Eastern Savings Bank In The Crosshairs
Over the past two months, I have been hearing of a potential action on the East Coast against Eastern Savings Bank. I have just been cleared to release what I know about the upcoming action.
Eastern Savings Bank is the largest privately owned bank in Maryland. They lent primarily along the East Coast, but they did loans at one time or another in most states, including California.
Eastern engaged in absolutely reprehensible lending practices. These practices resulted in the Office of Thrift Supervision filing a “Cease and Desist Order” against Eastern for many different violations including certain underwriting practices which were characteristic of Predatory Lending. I recently heard second-hand that Eastern admitted wrong doing, and as a result, they were fined the magnificent sum of $25,000. Thank you OTS for such great punishments.
(I have done examinations on two different Eastern loans, one of which was originated in the time frame that the OTS inspection would have reviewed. I can attest to the underwriting issues with these loans.)
The common characteristics of the homeowners that Eastern apparently preferred to lend consisted of the following:
• Credit impaired with scores in the 500’s.
• Large amounts of equity.
• Mortgage Late Payments or Deliquent.
• Borrowers who had no true ability to repay a loan, so Stated Income was the norm.
This type of borrower would usually have few actual lenders outside of “Hard Money” or “Sub-Prime” lenders to look to for financing. In most cases, a “Bad Sub-Prime Loan” would have been better that an Eastern Savings Bank loan.
Common characteristics of an Eastern loan consisted of:
• Loan to Value of 55% or less. This allowed for Eastern to foreclose and make money.
• Interest Rate for the first year usually about 11.5%, then it drops to 11.4% the second year, 11.2% the third year, etc.
• Bottom interest rate after ten years would be 9.5%.
• Broker fees, lender fees and other fees greater than 5%, and usually just below the HOEPA tolerance of 8% and APR’s just below the tolerance level for HOEPA. (The loans were deliberately structured that way to get the maximum profit and fees without triggering HOEPA.)
• After ten years, the loan had a “demand feature” whereby with 30 days notice, the lender could call the loan, and if the borrower could not find financing, the lender could foreclose.
The end result for the homeowner who had these loans was that foreclosure was almost inevitable, and usually within a year or two. They had no ability to repay a loan with such a high interest rate over any extended period of time. If they had taken cash out of the home for loan repayment, once this cash was exhausted, they could no longer make the payment.
Often, the homeowner was told that with this loan, they could refinance to a better loan once their credit score improved in a year or two. What the homeowner was not told was that this scenario was unlikely in that it would usually take much longer to improve the credit score, and long before this happened, the homeowner would have run into financial trouble again, so they could not refinance. Default became inevitable.
The Law Firm taking action against Eastern Savings Bank is considering a major Class Action Lawsuit. It is expected to involve hundreds of plaintiffs, and since it would be in Federal Court, may allow for Plaintiffs from all 50 states. Those who currently have Eastern loans, and those who had the loans and refinanced, and those who were foreclosed upon would all likely qualify for this action.
Homeowners who had loans from Eastern Savings Bank should take heed of this upcoming action and find out if they qualify to be a member of the Class. For contact information for the Law Firm and for a person who is the head of an Eastern Homeowner’s Action Group, you can contact me and I can provide you the contact information.
Disclosure: I am not an employee of the Law Firm or Homeowner’s Group. I do not in any official capacity representative of either, nor am I a spokesperson. I am simply passing along the information as a Public Service. At some point, I may be asked to participate in some manner, but there is nothing contemplated yet.
(Patrick Pulatie is the CEO of Loan Fraud Investigations, a Predatory Lending Examination firm located in California. LFI has worked with attorneys in many different states. Articles by Patrick can be found at http://blog.ml-implode.com/ , www.iamfacingforeclosure.com , and weekly for the Asian Journal in California and other newspapers in California on an intermittent basis.
He can be reached at Patrick@loanfraudinvestigations.com or directly at 925-238-1221. Patrick and LFI are not attorneys, nor are they a law firm, and they do not engage in giving legal advice. Nothing in this article should be construed as giving legal advice.)
Totally agree with the comments.
Now that it appears to be a "done deal", it's quite obviously nothing but a SELL-OUT ...
Can I just say I admire a good rant. Fantastic!
You are correct sir. This whole process has nothing to do ...
If these assholes can't find the culprits call me. This diabolical is disgusting to its core. They have ruined our ...
Comment by angela monson on 12 May 2010:
Hello Patrick,
You did a forensic analysis for me about 2 years ago and I was pleased with the in depth evaluation of our mortgage. Unfortunately, they did foreclose on our mortgage but interestingly enough at the auction the house was bought back by Cypress Investment which is located in the same town, and street as Eastern. As a matter of fact, they are located at suite 300 and Cypress is located at suite 200. Sounds like they are circumventing something here. Especially since the Federal Reserve holds the notes for Eastern savings bank. They foreclosed my house and didn’t own the note.
Comment by pulatie on 13 May 2010:
Have you gotten involved with Soleil regarding the Class Action? There may still be a way to at least get damages. I would certainly call him.
Cypress may have been a “private investor” that Eastern used for some of these loans. Usually, a bank would “create” an LLC to hold the money from the Private Investor and lend from those sources for hard money loans.
The Fed actually placed “liens” on all assets. They did not actually take possession of the Notes, from what I am aware. It is easy to get confused on these things.
Comment by james on 15 May 2010:
Just pay your fucking bills on time you assholes! What a bunch of whiners! If you can’t pay you lose your shit. That’s life!! Deal with it.
Comment by pulatie on 16 May 2010:
James,
Your comments were uncalled for and certainly inappropriate. Maybe you actually work for Eastern.
If you understood what Eastern Savings Bank did, you might have more empathy. Eastern preyed on people who had no where else to turn. They were placed into loans whereby they would never be able to repay the loan. The loans had no more than 55% loan to value, and so Eastern did these loans with the intention of foreclosing. And when they foreclose on homes, if equity is in the home and that is recovered in the foreclosure process, Eastern will do everything to prevent paying the homeowner the difference that would come to them.
What about Eastern’s Cease and Desist Order from the OTS? Some practices that Eastern engaged in that they were ordered to Cease were practices that should have resulted in the homeowner being declined for the loan. If that had happened, they could have sold the home, and walked away with considerable equity, but that would not have been “profitable” for Eastern.
These same type practices went on with EVERY lender during the Boom. Lenders did not care. Just make the money and let the homeowners suffer, of which too many did not understand what was happening. But I guess that would not mean much to you either.
Save your vitriolic outbursts for some other website.
Comment by Dusty on 17 May 2010:
While I agree they did risky loans, what about the people that had no where to turn and clamoured for the loan. This was a hard money loan, and Eastern was the only real Institutional Hard Money, most are just Loan Sharks.
Borrowers needed a loan from someone against their house and no one would give them a shot. If borrowers can’t keep up with the payments, is it the lenders fault for granting them a loan that corresponds to their risk? I have done loans like this where the family desperately needs cash from tehir house to pay for Medical Bills, Lawsuits, or any other number of things. The fact that later they couldn’t repay the loan, or that they don’t like the terms is stupid. These are risky loans that have an interest rate to sorrespond to the risk. The difference between Eastern and Subprime loans is that Subprime loans didn’t price for the risk & allowed loans without equity. The financial system was never intended to have risk without an increased cost to compensate for the risk. That is financial suicide. The homeowner could always sell if they couldn’t afford the payment and has all that equity. Not everyone is entitles to own a home, and renting is usually cheaper.
I don’t agree that this deserves a lawsuit. These loans’ unattractive terms were never hideden. They were Hard-Money loans for a reason on both sides.
Comment by pulatie on 17 May 2010:
Dusty,
So you did loans like this? Was that as retail for a lender or as a broker/loan officer?
The OCC in guidance letters have stated the following which shows how lenders like Eastern should have underwritten loans.
Office of the Comptroller of the Currency Guidance Letter AL 2003-3
………the OCC believes that a fundamental characteristic of predatory lending is the provision of credit to borrowers who simply cannot afford the credit on the terms being offered. Typically, such credit is underwritten predominantly on the basis of the liquidation value of the collateral, without regard to the borrower’s ability to service and repay the loan according to its terms, absent resorting to that collateral. When a loan has been made based on the foreclosure value of the collateral, rather than on a determination that the borrower has the capacity to make the scheduled payments in accordance with the terms of the loan, the lender is effectively relying on its ability to seize the borrower’s equity in the collateral to satisfy the obligation (including accrued interest) and to recover the typically high fees associated with such credits.
Predatory and abusive loans originated through brokers or by third-party lenders also present a wide range of heightened legal risks for national banks, and could subject them to both supervisory action and civil liability. For example, borrowers victimized by oppressive loan terms or other unscrupulous conduct of a mortgage broker or loan originator may have remedies against the ultimate creditor under common law theories of fraud or unconsciousability.
In addition, predatory loans originated through mortgage brokers, or purchased from third-party lenders, may subject national banks to liability or supervisory action under a wide range of federal consumer protection laws. For example, in typical mortgage broker transactions, the loan will be closed in the name of the bank as the initial creditor, and thus, the bank generally will have direct liability for any violations of law committed in connection with the loan. In addition, the bank could be liable under agency, “common enterprise,” or other theories for violations committed by the broker, and may be jointly and severally liable with the broker —for example, under the Real Estate Settlement Procedures Act (RESPA) — for violations it is deemed to commit in conjunction with the broker. Even in table-funded or purchase transactions, a bank may have liability for violations of law as a successor or assignee of the original creditor.
Office of the Comptroller of the Currency Guidance Letter AL 2003-2
…..a departure from fundamental principles of loan underwriting generally forms the basis of abusive lending: lending without a determination that a borrower can reasonably be expected to repay the loan from resources other than the collateral securing the loan, and relying instead on the foreclosure value of the borrower’s collateral to recover principal, interest, and fees. A national bank that makes a loan to a consumer based predominantly on the liquidation value of the borrower’s collateral, rather than on a determination of the borrower’s repayment ability, including current and expected income, current obligations, employment status, and other relevant financial resources, is engaging in a fundamentally unsafe and unsound banking practice that is inconsistent with established lending standards.7 This practice not only increases the risk to the bank that the loan will default but may also increase the bank’s potential loss exposure upon default.
5000 – FEDERAL DEPOSIT INSURANCE CORPORATION Statements of Policy –
“When an institution offers nontraditional mortgage loan products, underwriting standards should address the effect of a substantial payment increase on the borrower’s capacity to repay when loan amortization begins.” “Ensure that loan terms and underwriting standards are consistent with prudent lending practices, including consideration of a borrower’s repayment capacity;” “For all nontraditional mortgage loan products, an institution’s analysis of a borrower’s repayment capacity should include an evaluation of their ability to repay the debt by final maturity at the fully indexed rate, assuming a fully amortizing repayment schedule”
and
Risk-layering features in a subprime mortgage loan may significantly increase the risks to both the institution and the borrower. Therefore, an institution should have clear policies governing the use of risk-layering features, such as reduced documentation loans or simultaneous second lien mortgages. When risk-layering features are combined with a mortgage loan, an institution should demonstrate the existence of effective mitigating factors that support the underwriting decision and the borrower’s repayment capacity.
