters of Foreclosure Litigation. We are committed to researching, formulating and finally executing the best strategy for our Clients. This is our Commitment to all our Clients. Though it may sound intimidating, this is what we do, and it is our responsibility to protect your rights. We are ready to help with your foreclosure defense case and serve Clients in the greater Chicago, IL area as well as Cook, DuPage, Will, Lake, Kendall, and Kane County.

QUESTION: What is Foreclosure Defense?

ANSWER: FORECLOSURE DEFENSE: Also known as Affirmative Defenses. The goal of a proper Foreclosure Defense would result from an in-depth study of all the documents and the specific narrative of the Client/Borrower. As the needs of every Client differ, each Foreclosure Defense must be tailored to the Client’s specific situation and goals. Sometimes the Client requires time. Time to bring back payments current; Time to refinance; Time to sell; Time to find alternate housing; Time to discover what claims to bring against the Lender or others involved in the transaction that has resulted in a foreclosure filing; Time for more favorable laws to be passed to help the Client. The Client needs an experienced Attorney to navigate the treacherous and unfamiliar territory of the Judicial System. Sometimes the Client needs to just walk away from the property and needs to know how to do it legally with as little liability as possible.

QUESTION: What is Foreclosure Offense?

ANSWER: FORECLOSURE OFFENSE: Also known as Counterclaims. A Foreclosure Offense occurs when our experienced Attorneys discover in the study of the Client’s file and review of the Client’s narrative, that there may have been potential State, Federal or Common Law violations of the rights of the Client/Borrower. We then go on the Offense against the Lender and the other actors who conspired against our Client/Borrower. The fact of the matter is that the current financial environment we are in is a result of all the actors in the financial markets not following the law. Job One for the Law Offices of Sulaiman & Associates is to bring those to account who caused your financial hardship. Fight Back!

DEFECTIVE MORTGAGE/PREDATORY LENDING

QUESTION: What is a Defective Mortgage?

ANSWER: As you may be aware by now, though the Mortgage Broker who assisted you in getting the loan you currently have was supposed to have been working for you and your interests and give you unbiased advice on what loan program was best for you and your Family, the reality is that many Mortgage Brokers are compensated almost entirely by the Lender that issued you the loan. This conflict of interest is likely the reason you are in the situation you are in now. You were issued a Defective Mortgage, and it is more than likely that you qualified for better terms. You have rights against all involved. They likely falsified information to secure the loan program that was issued to you.

For example, if you were to go to a Doctor with an injury to your leg, and the Doctor prescribed you heart medicine, and there was nothing wrong with your heart, you would have a right to sue the Doctor for Malpractice. Furthermore, if you found out that the only reason the Doctor prescribed you the heart medicine was because the Doctor was paid a commission by the drug manufacturer, and that medicine hurt you, would you not file a suit against the Doctor and drug manufacturer?

In reality, that is what the Mortgage Brokers, Account Executives (employees of the Lender), Underwriters, Lenders and Appraisers, to name only a few of the actors, likely did to you. How else can you explain being obligated to pay a loan that is 50 % - 110% of your monthly take home pay? How else can you explain that you bought a house that five years ago was worth $150,000, was allegedly worth $275,000 two years ago when you bought it, and is now worth $150,000 if you could find a Buyer? How else can you explain your Lender being so willing to loan you the money in the first place, and refusing to refinance the same loan later, as promised?

QUESTION: Were you told by the Mortgage Broker that after a few payments, the Mortgage Broker would start a refinance for you?

ANSWER: In our Firm, we hear this constantly. The Mortgage Broker typically tells the Client not to worry about the terms or monthly payment because in a few short months a refinance shall take place putting the Borrower in a fixed payment plan at a better interest rate. This rarely occurs and when it does, it is typically a mechanism for the Mortgage Brokers and Lenders to make more money from your MISERY. The fact of the matter is that the Mortgage Broker with assistance from the Account Executives who are employees of the Lender often times engineered the information so that you would qualify for a loan program, that had your true information been made part of the application you would have not qualified for the loan. They prescribed for you a loan program that was based on erroneous information. They were in control and you trusted them to assist you in securing a loan for you and your Family. They may have issued you a Defective Mortgage.

QUESTION: Can you give me another example of how the Lending Industry may have taken advantage of Borrowers?

ANSWER: There is an extremely high likelihood that a Borrower today having difficulty paying their mortgage secured that mortgage through a Mortgage Broker where a Yield Spread Premium was paid to the Mortgage Broker.

