Posted by There are several homeowners in the Royal United Mortgage lawsuit that have filed suit against their lenders and the Royal Bank of England for a variety of reasons. One case in point involves a foreclosure on a three-story home in Sarasota, Florida that was taken in lieu of a promissory note for an amount that was much less than the home was worth at the time of the foreclosure sale. The bank was selling the property because it was worth less than the mortgage it held on the property at the time of the transaction.
Royal United Mortgage Lawsuit
The homeowners were notified of the lawsuit in a letter from a lawyer on behalf of themselves and their attorney. The lawsuit itself is simple and straightforward in its content. It states that the Royal Bank of England mis-sold the Florida home by either failing to disclose material information about the state of the property or is failing to follow federal guidelines on what kind of sale the bank would make of a property in that state. Other lawsuits have been filed against the company as well.
This lawsuit comes at a time when there are indications that the British government is considering taking control of the mortgage market in an effort to keep it healthy.
The U.S. homeowners who have filed suits in Florida are seeking damages for fraud and breach of contract claims, with some also claiming unfair foreclosure. If you are one of the many homeowners in Sarasota County that has been affected by this fraud, you should contact a Sarasota attorney that specializes in these lawsuits.
You may also contact the county’s sheriff’s department to see if you can get information on the status of your foreclosure. There may be additional paperwork you need to fill out.
The Royal United Mortgage lawsuit revolves around a misunderstanding of a sales contract for a Sarasota-area commercial property.
This contract was supposed to provide that the property would be sold “as is” with all defects and omissions except for a few minor cosmetic issues. The bank changed the contract after taking over the mortgage, avoiding the new terms that would have kept homeowners in their homes. This new stipulation added a large sum of money to the cost of the home, which the lawsuit claims the bank knew would not pass under its own terms.
Royal United Mortgage is currently appealing the court’s ruling, but without success.
The bank has already received a judgment in the case. It is unknown whether the appeal will move forward or be denied. You should consult with a foreclosure lawyer in Sarasota before deciding on whether or not to pursue the case further.
Royal United Mortgage is just one of several companies involved in a series of mortgage lawsuits across the country.
While not every company involved in the lawsuit is the same as the one listed above, you should still check your local court houses to see if there are similar cases pending against the bank. The bank has 30 days to respond to the lawsuit, so if you know anything about the foreclosure process, you should keep tabs on proceedings as they happen.
You should also contact a bankruptcy attorney in your state to see what they can do to prevent the bank from foreclosing on your home. If you do nothing, you may lose your house.