Let us know if you find Federal or State case law against courts requiring homeowners to post unaffordable bonds

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Permalink Reply by Jack dougherty on January 19, 2011 at 8:19pm

Yes, it is one the 2 main ways that BofA deprives homeowners of their 5th and 14th amendment rights to sue them.  They use the "undertaking requirement" that was never contemplated to impose unaffordable bonds upon borrowers as a means of preventing them from suing their mortgage lender.     

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Permalink Reply by Pamela Edwards on January 22, 2011 at 12:08pm

If you are low income or have a hardship ask the court to waive bond they have been known to do it.    Pam

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Permalink Reply by Phred Maldonaldo on January 22, 2011 at 9:42pm

 

Eastern District of California

Nevada - great legal argument by judge

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Permalink Reply by Jack dougherty on January 23, 2011 at 4:15pm

Well, written --- But why would Judge Flanagan be inclined to require the homeowner to post a bond in the amount paid by the last investor?  Homeowners who were caught in the refinancing drought, whether by lender fraud or other reasons, and who can often no longer afford escalated payments under their “payment shock” mortgages, who have often in good faith drained their savings in order to stay in their homes while awaiting a modification that never comes, can obviously not tender the full amount of their mortgages, lest post deliberately unaffordable bonds.

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