A Yield Spread Premium (YSP) is a common device used by Mortgage Brokers to collect a fee paid directly by the Lender to the Mortgage Broker at closing. A YSP is the result of an unholy arrangement between the Mortgage Broker and the Lender whereby the Borrower’s interest rate is artificially increased above what the Borrower actually qualified for. In exchange for arranging that kind of loan, the Mortgage Broker receives extra compensation from the Lender at the closing based upon a predetermined formula which is calculated from the increased interest rate charged to the Borrower. Essentially the higher the interest rate the Borrower pays the Lender, the higher the YSP payment to the Mortgage Broker. That extra payment is known as a YSP. It is not commission, because no extra work was done to earn this extra compensation. The Mortgage Broker, likely never disclosed this to you and that means they breached their duty to you.

QUESTION: How did this happen? What does that mean for me if I was a victim of a Defective Mortgage where there was a YSP involved as the vast majority of loans were in recent years?

ANSWER: Borrower goes to the Mortgage Broker and Borrower’s application is taken and the Mortgage Broker qualifies the Borrower for a 6% interest rate and at the closing the Borrower is given a 7% interest rate that the Borrower agrees to because they believe they qualified not for a 6% interest rate but 7% interest rate. Sound familiar? The Mortgage Broker does not tell the Borrower, as they are required to, that the Borrower qualified for a 6% interest rate. Most people believe they qualified for a 7% interest rate, but in reality the rate they qualified for was a 6% interest rate. The Lender charges an extra 1% of interest against the loan which translates into more money to the Mortgage Broker. Most Mortgage Brokers do not know what is wrong with accepting the YSP. This is merely an example of one of the many wrongs the typical Borrower has had to suffer through recent years.

QUESTION: I understand that both the Lender and Mortgage Broker took advantage of me, but I am Afraid to sue them?

ANSWER: Lenders will often try to argue that Borrowers were complicit in any fraud in the loan application process, whether by providing a falsified income or an inflated appraisal. Lenders frequently base this argument on the various certifications Borrowers sign at closing, and particularly at the signing of the loan application. The best response is grounded in educating the Judge about how loans are made and the relative sophistication or lack thereof of the parties. The Borrowers are often never given an opportunity to review the documents prepared by the Lender and the Mortgage Broker. When Borrowers do ask questions, they are often told, “This is how it is always done.” Sound familiar? Our Complaint is based on the misrepresentations made by the Lenders, Mortgage Brokers and anyone else’s involvement to the extent that it assists your case. You justifiably relied on those misrepresentations to your disadvantage and those misrepresentations have led to you being behind in payments to the Lender.

QUESTION: What do I do next?

ANSWER: Consult with an Experienced Attorney. Interview Attorneys who have knowledge in this specialized field of the law. It is not only advisable, but considering what is at stake, it is urgently important that you consult with an Experienced Attorney as soon as possible who can review your circumstances and provide you with a clear strategy that provides an actual solution.

How Did We Get Here?: A Brief Example of the Parties Involved. If may Sound Familiar.

A. Seller “Steve”: Steve the Seller wants to sell his home. He will contact his Realtor who will secure a Buyer. Steve may give “Serious Incentives” to Bob the Buyer.

B. Buyer/Borrower “Bob”: Bob the Borrower wants to buy Steve’s house. Bob’s Realtor, makes an offer and the terms are agreed to. Bob does not have any money put down.

C. Real Estate Agent “Ronald”: Ronald the Realtor states that having no amount of money should not come between Bob and Bob’s $600,000, five bedroom dream home. Arrangements are made. Ronald is aware of the “Serious Incentives” offered by Steve the Seller, and is further aware that the Sale price of $600,000 is high for that neighborhood, but Ronald really needs the commission.

D. Real Estate Broker: Responsible for the Real Estate Agents.

E. Mortgage Licensee “Melvin”: Ronald or Bob call Melvin. Typically it is Ronald’s contact. Ronald contacts Melvin the Mortgage Licensee and tells him that he has a Client. Melvin studies Bob and finds out that Bob has no mortgage history, poor tax returns but has really “great” credit. Melvin is told that Bob has no money to put down. Melvin searches which loan best suits Melvin (Which will make the most money for Melvin) and does the least damage to Bob.

F. Mortgage Broker: Responsible for Mortgage Licensees.

G. Appraiser “Alex”: Alex the Appraiser, in concert with everyone, looks for ways to support the sale price of $600,000. The deal will absolutely not work, and no one will be paid, if Alex cannot find a way to appraise the property that Bob wants to purchase. Alex the Appraiser finds a way to appraise the property for $600,000 even though the closest comparable house to Steve the Seller’s house is only worth $569,000. Alex “stretches” the appraisal.

H. Underwriter “Unis”: The loan that was submitted to the Primary Lender is having trouble. Unis, the Underwriter who works for the Primary Lender Paul is concerned that there is no way Bob the Borrower will be able to pay the hefty mortgage. Melvin the Mortgage Licensee is really concerned, as is Ronald and now Bob who cannot think of anything else other than to live in his new home.

