HON. JAMES A. STEELE (RET.)

LOS ANGELES SUPERIOR COURT, JUDGE (RET.)

Lender Liability  

Dispute involving national bank loaning money to a party who did not actually own property securing loan but was an employee of the owner.  Employee claimed no misrepresentation but was fired by employer when loan transaction became known.  Case involved claims between and among the parties including for negligence as to financial institution and for wrongful termination of the employee.

Dispute by borrower who obtained a loan to purchase a residential property and subsequently sought a loan modification.  The borrower then found a buyer and although lender and its agents agreed to postpone the foreclosure sale, lender nevertheless foreclosed.  Claim was made as to alleged collusion between lender’s personnel and purchaser at foreclosure sale.   

Dispute involving claim that borrower attempted to exercise his right to pay off the balance of his loan based upon an agreement borrower had with business associate to loan funds in the event a short sale was not approved by lender.  Due to alleged oral agreement with lender to postpone the foreclosure sale, borrower did not reinstate the loan and did not go to the foreclosure sale to make a full bid. 

Dispute involving claim of financial elder abuse against lender and loan agent arising out of borrower’s loan against her primary residence involving allegedly undisclosed loan fees and charges and allegedly misrepresented interest rate and terms.

Dispute involving alleged “bid chilling” (CC § 2924h) in which beneficiary of junior real estate security was allegedly prevented by trustee from bidding based upon a representation that the sale would be postponed and by failure to disclose opening bid.  Property was then sold to a related party of trustee providing an alleged unfair advantage to related party in conspiracy with trustee’s officers.

Dispute involving bank customer claiming violation by bank of the Unruh Civil Rights Act, negligence and negligent infliction of emotional distress arising out of discriminatory bank practices.

Dispute involving claim that borrowers, who had suffered extraordinary expenses due to illness, had complied with loan modification plan; however, lender failed to properly apply payments, thereby resulting in foreclosure of borrowers’ home and unlawful detainer action.  Claims asserted pursuant to Civil Code §§ 2923.6, 2923.55, 2924.17; Business & Professions Code § 17200; common law breach of contract, misrepresentation, negligence, and cancellation of instrument. 

Dispute involving claim by individual borrowers against mortgage company for violations of Civil Code §§ 2923.6, 2924.17, 2924f and 2923.55, negligence and negligent misrepresentation arising out of foreclosure of residence.  Borrowers asserted defects in notice and that home was sold at foreclosure for substantially below fair market value as evidenced by post-foreclosure resale for a far greater sum.  

HON JAMES A. STEELE