Recognizing that loans to subprime borrowers present elevated credit risk, institutions should verify and document the borrower’s income (both source and amount), assets and liabilities. Stated income and reduced documentation loans to subprime borrowers should be accepted only if there are mitigating factors that clearly minimize the need for direct verification of repayment capacity. Reliance on such factors also should be documented. Typically, mitigating factors arise when a borrower with favorable payment performance seeks to refinance an existing mortgage with a new loan of a similar size and with similar terms, and the borrower’s financial condition has not deteriorated. Other mitigating factors might include situations where a borrower has substantial liquid reserves or assets that demonstrate repayment capacity and can be verified and documented by the lender. However, a higher interest rate is not considered an acceptable mitigating factor.
These pretty well show that Eastern should NEVER have done the loans in the first place.
As to yourself, as a loan officer for a broker, you DID have a Fiduciary Duty to a borrower, whether you or other brokers did not want to believe it. You placed people into these type loans with no regard for the outcome. It was simply business as usual. Take the money and run.
Now, you blame desperate homeowners who you sold “hope” to, knowing full well that they could never repay the loan.
The National Association of Mortgage Brokers has adopted a Code of Ethics which requires, among other things, that the broker’s duty to the client be paramount. Paragraph 3 of the Code of Ethics states:
“In accepting employment as an agent, the mortgage broker pledges himself to protect and promote the interest of the client. The obligation of absolute fidelity to the client’s interest is primary.”
I subject to you that the “best interests” of the borrower would be to have declined the loan, so that they could have sold the property and taken at least some equity from the sale, instead of losing everything.
The problem is that everyone in the business wants to blame the homeowner, and don’t want to admit that they, the lenders, and Wall Street were the real problems.
Comment by Kathleen on 17 May 2010:
Hello,
I’d appreciate the law firms information for the potential class action suit. Kudos to you for mentioning the brokers as well. Ironically, our broker was in every day when it came to processing the loan, but vanished quickly thereafter.
I have a defaulted commercial mortgage loan with Eastern. In early 2007, I refinanced my mortgage with them for repairs on our two small buildings (one of which my spouse has had his business running from for the past twenty years). When the market crashed, many people suffered including small businessmen. I too had been laid off from my employer and had a baby within the same time period. We fell two months behind and the interest rate jumped from 10.9% to a default interest rate of 21%. Yes, 21%. Eastern would not budge on a modification of any sort.
I received a call two months ago from them. They state that they cannot modify the 10.9% interest rate because it is considered “low”, but that they can take the 21% default interest and back it to the end of the loan, if I pay the taxes and insurance myself, pay p&i and my loan payments would be smaller. The equity in the property has been wiped out by the default interest.
Also, when I asked what the payoff amount is including the default interest, they can only estimate that the interest is in excess of 80k plus. According to them, I can refinance the loan in a year~ on what planet is my question!
Comment by Kathleen on 17 May 2010:
Just wanted to add that they did offer a short sale if I had a buyer, but no long term modification to save the property in question.
Comment by pulatie on 18 May 2010:
Kathleen,
What you are experiencing is typical of Eastern. And EVERY other lender. But, there may be “surprises” coming for some of them, if things work out.
I emailed you the information for the attorney.
Good luck.
Comment by Deering on 18 May 2010:
Eastern Savings Bank is falling under increased scrutiny by many. They have earned the reputation as a vile and abusive predatory lender. When the curtain is finally pulled back, this bank will make Country Wide look good. Eastern Savings Bank methodically targeted homeowners in duress..they would specifically target equity rich properties, utilizing a network of unscrupulous brokers. They created deceptive loans which they called hybrid or creative financing. They would use interesting no doc verification and wild LTV formulas all designed with one intent…and that intent was for the homeowner to fail and for them to foreclose on the property. The people running this bank should be investigated by law enforcement. Contact your local Attorney General file a complaint and fight these criminals. I have been around the biz for many tears and have never seen a bank take advantage of citizens in this manner. It is absolutely repulsive that they were allowed to prey upon American families in this manner. You will soon see them covered in the media, with a sweeping class action brewing and some high profile law firms in California, Illinois and New York on board and already filing counter law suits against them. This bank is already teetering on the verge of insolvency, they are also sliding down the side of the mountain and into the muck. Stay tuned for some breaking news soon!
Comment by Patrick Pulatie on 19 May 2010:
Deering,
I have heard of a couple of other firms involved in actions against Eastern. Eastern’s fate is well deserved.
The loans that I have examined from Eastern have been the “worst” exams I have done. Their practices were simply unbelievable. It just boggles the mind.
What ticks me off are all the lo’s that place blame on the borrowers, and refuse to recognize how they, and lenders contributed to what occurred. Anyone in the business was “guilty” in some manner or another, maybe not directly, but by knowing what was going on, and not “blowing the whistle”,
Comment by Russ on 19 May 2010:
I am trying to understand how is this a predatory lending if the loan terms are fully disclosed by all the lenders at settlement, and high interest rates are a common practice for borrowers that are not credit-worthy?
Comment by Deering on 19 May 2010:
Russ, you pose an interesting question..the answer in the case of Eastern Savings Bank is that they never should have given loans to the people they approved. The devil is in the details with this bank. They in face did turn down many applicants, they only moved forward in cases where the distressed homeowner clearly demonstrated that they had equity in the property. Those individuals turned into little cash dispensers for Eastern who drew up loans that the borrower had no chance at paying back. In many cases the bank and brokers worked together to convince borrowers that they would be able to refinance down the road at better terms..this never happened and once the payments were in arrears Eastern vulchers would launch their attacks basically equity stripping by filing foreclosure. They as mortgage servicers are under strict federal obligation to write and approve only loans that borrowers could in good faith pay back..this never happened and Eastern employees went about there business creating disastrous loans that preyed on the most vulnerable homeowners. So to answer your question Eastern Savings Bank acted in bad faith, wrote loans they shouldn’t have and created a business plan that specifically targeted equity rich properties with homeowners who fell on hard times. That Russ…is “Predatory”
Comment by Patrick Pulatie on 19 May 2010:
Thank you for answering that Deering. I have been occupied examining a WAMU loan. The idiots screwed up the Foreclosure Process. They filed a Notice of Trustee Sale, due for Auction on Monday. I found that the Notice was filed on a Notice of Default that they had rescinded previously.
Oops!!!!!!
Comment by Deering on 19 May 2010:
Patrick, Thank you for creating a forum where victims of Eastern Savings Bank can gather and share information. ESB was actively involved in their nefarious business practices prior to the housing bubble burst, they were a primary player in this venue..The Federal Cease and desist order against them should help many residential homeowners in their fight. The Cease order was primarily on the commercial lending side, however, many of the dubious loans were also generated on the residential side and they are now being closely scrutinized by defense Attorneys..the state and federal judges will soon slam the door shut on Eastern Savings — You can “bank” on that !
Comment by Deering on 20 May 2010:
Why did Eastern Savings Bank sell these bad loans primarily to families that already own a home? According to the chief national bank examiner for the Office of Comptroller of the Currency, only 11 percent of subprime loans went to first-time buyers last year. The vast majority were refinancings that caused borrowers to owe more on their homes under the guise that they were saving money.
The bottom line is that it should be illegal for lenders to qualify a borrower for a loan for anything less than its fully indexed rate. The industry must determine a borrower’s ability to pay.
why are these bad loans being sold primarily to families that already own a home? According to the chief national bank examiner for the Office of Comptroller of the Currency, only 11percent of subprime loans went to first-time buyers last year. The vast majority were refinancings that caused borrowers to owe more on their homes under the guise that they were saving money.
The bottom line is that it should be illegal for lenders to qualify a borrower for a loan for anything less than its fully indexed rate. The industry must determine a borrower’s ability to pay.
Thanks goodness the government is introducing a national regulatory structure for mortgage brokers and other originators in addition to pushing the regulators to conduct more oversight using HOEPA and other relevant laws. it should be harder for irresponsible brokers and non-bank lenders to sell mortgages that are designed to fail the homeowner and result in foreclosure. The goal is to strengthen standards for subprime mortgages by regulating mortgage brokers and all originators under the Truth in Lending Act (TILA) by establishing on behalf of consumers a fiduciary duty and other standards of care. In addition, banks like Eastern are obligated under Federal Law to review the standards for brokers and originators to assess a borrower’s ability to repay a mortgage, requires taxes and insurance to be escrowed on all subprime loans and holds lenders accountable for brokers and appraisers.
Comment by Patrick Pulatie on 20 May 2010:
Deering,
The problem with these new laws is who will enforce them? Guidance letters were going out as far back as 1996, warning about Predatory Lending and a bank’s liability, but they were ignored by all. And, the OCC and OTS did not worry about the Guidance Letters being followed.
Whenever a potential action of importance comes into play against the banks, the OCC comes in and claims Federal Preemption to shut down the action. Look at Andrews v Chevy Chase. It was granted Class Action status, and the FDIC shuts down the action.
Should the borrower be approved at the Fully Indexed Rate, or at the CAP rate? This is an important consideration. I have reviewed loans where the borrower would have been approved at the Fully Indexed Rate (Index plus Margin) but if the Index begins to increase, then the borrower would be unable to make the payments. This was especially true with Option ARMs done in 2003 and 2004.
What about Debt Ratios? 45% has now been shown to be far too high for most borrowers. Should that go back to 28/33? Personally, I think so.
What about credit scores? It is obvious that relying on the scores is a major problem. (BTW, most PSA’s admit that the credit score was designed to predict repayment on consumer debt and was not designed with mortgage payments in mind.)
Why not return to the old process of a “Real Income” test whereby a borrowers “take home” income is used, then all debt service is subtracted, child care and other expenses, monthly living expenses, and what is left over forms the basis for the loan approval. I review loans on that basis all the time, and it is amazing what little amounts of disposable income is left for borrowers to live on. If this had been done over the last ten years, we would not be in this mess.
Comment by Deering on 20 May 2010:
Patrick, excellent point..who will enforce the laws? Seems that there is a lot off the “forgiving” the lender for making “mistakes”. or as you stated preemptive rules? People need to a proactive role in peeling back the curtain, just as they did with Country Wide. File complaints with local AG’s, file complaints with the FTC, OTS and keep the spotlight shining brightly on banks like Eastern Savings. Keep the pressure on them, get the media involved, get community activists involved, contact law firms, if they can smell a victory they will be glad to jump on board in either a contingency agreement or a workable payment plan. Take action now, don’t be bullied or afraid to take them on. Yes they have deep pockets, however, the tide is now turning and the courts are starting to punish these banks for unscrupulous tactics, consumer fraud and in particular “predatory” lenders and the brokers that assisted. Drag them into court and if they have filed on you…file an affirmative defense and immediately file a counter law suit. Make sure you file in the first 20 days, so you don’t lose valuable time to defend your case. If you happen to miss the deadline and you receive a default judgement it is much harder to get that set aside. So that being said, know your rights, hire a legitimate law firm and take these bastards to court! Fight to have the mortgage voided and ask for damages.