I. Account Executive “Al”: Al the Account Executive works for the Primary Lender. He works on a commission and a base salary that will not even pay for lunch once a day. He constantly is attempting to drum up business out of Melvin. Melvin calls Al and says, please help me close this deal. Al contacts Unis the Underwriter and asks what can we do to get this done. Al relays that message to Melvin and miraculously Bob remembers that his daughter collects income from being a babysitter and with that income and what he allegedly has in his personal bank account he now qualifies for the loan.

J. Primary Lender Paul: Paul the Primary Lender funds the loan for $600,000. Paul, being very smart, has the loan already sold to Sam the Sucker on the Secondary Market for $660,000. Paul pockets $60,000 in profit, plus what Paul will make on servicing the loan for Sam. Paul now has a least $660,000 to work with to loan to the next Bob the Borrower.

K. Loan Servicer: Hired by Primary Lenders and Secondary Lenders to manage and maintain the actual loan for the subject property for a fee. Commonly, it is the Primary Lender who continues to Service the loan after it is sold to the Secondary Market Lender.

L. Secondary Market Lender Sam Sucker: Typically investors, pension funds, endowment funds, venture capitalist funds, hedge funds, other large financial institutions such as Bear Stearns, Lehman Brothers, etc. The Sams of the world are told that it is triple AAA rated debt instruments, but we know him better as just Bob the Borrower.

QUESTION: How do I know if the Attorney I am choosing is the best Attorney for me?

ANSWER: Your Attorney should be versed and have practical knowledge to review and advise you on your case at a bare minimum based on at LEAST the following laws;

• Illinois Mortgage Foreclosure Act
• Illinois Mortgage Foreclosure Rescuers Act
• Illinois Consumer Fraud and Deceptive Business Practices Act
• OBRE (Office of Banks and Real Estate) Regulations
• Illinois Interest Act (IIA)
• Illinois Fairness In Lending Act
• Illinois High Risk Home Loan Act
• Federal Truth In Lending Act (TILA)
• Federal Home Ownership Equity Protection Act (HOEPA)
• Federal Real Estate Settlement Procedures Act (RESPA)
• Federal Equal Credit Opportunity Act (ECOA)
• Federal Bankruptcy Laws
• Common Law related to consumer related transactions.
• Common Law Fraud
• Breach Of Fiduciary Duty
• Breach Of Contract

Very few Attorneys specialize in this field of law. If you find during the course of your interview that your Attorney does not have a grasp or a record of cases they can indicate they have worked on using the above defenses, or is only aware of Federal Bankruptcy Laws, you need to look further for an EXPERIENCED FORECLOSURE DEFENSE ATTORNEY. The laws designed to protect property owners and homeowners are powerful if properly addressed, and Attorneys who do not implement a strategy for you that do not include the above are potentially doing you a disservice.

Many of our Clients have invested valuable time and resources in trying to find a solution to the problems that are confronting them. You have to fight back to save your home. Please take the time to find and speak to the most qualified people in this Specialized Field of Law. Contact us today at (630) 575 – 8181 for an initial consultation with an Illinois Licensed Attorney.

PROTECTING YOUR RIGHTS IS OUR RESPONSIBILITY

YOUR GREATEST ENEMY IS FEAR AND IGNORANCE OF THE LAW.
YOUR GREATEST DEFENSE IS THE LAW.

THE LAW OFFICES OF SULAIMAN & ASSOCIATES, L.L.C. PROVIDES CONSUMER INFORMATION ABOUT THE LAW DESIGNED TO HELP CONSUMERS SAFELY INFORM THEMSELVES OF THEIR OWN LEGAL NEEDS. BUT LEGAL INFORMATION IS NOT THE SAME AS LEGAL ADVICE, WHICH IS THE APPLICATION OF LAW TO AN INDIVIDUAL\\\'S SPECIFIC CIRCUMSTANCES. ALTHOUGH WE GO TO GREAT LENGTHS TO MAKE SURE OUR INFORMATION IS ACCURATE AND USEFUL, WE RECOMMEND YOU CONSULT A LAWYER TO ADDRESS THE NEEDS OF YOUR PARTICULAR SITUATION. PLEASE CONTACT OUR OFFICE AT (630) 575-8181 OR EMAIL US AT INQUIRY@SULAIMANLAW.COM FOR COPIES OF THE INFORMATION FOUND HEREIN OR TO SCHEDULE A CONSULTATION WITH A LICENSED ILLINOIS ATTORNEY. THANK YOU FOR YOUR KIND COOPERATION AND UNDERSTANDING.