Comment by Patrick Pulatie on 21 May 2010:
Deering,
You are absolutely right. People have to take action. They can’t sit on their hands crying “boo-hoo” and wait until the last moment. To give you an idea, I spoke with a client yesterday morning, who was referred by an attorney. UD action coming up. I tell her to send me her documents immediately and I will have things written up by noon today. She faxed the documents during the night. So, I wake up, and here they are. No way I can have them done by noon.
Of course, she will call and want them anyway. Sometimes, you just can’t win.
BTW, new article being written this weekend. Foreclosure and Securitization – Unlocking the Secrets of the PSA.
Since only a few attorneys have ever read a PSA, I think that it is time to explain what is in the documents that can help in foreclosure defense.
Comment by Deering on 21 May 2010:
Patrick – Thanks again keep fighting the fight..you are becoming an advocate for foreclosure victims in the same way April Charney has.
http://www.msnbc.msn.com/id/28277420/
We need more advocates and more victories. Just saw in the paper that mortgage foreclosure filings are spiking up again..nearly 5% of American homeowners are in some phase of the foreclosure process…doesn’t sound like a lot, however, it is thousands upon thousands of Americans suffering!
Comment by Suzan on 27 May 2010:
Please send me contact information about the law firm handling the Eastern Savings Bank Class Action Law Suit. Thank You.
Comment by Deering on 31 May 2010:
Found this on the rip off report site “I am with an Organization called Action Now based in Chicago. We are doing outreach to foreclosure victims and assisting them in saving their homes. We have clients that Eastern Savings Bank made complete predatory loans to, with interest rates at 12% and fluctuating. Eastern Savings Bank has completely ignored the homeowners requests for modification due to hardships they have encountered. They hired the dirt bag law firm of Sitt Klein and Daday to proceed with foreclosure on our clients. Eastern Savings Bank uses terminology when “negotiating” that very much mirrors “bait and switch” tactics. Anyone in the Chicago area with a loan from them should contact us at Action Now, the more people we have the better the case for the Attorney General to hammer this scum bag company.
If you find this and you are in the Chicago Area, email me and I will get back to you. justicecl2@gmail.com, if you leave your number in the e-mail I will call you.”
Comment by nelva fajardo on 31 May 2010:
I have e-mail both the class action Attnys Firm and also the Eastern Bank Homeowners Group person in charge twice and have no received a responce so far. If you read this e-mail can you referme/guide to a The ATTNS Who are invilved i future class action law suit,etc? TKS, Nelva at; dorispastor82@yahoo.com
Comment by Van Gurp on 3 June 2010:
Please, send me contact information on the law firm that is handling the class action lawsuit involving Eastern Savings Bank.
I owned my house free and clear (paid cash) and thought I was going to lose it due to property taxes coming due (didn’t know then that I had 3 years before the county would take my place). Only needed $3000. but Eastern would only do a loan for $50,000. The day before the taxes were due, Eastern changed my interest rate to 11.5% – wasn’t working and didn’t want to lose my home so I took the offer. Health reasons then put me into foreclosure – they wouldn’t lower payments or interest – THEY NEVER EVEN SERVED ME FORECLOSURE NOTICE. Court records show they served a different person whom I do not know (Robbin Zimmerman). I have given them waterfront property appraised at $180,000. Could get my place back and sell it if I could find an attorney who didn’t want $2000. for a retainer to file a challenge to affidavit of service.
Comment by Deering on 4 June 2010:
Van Gurp, perhaps they served you by publication. In some states all they need to do is publish the notice of foreclosure in a newspaper and that is recognized by the court as “proof of service” review the documents and look for a filing by them which indicates said “proof of service” You may have a better chance fighting them over the bait and switch interest rate or other “content” in the loan they devised. The devil is usually in the details with this bank. A good attorney should be able to at least stay the action and put up a good fight for you. ESB also hires good lawyers, so you will be in for a fight. Best of luck to you. Don’t just let them take that property without a fight. With so many people taking Eastern to court, you can begin to use that in your defense as well, look at precedent cases involving them and show that to the judge. In particular utilize the Federal Cease and Desist order that was placed against this bank which among other violations clearly states that they had problems with Truth in Lending (TILA) not to mention an assortment of other possible challenges including HOEPA RESPA Consumer Fraud and breach of contract.
Comment by They got me too! on 4 June 2010:
I too have been calling the lawyer for two weeks now with no response. I also have tried emailing that group from chicago with no response. Can someone explain the cease and desist to me? Eastern was supposed to start forclosure precedings and everything just stopped. What does that mean? They had a june 16th redemption date but nothing was posted in the newspaper. My bankruptcy attorney looked to see and she said there was nothing posted. We have tried 4 times to modify with them, and was turned down all 4 times. I am looking for an attorney to help me fight them. I live in the chicago area, and was really hoping those people can help us. If anyone can help me I would really be appreciative.
Comment by Patrick Pulatie on 4 June 2010:
Sorry I have not been able to reply earlier. The New York attorney is just buried in things at the moment, as is always the case. He has had to do amended complaints on a couple of issues with regard to Eastern, so it has been a “trying” time for him. (Pun intended.)
Benito Belches is the homeowner in New York to speak with at the moment. His email is shearodm8206@yahoo.com. He is busy with his own case and also coordinating the homeowners who are getting involved, so if he does not respond at first, keep on trying. (I can tell you that with me, I get so many emails that it is hard to keep up, so I imagine that Benito has the same issues, and the attorney also.)
Comment by nel on 5 June 2010:
Ms Deering Can you suggest a last resort (other than a chapter 13 which I filed 3/24/10 two hours prior to THE SALE, but it was COURT DISCONTINUED 6/4/10) to STOP THE SALE, again, scheduled for 6/11/10??? dorispastor82@yahoo.com. The Chicago based doing outrich for foreclosure victims phone # is: 312 676 4280. ACTION NOW is their name.
Comment by Deering on 7 June 2010:
Nel, the only way to stay the action now is BK..if that didn’t work you could perhaps appeal the foreclosure action to the Federal Court..just not sure..try and secure financing to pay off the amount in arrears. ask the BK judge for a reinstatement of the action. remember it’s always darkest before dawn. Sometimes we choose our path and sometimes our path is chosen for us. You will be ok. You can start over and it’s not like you are fighting a terminal disease. Worse case scenario… you lose the place, OK pick yourself up dust yourself off and get busy living again. Dont let esb take your spirit. ! God Bless!
Comment by MR.FIGHT123 on 9 June 2010:
First everyone in foreclosure with eastern saving bank need to call the FEDERAL BUREAU OF INVESTIGATION at 1-877-382-4357 they are taking complaints on this bank NOW!the more calls and complaints filed the better the investigation.Do not go up against this bank alone find people in your state or county pull up all court cases in foreclosure with this bank network with each other hire lawyers together call news channels report this bank in numbers email each other.You must stay tightly knit do not separate remember POWER IN NUMBERS!
Comment by MR.Belches on 9 June 2010:
HELLO PEOPLE I’m the person trying to get people together for the class action lawsuit my lawyer got my decision and order back from the court the judge grant the decision to the bank to proceed in putting my home up for sale this was may 13th 2010,yet to this day as my lawyer filed a motion to reopen or a motion for reconsideration or a motion for reargument the case each one has from 10 to 30 day from the day of the judges decision but the clock starts to tick in favor of the bank once the lawyers from the bank mail your lawyer back a copy of the order plus docs filing to get a referee to start the action sale.I’M LETTING YOU ALL NOW KEEP A CLOSE EYE ON YOUR LAWYER REMEMBER IF YOU CHOP THE HEAD OFF THE LEADER THE BODY DIES LAWYERS CAN BE BROUGHT TOO!BUT I WILL PREVAIL AND WE MUST STICK TOGETHER.
Comment by MR.Belches on 9 June 2010:
MR BELCHES FORGOT TO PUT BANK DOWN EASTERN SAVING BACK IS THE BANK IN QUESTION REMEMBER STAYS CAN BE PLACE ON HOMES TO STOP SALES, IF YOUR IN CHICAGO YOU CAN EMAIL MARTY at Travelballstarz@aol.com he has a law firm he is dealing with in that area.
Comment by Lisa Murzin on 9 June 2010:
Hi Everyone. I’m Lisa in CT and have been fighting Eastern Savings Bank since December 20, 2007. I am in foreclosure, also without a lawyer, and have had my Appeal and Motion for Reconsideration en banc denied by the Appellate court. I am still, however, fighting, along with Benito, Tom, Marty, Angela and a host of others. We can not wait on the class action, so I implore each of you in foreclosure with this most evil bank to contact The Federal Trade Commission with your complaint regarding ESB at 1-877-382-4357, do not wait, DO IT ASAP, and also contact Eyewitness News investigative reporters at 1-877-TIP-NEWS, and tell them what ESB has done to YOU! The more people we have calling, the better our chances of putting ESB in public, where Judges and others in power will see them for what they are, Predatory and Unlawful lenders who steal peoples homes. Also as stated above, call the FBI and report it to them, they have a mortgage foreclosure Fraud Unit, and will investigate, 1-877-382-4357. Also, call the Attorney General of the State you live in and file a complaint with them also. And finally, contact the Office of Thrift Supervision, who regulates ESB and gave them the Cease and Desist Order and the $25,000.00 Civil Money Penalty for establishing a pattern of Predatory Lending. File a complaint with them at 1-800-842-6929. Do not put it off, do it ASAP. Best of luck to us all and God Bless. Lisa
Comment by MR.Fight123 on 10 June 2010:
Good Morning Guys,please email Timothy at tschida@ic,fbi. gov at the FBI he is taking emails on this bank the more the better.We all must continue to network and email each other and remember Eastern saving bank has moles that at like they are in foreclosure to keep track of what we are doing.
Comment by MR.Fight123 on 10 June 2010:
IMPORTANT REMEMBER,IF YOU WANT A FORBEARANCE OR A MODIFICATION FROM THIS BANK EASTERN SAVING BANK,YOU HAVE TO SHOW W-2′s TAX RETURNS HOUSEHOLD INCOME.BUT REMEMBER YOU DID NOT HAVE TO SHOW ANY OF THIS TO GET THESE SUB PRIME PREDATORY MORTGAGES.THIS IS ANOTHER ONE OF THEIR TRICKS SO YOU CAN FAIL.ALWAYS REMEMBER THESE MORTGAGES ARE DESIGNED FOR YOU TO FAIL NO MATTER HOW MUCH YOU MAKE YOU WILL FAIL ALSO THESE MORTGAGES ARE INSURED SO NO MATTER WHAT AFTER A YEAR EASTERN WILL COLLECT THESE MORTGAGES NEED TO BE VOIDED OR COMPLETELY RESTRUCTURED.
Comment by luciyahelan on 11 June 2010:
so you will be in for a fight. Best of luck to you. Don’t just let them take that property without a fight. With so many people taking Eastern to court, you can begin to use that in your defense as well, look at precedent cases involving them and show that to the judge. In particular utilize the Federal Cease and Desist order that was placed against this bank which among other violations clearly states that they had problems with Truth in Lending (TILA) not to mention an assortment of other possible challenges including HOEPA RESPA Consumer Fraud and breach of contract.
==================================
Savings Accounts
Comment by They got me too! on 11 June 2010:
Mrfight123,
Can you give the email address for Timothy again, it doesn’t seem to go through.
Thanks
Comment by Deering on 12 June 2010:
This is an interesting court document involving ESB:
http://www.websupp.org/data/SDMS/1:05-cv-00077-6-SDMS.pdf
also guess who made the 2010 Bank Failure watch list..Yep Eastern Savings Bank !
http://www.moneyeconomics.com/Saving-Rates/2010-Q1-Watch-List-on-FDIC-Insured-Banks-at-Very-High-Risk-of-Failing-Final-Update-6/9/10
Comment by MR.Fight123 on 14 June 2010:
email to timothy is timothy.tschida@ic.fbi.gov
Comment by sandy on 18 June 2010:
I fully understand what is going down here. I too am in the same problem weith ESB. Their actions put forward are so well exacuted one must stand back they a deep breath to see beyond how they manipulate their numbers and addressment to the homeowner. The only goal is to take the home for the equity in it. These are the types of bakers who do need a manual job to grasp what real work is. I had Patrick do my audit with fantastic results in my favor. I have not won yet but I will ride it out as far as I can afford. This is a possitive note on my ledger. Thank You Please keep this updated to the fullest possibility for all of us involved
Comment by sandy on 22 June 2010:
Hi, how do I find out any progress on this suit hopefully to take .
Comment by Lisa Murzin on 27 June 2010:
Hey guys,
Benito and I were talking this morning and it seems to us that we should possibly do a class action lawsuit against the Federal Government of the United States of America, for every American that has been put into a predatory, fraudulent loan designed to fail and put them into foreclosure, because the Federal Government knew what it was doing in the Bush administration when they gave these banks free reign to write their own tickets with little or no oversight. This is how we got into the mess we are currently in, the Federal Government of The United States of America has allowed these banks to steal the American Dream, by not keeping an eye on what these banks were doing, for so long, that now, like Eastern, they have become jaded to stealing hardworking American homes; they have been doing it for so long, without punishment or reprimand of any kind, that it has become business as usual. But now, with the Mortgage Fraud Task Force, and Foreclosure Fraud in the headlines every week, NOW is the time to take action against these banks that have set people up to lose the homes they have worked so hard for, these predatory lenders were given a blank ticket to do whatever they wanted to us by THE FEDERAL GOVERNMENT OF THE UNITED STATES OF AMERICA, so in our thinking, it is THE FEDERAL GOVERNMENT OF THE UNITED STATES OF AMERICA that has to make it right. They know what they did, now they need to own up to it and FIX IT! IF that means billions of dollars in damages and stopping all these foreclosures in their tracks, and modifying mortgages that people will be able to afford, that so be it. This Foreclosure situation is only going to get worse if something is not done to stop it!
Comment by Suzan on 28 June 2010:
We have been fighting ESB since 2005. A sale date is now set for the end of July. Appealing the decision again, but we are just about at the end of the line. I would appreciate the name of the law firm doing the class action suit. We live in Connecticut.
Thanks
Comment by Miguel on 29 June 2010:
Google Jonathan Feldman and OTS. Shadiness abound.
Comment by Deering on 4 July 2010:
Susan, just curious, if you have been fighting them for (5) years, what tactics did you use to keep this in the court system that long? Most foreclosures wrap up in 1 or 2 years tops.. perhaps your information could help some people delay an eviction. You must have been able to save quite a bit of money, not paying ESB during this time frame, in essence recouping some of your equity in this manner. so it’s not a total loss. have you ever filed bankruptcy? you could file and your spouse separately that will stop the foreclosure in its tracks, probably only temporary if you cant make the payment, however, it should buy you more time.
Comment by Deering on 4 July 2010:
http://baltimore.bizjournals.com/baltimore/stories/2010/06/28/daily20.html
Comment by barry nichols on 5 July 2010:
OF COURSE!anybody who couldn’t pay their loan is always steaming mad at “the evil bankers.” They didn’t stop anybody from paying! You’re all just falling for the same dumbed-down, media anger that makes everyone feel good, and victimized, without dealing with reality. If ESB haden’t made these loans, these people would have been stuck with no way to stay in their homes/ businesses in the first place. A low LTV just minimizes risk and doesn’t show anything that has to do with wanting to forclose; no bank ever wants to have to foreclose, and anybody who knows anything knows this! It is the most costly and lengthy process. I have had loans from ESB, and I, and acquaintences of mine, will attest that they alone were willing to take a risk and loan to risky people. DO YOU REALLY THINK that the OTS with all of the pressure to prove their oversight, would let them off with a paltry $25,000???!! Obviously there was no wrongdoing found!
Comment by Deering on 5 July 2010:
Barry I agree you make a persuasive argument, however, if this bank didn’t “want” to foreclose on the voluminous amount of houses, why didn’t they let homeowners modify? simple question? They don’t. They refuse to allow modifications of any kind, they have literally hundreds of homes currently in foreclosure in multiple states. Their answer is “we didn’t accept tarp money therefore we don’t have to offer modifications, we want your house”. That is a fact. Your statement regarding this bank in particular has been debunked. They are on the 2010 bank failure watch list because a huge majority of their residential and commercial loans are non-performing. They will most likely be seized in 10 or 11. What will become of their foreclosure nightmare then? Perhaps struggling homeowners will be granted reasonable modification proposals. We are talking about families here, that just want an affordable payment to keep a roof over their families, so take your dumbed down media anger elsewhere. This bank had a strategic plan in place to raid equity rich properties and preyed on people in vulnerable situations (period).
Comment by MR.Fight123 on 6 July 2010:
Hello Deering barry is properly a mole that works for eastern saving bank or a broker that help broker one or more of these bad loans,eastern is a equity driven bank that heavily insures there mortgages on nov.23,2008 they receive a loan from the federal reserves bank in va. i was told it was $11,000.000.that’s still the peoples money this was done under the table so they still receive federal money and don’t have to modified our loans.When banks defraud other banks out of money like one of the vice presidents did we have a serious problem.
Comment by MR.Fight123 on 11 July 2010:
THIS IS IMPORTANT FOR EVERYONE TO READ [TOM SCHAUF REPORT]
Comment by Steve on 30 July 2010:
Hi,
I worked for ESB years ago. It’s interesting to see that almost all the execs from back then are still there now. (at least according to the website) I didn’t notice anything shady going on. Why is it bad to be only interested in loans with lots of equity? I think that’s smart. It would be incredibly dumb to offer a loan to someone in shaky circumstances without having the protection of lots of equity. Foreclosure is very expensive.
There are lots of companies that are out of business now because they didn’t protect themselves from people who don’t meet their obligations. And of course, it is still possible that ESB will go under, too.
To the people who say, “well, they should have just declined the loan”. That is kind of silly, since the person seeking the loan would have just done business with someone else.
Don’t get me wrong, I have sympathy for people who lost their jobs, or got sick, or their business tanked, thus putting them behind on their mortgages. I just think ESB is not a charity, they are a business. They have to look after their bottom line, and make decisions that will keep them in business and hopefully make a profit. All businesses do this.
Comment by Patrick Pulatie on 30 July 2010:
Steve,
Your comments are exactly what I have run into time and again from former loan officers and account reps. They don’t want to admit that the lenders and the brokers were the problem. And if the lenders had held to established underwriting procedures, then the problem in housing would not have occurred.
ESB specifically targeted individuals who had no ability to repay the loan. The end result would be foreclosure, which would benefit ESB.
The reality is that ESP epitomized the term “Predatory Lending”. And Predatory Lending has been the subject of numerous actions against such lenders, by not just consumers, but also the Feds.
What about the Advisory Letters from the OTS and FDIC whereby the actions engaged in by ESB were clearly stated to be symptomatic of Predatory Lending?
What about OTS and FDIC letters whereby it was directed that the lender should determine the ability of the borrower to repay the loan?
When you target homeowners and base loans on the equity in the home, you are clearly loaning on the foreclosure value of the property. This was specifically addressed in the letters and stated that it would be in violation of many different statutes and agencies.
What about the Cease & Desist letter from the Feds? It clearly outlined the issues with underwriting of the loans. Or is that even relevant to you?
The thinking that you evidence is the thinking that led to the Housing Crisis debacle. It was all about the money, and the homeowner be damned.
Comment by Jenny on 3 August 2010:
Please send me information re; lawyer for class action suit against Eastern Savings Bank. I live in New Jersey and my property is jeopardized by foreclosure with ESB. I strongly believe that I am a victim of predatory lending. Thank you.
Comment by John on 17 August 2010:
I too would like the class action information. I have been under threat of forclosure by ESB for over 2 years now. Financiually it’s been all down hill since I was laid off in late 07. I found out my house was to be auctioned last Thursday when we got junk mail claiming to save our home from auction on 8/12. I called ESB and iot was true! Notification had been placed in some obscure publication here. I quick hired an attorney and we filed for Ch 13 about an hour before the auction. We also didn’t find out until at the closing table that our interest rate had been changed by 1.5%. What are we going to do at that point? Our choices were about zilch to do anything else timely enough then.
Comment by They got me too! on 19 August 2010:
I am starting to believe that there is nothing getting done about this. I have called the lawyer at least a million times with no response back ever. I’ve emailed and called everyone who was listed on this site to contact and never once did I get any response back from anyone! I believe ESB got a slap on the hand and now we are going to have to fight this bank on our own to save our houses! If you want to save your home file a ch. 13 to save it, otherwise just walk away. I really thought that something could be done, but I think they are just to strong to fight with! If anyone else had luck with anything that was posted here, please respond back & let the rest of us know what you have done to get through!
Comment by kathy on 21 August 2010:
here is our situation made short. was behind on mortg pmts thru wv housing. payments were like $650 month. (got behind due to layoffs) Found “broker” did paperwork, was approved. they came to our house we signed paperwork to refinance (we owed like 60000.00 and they financed enough to pay all of our bad credit and have $20000.00 cash back for home upgrades. well… the intrest rate was supposed to be like 10% but when we signed it was 13%. Wanted to not sign but it had already taken them 3 months and we wanted to clear up all our credit. paid on loan for appx. 2 years. got behind. they would never let me “catch up” I had to pay behind amt plus curr pmt. or nothing. well by the time I got behind pmt and curr pmt another pmt was due!! tried getting them to put behind pmts at end and “start fresh” noooooo not allowed they said. got to one point they said we were behind $10,000.00! Dont know how but had to pay that amt or they foreclose. borrowed the money sent them pmt. was good for a while then all of a sudden… our pmts was not reaching their office in time. came up with the $10000.00 request again I said we dont have that & they couldnt tell me how owed that much again. they said I could let house to to them vol. and it would be wiped clean. So we did. Now they are garnis. my wages for a loan amt of $22000.00!! here is the math. refinace with esb was $125000.00 we paid on it for 2 yrs. plus paid $10000.00 at one point and the house “sold” at auction for $110000.00 they are saying the $22000. is what we need to make up for the sale diff. It just doesnt add up to me!!! So now my house is gone, my wages are cut in half & my credit is more screwed because they never paid all they said they would!!
Comment by Francis L. Vena on 30 August 2010:
First off- While I do not know what the percentage is Eastern also
underwrote and approved Commercial Mortgages and Non-owner occupied
3-4 family deals.
All these other comments seem to say that 100 percent of Eastern’s
loan were single family owner occupied.
Second major point Eastern approved some loans with the understanding that the borrower would sell the house and
therefore “net” out a fair amount of equity.
Third major point their appraisals were extremely conservative
therefore many loans died on the vine.
Fourth point they analyzed the cash out letters and other documentation very well ; No wholesale manager at Eastern had
lo’s put together fraudulent doc’s and other supporting information.
Also they were in business for allmost 100 years ; they were not some fly by night lender. They were portfolio lenders and did not
sell their loans in mass to the secondary market.
Most of their borrowers never took out the time or effort to increase their scores or change their habits. Because the were low
LTV loans if the borrowers did change their habits there would
have been “exit strategy loans” to leave Eastern.
Comment by MR.Fight123 on 4 September 2010:
Hello ms. or miss. Vena less cut through the chase all mortgages are fraudulent from all banks i don’t care who makes the loan contract or what ever you want to call it.Federal law no bank can loan their money are their depositors money for any loan, contract,or mortgage,so were does it come from?
Comment by MR.Fight123 on 4 September 2010:
HO!SORRY GOT TO GO BUT ALSO!NO BANK CAN BRING ON A FORECLOSURE ACTION IN ANY COURT WITHOUT THE ORIGINAL MORTGAGE AND NOTE,COPIES OF THESE SECURITIES ARE COUNTERFEIT,SO EVERYONE MAKE SURE YOU BRING TO THE ATTENTION OF THE COURT COUNTERFEIT SECURITIES ARE NOT ALLOWED AS EVIDENCE TO BEING ON A FORECLOSURE ACTION BUT MAKE SURE YOU HAVE THE FACTS. GO TO UCC COMMERCIAL CODES COUNTERFEIT SECURITIES.
Comment by Philadelphia on 9 September 2010:
It is amazing that ESB has has gotten away with this. I am currently fighting ESB and have a loan that is in foreclosure. Ive been fighting this since 2007. I have taken my loan documents to an attorneys office, however due to the time frame of the initial sale date which was in 2007/2008 I am pass my one year time frame for a lawyer to sue to predatory lending. What is really sickening is that the lawyers agreed that my income was inflated and loan documents were not in order. I dont know what to do next but to file bankruptcy chapter 13 again to avoid current sale date of October 2010
Comment by Lindy on 16 September 2010:
This ESB gave us a loan at 12.99% knowing my husband was layed off at the time. First set of papers we filled out was 7 something %. We filed papers in a so called brokers basement. We were sitting there waiting for the last papers to come through the fax after signing a cozillion papers we realized the last paper was 12.99%. We did not get copy’s until a month later. Now eastern saving stole our home. Our redemption period is not over until Sept 17th 2010. Esb sent there people here to my home I lived and built on for 15 years to see our progress on how much we moved out. We have no where to go.. I also invented a Med tool that is patent. And asked for extra money to get it on the market. When I called the bank to find out why I did not get the money witch it was tacked on the laon. They said I should just let it go because you will never make it with your patent. Our hose was $77 k Now it $150.000. Eastern savings your a bunch of crooks. Yo have brokers that don’t even have a broker licence. Something should be done. I’m starving and diabetic. Every time my husband called ESB the loan officer would talk about fishing nothing els. My husband doesn’t even know a warm has both ends. Its time for me to fight back I’m angry. Where do we go “Dave from ESB ? while you sit there and rob people of there homes. Stand back because I’m not finished. Needless to say your broker you used is sitting in jail on a 5yr term. For fraud . Thats where I hope you end up at.
Comment by Bob on 29 September 2010:
Want to hear a good one! I filed a Ch. 13 to save our home, My first mortgage payment was due this month, I sent it out on time! I get a call from my lawyer this morning, Sept 29, that Eastern will not apply my payment because I was 2 cents off, YES, YOU HEARD ME RIGHT 2 CENTS!!!!! and if I don’t mail them a check for 2 cents by the end of the month they will go to court and take my house. REALLY!!!!!! What a bunch of crooks!!! Something really needs to be done with this bank, if anyone has some info that I could use to go up against this bank please let me know!!!
Comment by Lindy on 30 September 2010:
Isn’t that something Bob? I think its horrable. I was sitting in my kitchen in my underwaer having a coffee and working on my computer. Suddenly this person barges in my home. He said he was from eastern savings. I told him he better step out , Then I went outside to talk to him. He asked me if I knew the house was foreclosed. Well I would take up most of this site talking about it. Your right bBob somthing has to be done… I cry aevery day. We had a useless attorn also. Come to find out the broker who sold us the loan for eastern savings ,, Did not have a lisence to sell. So I know eastern savings knows this. my stomach is in knotts all the time. our marrage is smashed. I want to call the news teams and let them know . so the world will know. I’m here in illinois. Bob they did this to every one. We were not aloud to make payments over the phone. They are predetory lenders , scans and I’m sure they stink. Our judge here does not know what the produce the note is. our atto did not know. We should all protest drive a convoiy to there smelly bank and camp right in front of there doors. Let people know what crroks they are.. with BIG signs.
Comment by Jenny on 4 October 2010:
I strongly believe I am a victim of ESB. I live in NJ…PLEASE send contact information for class action suit. URGENT. Thank you.
Comment by Lindy on 7 October 2010:
What are the 28 states that are on a foreclosure freeze. Also I would like to point out …. Eastern savings is asking for cash and keys hmmmm $2000 is just not enough. And is that lagal for scammish eastern saving to do that?
Jenny If you can find out the contacts please let me know. And yes you are a victim. We should stand up and fight. Let officials know what this bank is doing to people like you and I and every body els.
Comment by angela monson on 10 October 2010:
When Eastern took my house, it was auctioned off to an investment firm under the title of Cypress. This is directly owned by Eastern!!! As a matter of fact, I believe Eastern has at least 40 LLC’s which is nicely hidden from The Federal Reserve. I do believe they are circumventing the Government. They are criminals and I have difficulty understanding how they have gotten away with it for so long. Look at the Cease and Desist order from the office of OTS or the civil penalties they have acquired because of their predatory practices….They are greedy, arrogant and extremely deceptive. They are evil incarnate and will have their judgement day. They need to be exposed and will be because so many people have fallen victim to their evil ways.
Comment by Deering on 11 October 2010:
Angela perhaps you should forward your information to the Justice Dept. or your state Attorney General. Sounds like a RICO violation. Kentucky homeowners just filed a class action against several banks for racketeering based mortgage fraud. also look at HOEPA, TILA and RESPA violations they seem to have trouble following the basic ethical practice expected of a financial institution….crooks in pinstripes!
Comment by Lindy on 13 October 2010:
Thank you Angela,, I’m going to look it up. Go to zillo .com look at the 710 sojourn NewLenox IL Home for a $153 k My how was $77 k We did not borrow that much money. Also they they tried to do cash for keys for just $2000. They need a adjustment. The unlicensed idiot that sold us eastern savings bank loan is still in jail. Help get our homes back!!!!!
Comment by Lindy on 13 October 2010:
Oh! I forgot to mention the payments for this house is $800 hahaha it was more like $1600 for a 2 bd rm town house. and don’t forget the interest rate is now 16%. Who ever moves in this house will have uninvited guess. It is sooo haunted. It’s been noted for unexplainable gas leaks. I’m a building inspector. I can point out bad things. to where they couldnt sell at all. I am angry. Eastern savings If I come into a lot of money you will be sorry.
Comment by Bob on 14 October 2010:
Hey Lindy, I live in Illinois also. Not too far from New Lenox either. We should band together and get an attorney to see what we can do about this. I have tried to contact the lawyer that people on this blog have referred but never received a response back from him. I have called him several times with nothing. I know for a fact that my broker was crooked also. Curious to know who yours was. My guys name was Dave Widhalm from Mortgage Specialists of Illinois. He lied and cheated all through the process, and when we closed we had to redo many of the papers over again. Let me know
Comment by Deering on 14 October 2010:
An excellent law firm in Illinois that has done battle with Eastern Savings Bank is Edelman, Combs, Latturner and Goodwin LLC: Give them a call! One of the top rated and highly respected firms in Chicago. They also specialize in class action! Tara Goodwin is top notch and Dan Edelman is an expert at HOEPA violations. Dan has published a pamphlet that is very helpful to Illinois residents.
312-739-4200 or 888-592-6124
http://www.edcombs.com/
Comment by Deering on 14 October 2010:
http://pview.findlaw.com/view/1108461_1
Dan Edelman background
This firm can help you!
Comment by Deering on 16 October 2010:
The whispers are getting louder…could a well known bank that has appeared on these pages, could have formed multiple straw business and masked them as private entities to repurchase homes at auction that they had foreclosed upon?? Sounds a little sticky…is that sirens we hear in the distance…you know the scene in the movie Shawshank Redemtion when they come to get the Warden…crooks in suits will soon be crying like babies!
Comment by Lisa Murzin on 16 October 2010:
Hey All,
When I went to court last Monday and told the Judge in charge of my Injunction that I was filing a Motion for an Order Seeking Recusal of the trial judge due to her bias, unfairness and incompetence in foreclosure matters, he seemed surprised. He said that in six years of this Judge being on the bench, nobody had ever accused her of Incompetence, and I replied that when I told her (this Judge) the bank, ESB, had been being investigated by The Federal Office Of Thrift Supervision in 2008 for their Predatory and Unlawful Lending Practices, and received a Cease and Desist Order and 2 Civil Money Penalties from this Office in 2009 and 2010, so I didn’t have the information needed in 2008 to go after them for the TILA, RESPA, HOEPA, REGULATION Z, and UNCONSCIONABLE LOAN VIOLATIONS, and the Violation of the CT CLEAN HANDS DOCTRINE, her response was “I don’t care if the bank was investigated”. And that’s what is wrong with the system, too many Judges just don’t care, because it’s not being done to THEM or someone THEY care about. We (the homeowners) are just a bunch of lowlife scum that don’t want to pay our bills! And now the Judges in CT REFUSE to grant a 60 day moratorium on foreclosures, so they can go through the paperwork, like they SHOULD, and find the fraudulent documents that were filed, it again goes to show that THEY DON’T CARE, NOT THEIR PROBLEM!!!! WE NEED TO MARCH ON WASHINGTON AND DEMAND JUSTICE BE DONE FOR US!!!!!!!!!! WE did not CREATE this FRAUD, yet WE are the ones paying the price by losing our homes!!!!! AND THE BANKS KEEP GETTING RICHER WITH THEIR BAILOUTS, AND THE JUDGES KEEP LOOKING THE OTHER WAY !!!!!!!!! WHAT FRAUD???????!!!!!!!!!! IF EVERY HOMEOWNER that is in foreclosure, due to what they SINCERELY BELIEVE to be FRAUD done to them by their Lender, got TOGETHER on a SPECIFIC DAY and MARCHED ON WASHINGTON, DEMANDING JUSTICE, SOMETHING WOULD HAVE TO BE DONE!!!!! WE CAN NOT CONTINUE TO SIT COMPLACENTLY WHILE THESE FRAUDS CONTINUE TO BE PERPETRATED AGAINST US, TAKING AWAY OUR HOMES AND THROWING US AND OUR FAMILIES INTO THE STREETS!!!!
WE NEED TO ACT NOW!!!!!!!!!!
Comment by Deering on 17 October 2010:
Lisa, that is exactly the type of action that is needed. Action Now based in Chicago (site currently unavailable) had some significant success staging marches and rallies around the Chicagoland area. Politicians sit up and take notice..it seems only this type of action does the trick.I would reach out to community based organizations like this and see if a grass roots foreclosure rally can be put together. Good Luck I would still fire off as many letters as possible to congressman, attorney generals and whoever is decision maker on policy. Illinois Rep Mike Quigley seems interested in shutting down predatory lenders and also appears to be an advocate for at risk homeowners send him info on Eastern Savings Bank http://quigley.house.gov/
773-267-5926 or 202-225-4061
Comment by Deering on 17 October 2010:
Here are some new links to take complaints against Eastern savings Bank: The National Association of Attorney’s General. They have filed a multi state complaint asking for a moratorium against certain banks and mortgage servers as they investigate procedural misconduct..Lets also let them in on the dirty little secrets at Eastern Savings Bank, mention the Cease and Desist Order, Civil Money Penalties, hard money lending with “interesting LTV formulas and their so called “hybrid loans” Contact them today at: http://www.naag.org/contact.php
___________
Or the Maryland Office of the Commissioner of Financial Regulation:
Department of Labor, Licensing and Regulation
Commissioner of Financial Regulation
500 North Calvert Street
Suite 402
Baltimore, MD 21202
Hours of Operation: 8:30 a.m. to 5:00 p.m.,
Monday through Friday, excluding holidays.
Telephone Number: (410) 230-6100
Fax Numbers: (410) 333-3866 or (410) 333-0475
E-mail Address: finreg@dllr.state.md.us
Comment by Deering on 17 October 2010:
Here is a sample letter that you can use to file a complaint with one or more of the governing or regulatory organizations that police the banks:
With this email I wish to make a complaint against Eastern Savings Bank based in Hunt Valley Maryland. Please investigate this bank for possible predatory lending practices. They service mortgages in the Sub-Prime – Hard Money Market. They currently have an Ofice of Thrift Supervision issued Cease and Desist Order against them for mortgage related misconduct. They have civil money penalties and appear on numerous Bank Failure Watch Lists. They have filed hundreds of foreclosure actions against homeowners in multiple states. People are desperately trying to fight Eastern Savings Bank in court rooms across the country. At first people were trying to negotiate modifications with this bank, when it became clear that Eastern Savings refused to work with people and instead sought to take homes through foreclosure…people across the country began communicating mostly on the Internet based Complaint Board ,Rip-off Reports and other Internet Web sites that allow consumers to share horror stories concerning this bank. Several are attempting to initiate a multi state class action law suit against this bank. Please use your investigative powers to shed light on this Maryland based banking institution that certainly appears as one of the worst participants in the sub prime lending mess. Distraught homeowners have been quietly filing complaints with Congressman, Federal Office of Thrift Supervision, Individual State Attorney Generals and Federal Law Enforcement because some of the concerns appear to rise to the level of possible criminal misconduct. Please do something.
Concerned American Homeowner
Comment by nel on 23 October 2010:
TKS DEERING !!!! THATS WHAT I HAVE BEEN LOOKING FOR. I WILL PROCEED. ,TKS
Comment by MR.Fight123 on 25 October 2010:
WE NEED TO FIGHT FIGHT FIGHT WITH ALL OUR MIGHT,DO NOT LET THIS BANK STEAL YOUR HOME.ALL OF THESE MORTGAGES ARE DESIGNED FOR US TO FAIL EASTERN SAVING BANK KNEW TO THE DAY THEY WOULD FORECLOSE ON YOUR HOME.REMEMBER THE PLAINTIFF IS NOT EASTERN SAVING BANK,it is the trustee the attorney that is representing the bank in court. an attorney can not represent an artificial person in court,this means a corporation a lawyer can only be an attorney or a witness and cannot submit evidence in a court of law.This is the 11th amendment,PLEASE EVERYBODY DO YOUR HOME WORK!
Comment by MR.Fight123 on 25 October 2010:
DEERING YOU ARE 500%PERCENT CURRECT THIS BANK AS WE ALL KNOW, SECURITIES THEIR OWN SECURITIES THROUGH THE SPV’S FROM MY UNDERSTANDING WE HAVE FOUND 67 corporations and organizations and it might be 100 to 300 or more,but you have to proof it,AND WE WILL.
Comment by Deering on 27 October 2010:
Illinois residents can contact the following in an effort to put pressure on our elected officials to do something about ESB…Hopefully if enough people step up we can accomplish something.
Congressman Dan Lipinski (IL-03)
Washington, DC Office
1717 Longworth House Office Building
Washington, DC 20515
(202) 225-5701
(866) 822-5701
(202) 225-1012 fax
Chicago District Office
6245 S. Archer Ave.,
Chicago, IL 60638
(312) 886-0481
(773) 767-9395 fax
LaGrange Office
19 West Hillgrove
LaGrange, IL 60525
(708) 352-0524
(708) 352-0927 fax
Oak Lawn Office
5309 W. 95th St.
Oak Lawn, IL 60453
(708) 424-0853
(708) 424-1855 fax
Senator Richard Durbin
Washington, DC Office
309 Hart Senate Building
Washington, DC 20510
(202) 224-2152
(202) 228-0400 fax
Chicago
230 S. Dearborn St. Suite 3892,
Chicago, IL 60604
(312) 353-4952
(312) 353-0150 fax
Senator Roland Burris
Washington, DC Office
387 Russell Senate Office Building,
Washington, DC 20510
(202) 224-2854
(202) 228-3333 fax
Chicago
Kluczynski Federal Building
230 S. Dearborn Ave., Suite 3900
Chicago, IL 60604
(312) 886-3506
Comment by Ronald on 13 November 2010:
Eastern and broker agreed to dispersing money to me at closing. No way would I have considered this loan without a portion of my equity, which was significant. Two weeks before closing they indicated nothing was coming forth at closing. In addition, the broker indicated there was no lock in to the loan. At closing I learned the penalty of coming out of the loan before three years was significant.
No attempt to modify the loan was extend. Their response . . . we don’t modify.
After home was foreclosed, trustee contacted me on two different occasions indicating money due me had been withheld and was now being released. How can I participate in the class action?
Comment by Deb on 16 November 2010:
Hi. I am interested in the class action suit information. I am also with Eastern Savings and although I am now current on my mortgage it is still a predatory loan (12.5%) which, even after modification, is at 10.5%. Yes, Eastern did modify my loan! After I contacted every single person on their website numerous times by phone, e-mail and letter. However, they stipulated a six month “pre-modification” period in which I was to pay a reduced mortage on time or no modification (with no paperwork for the agreement). I did so, never realizing that now I was marked as 190 days late on my mortgage for six months on my credit report. I was really only 60 days late ever. So, my possibility of refinancing is low – it seems you have to have paid your mortgage on time for a full year. I am almost there – four months to go. Just as well that I couldn’t refinance before – there is a huge prepayment penalty on my loan that doesn’t expire until April. Any information would be greatly appreciated. I wish I had known there were others out there when I was first dealing with them! Thanks!
Comment by Deering on 16 November 2010:
Ronald and Deb, what State do you reside in?
Comment by Bonnie Green on 17 November 2010:
I am hanging in there. After having read every comment here I can make my comment simple “My case with Eastern Savings Bank is a kaleidoscope of all of them”, I am in forebearance SORT OF on thier terms only. They play games of assorted types with people’s lives. I just cannot understand how so many ruthless people were found to work at destroying others lives. How do they look into their children’s eyes at this THANKSGIVING TIME and not realize that there are children whose parents are so scared they can hardly function. Well hopefully, Ebenezier will wake up Christmas morning and realize there is a price to pay for carelessly,selfishly lining his or her pockets. Maybe just maybe have the Intestinal Fortitude to admit their crimes so they can look their children in the eyes this Christmas Season. To all of you who have been robbed by Eastern be sure to make an Old Fashioned Christmas with your family that at least you can look them in the eye and not be ashamed. We will win this fight. Im 60 yrs old Mother of 4 boys n Grandma of 2 boys, I spent 34 years in this house they are trying to take. The house is falling apart but memories are not for Sale EASTERN. Happy Thanksgiving and Merry Christmas and this New Year is for all of us fighting for right. There is a poem “DON’T QUIT” it has hung in my bathroom for 34 years and it isn’t coming down now.
Comment by Lyndsey Jacobs. on 22 November 2010:
I am so happy to have found this board. My family and I have been through a horrible long road with ESB and just want to get out. We refinanced in 11/07 at a 12% rate over a ton of equity in our home at the time like LTV was 65% I was laid off and only had my husbands income with 3 children. We did everything we could in April 09 we were in foreclosure the day before sale filed chapter 13 to put a stay on the sale. CHAPTER 13 was dismissed and forclosure proceedings continued. I was in very close communication with Chris Johnson who is the VP of ESB and Deb Eagan who is the evil financial lady. I tried everything to get back on track, hired modification companies, attorney’s who were fly by night idiots that jumped on the forclosure wagon when it was hot. Basically, we entered a deal with ESB – if we cured our lates with them (25k) they would agree to modify after 12 months payments were made on time. Like many above our house is a normal middle class family home not worth the almost 2500 a month (home value is maybe 170k now) we pay but its home to our family. So we pulled a hardship loan from 401(k) paid them and signed the 12 month agreement. Unfortunately we were so happy to stay in our home we didn’t look at the agreement in full as it stated we could not seek legal representation during this 12 months to dispute the mortgage etc ( they did not have note for our mortgage either this was in the court documents) so okay, I just made the 12th payment and was so excited to be getting a modification and even perhaps skip a payment during the process of modification/refinance with the holidays being here. I got the call the other day that yes they are working on my modification and my payment is going to be 51.00 HIGHER than before??? Seriously? so yes please modify my mortgage from 2500 a month to 2551… this is due to my escorws going up and they were so kind to allow me a few days to find lower home owners insurance. I am in the process of trying to find something else today is my first attempt and I found this board. I am in Tampa Florida and anyone that is interested in communicating, sticking together to fight this battle or has any idea on who would be working with ESB borrowers to get them into a better loan. You’d think there would be a special niche a bank is doing to rescue the borrowers that have been with ESB for so long that alone should show the ability to pay. I am frustrated like many of you. I would just like a decent mortgage payment when I see rates in the 4%’s and I am paying 12% I would be happy with 8%!
good luck to everyone in this battle and happy holidays.
Comment by Deering on 25 November 2010:
Lyndsey, were still negotiating with ESB yourself during your foreclosure or did you have an Attorney talk with them? Just curious, it seems like ESB is now negotiating more during foreclosure process, usually the terms appear to heavily favor ESB, however, they are bringing something to the table.
Comment by Diana C. Mooney on 15 December 2010:
After fighting Eastern for over 5 years I finally lost my house. Are we able to join in any action against Eastern? Every comment that has been aimed at them I lived through. Why is it we all have the same story about this bank. I was lied to , the mortgage broker fired my lawyer the day before we closed. (she said she did it at Eastern’s request) There is so much more I could relate. I would like to reach someone. This bank should be buried. I was given one opportunity to catch up by a certain date before I lost the house. I came up with the money in time and told by one of the VP’s “no we want your house.” That ended everything for me . I hired good lawyers with the money Eastern could have had but in the end lost.
Comment by herman012 on 24 December 2010:
hello..’…
good luck for everyone for his awesome holidays.
===================================================
Savings Rates uk
Comment by Best Savings Rate on 27 December 2010:
Eastern Savings Bank specializes in unconventional financing of commercial properties.
————
Thomas
Comment by Deering on 12 January 2011:
Lyndsey Jacobs – contact me @ Travelballstarz@aol.com
Comment by Ronald Crane on 14 January 2011:
I have a client in NJ who has been victimized bt Eastern. Her husband recently died and the house is in foreclosure. Please provide any information you have on the law firm considering the class action. She is a perfect plaintiff. The loan NEVER should have been made.
Thanks,
Ron
Comment by Deering on 14 January 2011:
This firm has done battle with Eastern Savings, they come highly recommended and if you scroll down you will see they handle clients in multiple states – They are very versed in the tactics employed by ESB.
http://www.edcombs.com
Consumer Rights and Class Action Law Firm
Chicago Consumer Rights and Class Action Law Firm
Illinois Unfair Collection Practices Lawyers
At the law offices of Edelman, Combs, Latturner & Goodwin, LLC, in Chicago, Illinois, we focus our practice exclusively on consumer protection and class action law. Our firm has won many cases and recovered millions of dollars on behalf of consumers whose rights had been violated by advertisers, banks and other lenders, auto dealers, credit bureaus, debt collectors and landlords.
Consumers, borrowers and debtors are welcome to contact a consumer rights and class action attorney at our firm for a free evaluation. You can call 312-739-4200 to schedule a consultation. Fax your documents to 312-419-0379.
Protecting Your Rights as a Consumer
Legislators have passed laws designed to protect consumers like you from predatory lenders, overzealous debt collectors, careless credit bureaus and other harmful business practices. At Edelman, Combs, Latturner & Goodwin, we work to enforce existing consumer protection statutes to resolve consumer problems with:
Unfair collection practices Unfair Debt Collection Practices
Unwanted telemarketing calls, text messages and e-mails and junk faxes
Identity theft
Credit reporting problems
Debt collection harassment
Car repossession
We provide debt collection defense against payday and other high interest lenders and predatory mortgage companies
We also assist clients with tenant rights issues, with wage and hour claims And with consumer class action lawsuits
Enforcing Consumer Protection Statutes
The firm’s members have conducted seminars, testified and written legal treatises, manuals, and articles on consumer advocacy law. Our work in support of consumers’ rights has helped define the enforcement of consumer protection statutes, such as the following:
Illinois Consumer Fraud Act
Federal Truth in Lending Act
Fair Credit Reporting Act
Telephone Consumer Protection Act
Equal Credit Opportunity Act
Chicago Residential Landlord Tenant Ordinance
Fair Labor Standards Act
Contact an Illinois unfair collection practices lawyer at Edelman, Combs, Latturner & Goodwin, LLC, in Chicago, to schedule a free consultation. Please fax collection letters and other documentary evidence of possible illegal business activity to us at 312-419-0379. We handle many cases on a contingency fee basis, meaning you pay no fee until we recover compensation for you.
The consumer protection and class action lawyers of Edelman, Combs, Latturner & Goodwin, LLC, represent clients throughout Illinois, and in federal courts in Illinois, Wisconsin, Indiana, and Michigan, and will consider substantial cases in other jurisdictions.
Comment by Tina on 21 January 2011:
After reading this forum I am sad to say that I am also part of the ESB predatory lending statistic…..the house is in foreclosure and it seems they have purchased the house. We tried for a stay on the transfer of title but it was denied and the sale proceeded. They are now giving us a couple of weeks to leave. Do I have to or is what is the course of action I should take at this point? I am very flustered and frustrated as this home is definitely not worth the $3600/mo mortgage has now ballooned to. Any help would be great. (BTW I am a New York State Resident). Thanks
Comment by Deering on 22 January 2011:
File action in federal court, scrape up the money hire an Attorney to start the ball rolling, the key for you is to “stay the action against you” fling some motions and try and stall and regroup…in New York you could bury them for two more years in litigation. Of course BK could stay the action. Have you explored all possible violations, RESPA HOEPA, Breach of Fiduciary duty, Consumer Fraud etc.?
Comment by Mavis Rothbauer on 3 February 2011:
I absolutely love your blog and find many of your post’s to be precisely what I’m looking for. Does one offer guest writers to write content in your case? I wouldn’t mind publishing a post or elaborating on many of the subjects you write in relation to here. Again, awesome web log!
Comment by jenny on 7 February 2011:
I am a victim of ESB’s unconscionable practices- upon myself and each of us here with a voice, which is where it all begins, with one voice that is joined with others to stand up for what is just and be heard. History indicates that is how every great injustice in history has been turned on its heels. Please send information on any initial class action suits and attorneys in NY/NJ area. Is there one courageous attorney willing to stand up and make a difference…
Comment by Deering on 10 February 2011:
Jenny, doesn’t look like it..several individuals tried real hard on the east coast to start a class action every time they took a step forward it seemed like two steps back and it hasn’t yet materialized. It appears most people have been retaining legal representation with the majority going at them Pro Se. Tough to accomplish when they hire quality firms to represent them in your area. With all the complaints against them on various web sites one would think that some type of action would be under way?? It seems like some people are having some success with workout arrangements, not the majority..Good luck keep checking the site for updates, I keep hoping the Thrift Board shuts em down for their activity in the sub prime market and apparent interest in vulnerable homeowners with equity. History.. past behavior helps predict future behavior.
Comment by saveyourhome on 14 February 2011:
I’m in contact with a wamu site meaning jp morgan chase site where their trying to get together a million homeowners march on washington d.c.Something we all have to understand sitting around and complaining about how bad this bank is we already know this,please stop i’m one of the persons who tried to get the glass action going but some lawyers are just as dirty as this bank and something very important that you all need to do is research on the laws of lawyers,judges the courts and the molds that get on these sights and sale all of us force hope. Understand i have done 1 year of heavy research on this bank, lawyers,the courts we trust and who gets paid under the table everyone as a position in foreclosure action and it is not in our best interest.
Comment by saveyourhome on 16 February 2011:
Important news for those who don’t know their are now two! constitutions, “The constitutions for the united states of America”, this one is for the people of America, the second one “The constitution of the united states of America, this one is for the corporation. The one for the people expired in 1987 and as not yet been amended because the one for the corporation now stands. Also remember the United States is no longer a country it’s now a corporation, DA!!! DO YOU GET IT! The laws of the constitution that use to protect the people of this country no longer existed. This new constitution protects the BANKERS!
Comment by saveyourhome on 18 February 2011:
HELLO!!! is their anybody HOME! have you all fallen off the face of the earth, now i see why eastern saving bank fsb is getting away with taking your homes your doing nothing nothing nothing. There are other groups fights other banks and are so so organized today it’s unbelievable that strength in numbers and this sight was started way before others and yet their is no togetherness just complaints.Please wake up this bank thinks we are all a joke and they know we are not going to stick together. REMEMBER YOUR AN ASSET TO THIS BANK NOT A LIABILITY THEIR IS NO DEBT!!!
Comment by ANGELA on 2 March 2011:
I totally agree….I am looking for anyone who has been in this situation with eastern to contact me…..There is strength in numbers. They have gotten away with this for too long. I am hoping to gather names and e-mail addresses, and send off to as many government organizations as possible. Haven’t they stolen money long enough? Haven’t they destroyed many people’s dreams, lives????? They still continue to seek money from you by hitting you with a difficiency judgment and threaten to sue you? The list is endless!!!!!! Wake up is right……moovycom@optimum.com
Comment by Diana on 3 March 2011:
I agree with Angela . All of us are griping and wringing are hands but doing nothing! This Bank needs to be held accountable How do we get together on this?
Comment by saveyourhome on 8 March 2011:
IMPORTANT NEWS TO ALL OF YOU, LISTEN UP! EASTERN SAVING BANK ATTORNEY STATED IN COURT THEY DO NOT HAVE THE MORTGAGE NOTE!! THIS MEANS THEY CANNOT TAKE YOUR HOMES BECAUSE THERE NOT THE HOLDERS OF THE NOTE!!I HOPE YOU ALL KNOW HOW IMPORTANT THIS NEWS IS.
Comment by Bonnie Green on 8 March 2011:
Anyone live on Long Island New York,With Eastern Savings Bank as their Mortgage Holder? If Eastern has your Mortgage and you are on Long Island–we must join together!! write back and we have to share info so we can join together and get something done.
Comment by anna on 12 March 2011:
Hello, anybody in the Maryland area they got me too…
Comment by saveyourhome on 14 March 2011:
HELLO ANNA HOPE ALL IS WELL NO HARM INTENDED; THIS IS A VERY SERIOUS MATTER THIS BANK IS HOUSE STRIPPING EVERYONE OF US, AND MAKING HOMELESSNESS OUR ONLY WAY OF LIVING. THEY GOT ME TOO! MAYBE THE ONLY WAY YOU CAN DEAL WITH THE PAIN OF BEING THROUGH OUT YOUR HOME, NOW LETS TRY TO FIND A WAY TO GET IT BACK!
Comment by Diana on 15 March 2011:
To save your home :When and where did the lawyers claim to not have the mortgage note. in my case they made a big production of showing what they said was the note. They claimed they NEVER sold off there notes!! This is important. info.
Comment by saveyourhome on 16 March 2011:
DIANA YOU QUESTION ME ABOUT WHEN AND WHERE DID THE LAWYERS CLAIM TO NOT HAVE THE NOTE, BUT YOU GO TO COURT AND STATE THEY MADE A BUY PRODUCTION OF SHOWING WHAT THEY SAID WAS THE NOTE. YOUR STATEMENT STANDS TO BE QUESTION IF YOU EVEN HAVE A MORTGAGE WITH THIS BANK SINCE YOU DON’T KNOW WHAT A MORTGAGE NOTE LOOK LIKE.MY COMMENT IS BECAUSE THERE ARE MOLDS OUT THEIR ON ALL THESE BLOGS TRYING TO DIG UP INFORMATION PICKING PEOPLE AND YOU SOUND JUST LIKE ONE OF THEM.
Comment by angela on 16 March 2011:
Bonnie Green, I live on Long Island…..Please e-mail me
Comment by angela on 16 March 2011:
OOPS!!! Bonnie, please e-mail me at moovycow@aol.com
Comment by angela on 16 March 2011:
In response to saveyourhome dated 3/16/11, obviously you do not see that this bank fabricates notes!!!! Yes, there are moles, ( not molds) but this site consists of people who are in danger of losing their homes, if they haven’t already. There isn’t enough time or space to list all their predatory practices on this blog. For many on this site, they know what they are. If you are questioning the integrity of these people, start with yourself.
Comment by angela on 16 March 2011:
saveyourhome, you too can contact me at moovycow@aol.com
Comment by angela on 16 March 2011:
I am not a mole
Comment by Deb on 17 March 2011:
To Deering; I reside in WV. I’m dealing with ESB in Hunt Valley, MD
Comment by Victoria on 18 March 2011:
For those that want JUSTICE from ESB, go to ots.gov and file a complaint. The Office of Thrift Supervision governs them and will investigate your complaint. Then file a complaint with your state’s attorney general’s office. Make sure that you state you case plainly. Did they overcharge interest? Did they sell you a loan that you could not afford? Did they refuse to re-modify? Did they misapply your payments? etc…. Don’t wait, posting on boards are great, but if you want to shut them down, then take action. If anyone has a class action suit or lawsuit, make it known. Others that are suing ESB are seeking this information. Post your class action or lawsuit on the boards. File your complaint with OTS IMMEDIATELY!!!!!
Comment by Bonnie on 19 March 2011:
Office of Thrift Supervision wrote to me saying that after receiving a letter from esb who was sure they would be happy to work with me if it was esb’s favor. Not only was there a letter from esb but it was 10 pages long. It was 10 pages of untruths!!!
But OTS does not know that or does not care. It is as if they never read what was sent on my behalf.
Comment by Bonnie on 19 March 2011:
Sorry that should have read “after reading letter from esb he was sure they would be happy to work with me if it were to be in esbs favor
Comment by Vanessa Bowser on 22 March 2011:
Please let me know if anyone in VA has a mortgage with Eastern..
I am a Va Bch resident an hold a note from Hunt Valley, MD…
Please respond…
Comment by Claudia on 28 March 2011:
I just don’t understand why this bank is still in business. They just have more time to sell more peoples homes. The bank and the vice press have both been charged with fraud and got a slap on the wrist . r U KDDING? I had no lawyer to represent me in court today (landlord tenant court) so not sure what my next move is. I went to court 3 weeks ago judge gave till today to find a lawyer. Noone sees my case like I do. All I want is for my paperwork to b subpoenaed I know rite from start and throughout I will find plenty, maybe then thrill talk to me and help modify my loan!
Comment by Gail on 3 April 2011:
I also fell victim to ESB – when it came down to days away from foreclose I filed bankruptcy in order to save the house. So then I had the extremely high mortgage and a monthly bankruptcy payment. I called and wrote anyone I could. I wrote a lengthy letter to Thrift Supervision, who did respond to me. They forwarded my letter to a man who is in charge at ESB I emailed him explaining everything. I finally got somewhere with them, they paid my bankruptcy and I entered into a forebearance agreement for a year – if I kept to the terms and paid every month the lower payment of $500 at the lowest % rate of my original mortgage – they would then keep me at that rate. Well the year just ended this month, we will see what happens, calling them on Monday.
Comment by angela on 18 May 2011:
I only hope that someone, somewhere will intervene and help all of us who have fallen victim to these predatory lenders. We have all suffered at their hands and they go free. I do think they will have a judgement day and i want to see them grovel. It is just impossible for them to be under the radar for so long.
Comment by Nakesha Konig on 1 June 2011:
exceptional, fresh, issue. the function you put in to supply such beneficial
Comment by Bonnie on 5 June 2011:
Gail What happened when you called?
Comment by vin ventura on 18 July 2011:
i also was foreclose by eastern savings this people have no heart!!!!!!
Comment by Carol on 20 September 2011:
I am wondering if the class action lawsuit is on……. I am in mortgage hell with this bank. Any help you can offer would be appreciated. I am in CT. Thanks!
Comment by marissa on 23 September 2011:
Listen up people
Did you read the article about the employees at Bank of America that got together and decided that they wern’t going to sit back anymore and let BOA take advantage of people no longer. Well you people in forclosure and every one else go back to your loan and look to see who your loan officer was that signed it off. It should be a short letter on ESB letter head. That person either Daria Avant or Jason Markulin or other persons you have should be deposed and questioned about ESB loan practices. They don’t want to talk because they don’t want to lose their jobs, but under oath they have to talk. Its not expensive to get an attorney for a few hours and a court reporter in your attorneys office and question these assholes who only did what the bank told them to do, prey on people. depose depose depose put pressure on employees they will break I guarantee you.
Comment by marissa on 23 September 2011:
carol above give me your email will contact you
Comment by saveyourhome on 23 September 2011:
LISTEN UP PEOPLE; THERE IS A RALLY GOING ON IN NEW YORK CITY CALLED “OCCUPYING WALL STREET” GO ON “YOUTUBE” PUT IN OCCUPYING WALL STREET, THEY OR MARCHING ON WALL STREET AGAINST “CORPORATE GREED” THE MEDIA IS NOT GIVING THEN ANY AIR TIME ON THE NEWS. These are our brothers and sister fighting for all of us in FORECLOSURE against THE BANKSTERS WE MUST SUPPORT THEM TELL EVERYONE TO GO TO YOUTUBE. ANY AND EVERYBODY IN THE NEW YORK AREA SHOULD BE DOWN AT WALL STREET THIS IS GOING ON ALL ACROSS THE WORLD WE MUST STICK TOGETHER AND TAKE BACK OUR PROPERTY RIGHTS TOGETHER!!!!!!
Comment by Carol on 26 September 2011:
capcrn2009@cox.net ty
Comment by Jack on 30 September 2011:
Just to let everyone know, Eastern reads this blog, and uses it against you in court! I had to find out the hard way.
Comment by Kevin on 6 October 2011:
http://insiderealestate.heraldtribune.com/2011/07/01/palmetto-resident-accuses-bank-of-stealing-his-interest-payments/
n an 11th hour effort to save her house at 303 29th Street in Palmetto from foreclosure, Lee A. Hardy has filed an emergency order with the 12th District Court requesting time for the FBI and Palmetto Police Department to investigate Eastern Savings Bank for allegedly embezzling and not recording her mortgage payments.
The emergency filing comes six months after Eastern Savings filed to foreclose on a $201,600 loan made to Hardy in December 2006.
In its compliant, Eastern Savings alleges that Hardy failed to make two payments in February 2009 and the bank foreclosed. But Hardy says that is not true.
“For the past two years I have been honest and trying to work this bank and all they want is to toss me out of my home,” Hardy wrote in a June letter to the court.
In her emergency order, Hardy states that she has provided the court with proof of mortgage payments with receipts from Western Union.
Comment by Kevin on 6 October 2011:
Tylertown Mississippi Eastern Savings Bank Complaint
they gave me a interest only home mortgage and I have tried to get them to change it, but they will not. I was promised a much lower interest rate until the day of closing, also promised to pay broker a much smaller about until day of closing. I was promised that i would only have to pay 2,500 but before closing I had to come up with 7,000. all done fedx. They knew i was desperate because my previous mortgage co was going to foreclose. I have tried everything i know to get them to lower my interest rate, but they will not, as well as take me off o the interest mortage. One person (C.Swan) at Eastern savings told me to get out and let the bank have my home. This almost gave me an heartattack. This happen in 2008. He was very ugly and I reported him to Ms Pratt at Eastern Savings Bank. Please help if you can, or see what can be done to lower my monthly payments. Debra Mark
http://bankclassactions.com/articles/?p=1016&fl=homeowner
Comment by Kevin on 7 October 2011:
@ Jack – And?? Eastern Savings Reads this…So what, you live in the United States of America not communist China – You have something called Freedom of Speech! You can have opinions and state facts which you believe to be true. Now if you rant about untruths or make statements that you know to be false, then you may have a problem. If you are reporting facts as you see them, there is no malice. Therefore you should feel free to address your concerns in a forum like this and from what I can see there is “smoke where there is fire’ and above all else the devil is in the details…why are so many equity rich homeowners finding there houses in foreclosure with this bank in particular..If there was ever reason for a class action lawsuit, it points directly in that direction Hunt Valley Maryland!
Comment by Angie on 26 October 2011:
Has anyone had any progress with this bank? I have asked for a lower interest rate (10.5% now) as I have paid on time for most of the 4 years I have had this loan. Told that this is as low as it goes, they recommended short sale to me as I owe more than my home is worth so I don’t qualify for a refinance. I live in Florida. I would love to just get a 2-3 percent drop in interest rate. if anyone has had any positive progress please let me know. Thanks!
Comment by Kathy Connor on 30 November 2011:
I have been fighting with this bank for 31/2 years now to get our interest rate lowered. We are just shy of 12% They just sent my October payment back, putting us in default in order to start Foreclosure. This was after we filed for bankruptcy. I would like to be included in any action being taken against this preditory lending company. They should be put out of business, If anyone has any info please let me know what is going on. Thanks.
Comment by Alma on 29 December 2011:
We were contractors building 6 spec homes in Hawaii. Maybe you’ve seen one of our homes? The Obama Winter White House? We borrowed money from Eastern Savings Bank and this is what happened.
Something to understand about Eastern if you’re borrowing for a development project is:
1. You tell them how much you need to borrow.
2. They send their in-house appraiser out, who is really a Vice President or other employee.
3. They don’t loan you the funds needed to complete the real estate development. For example you need $10M and they’ll now loan you $7M.
4. You default because you don’t have enough money to finish the development.
5. They foreclose on you and get the equity in the property.
6. Surprise at the foreclosure the “appraiser” is there to bid on the property for Eastern Savings.
Comment by Deering on 30 December 2011:
Alma – please contact me at Travelballstarz@aol.com
I am tracking litigation against Eastern savings Bank – unbelievable that this bank hasn’t been scrutinized for abusive and questionable lending practices & tactics related to equity stripping.
Comment by Lola on 1 January 2012:
Hey guys, we are a small condo assn in Chicago. This predatory lender is engaging in more illegal activity besides mortgage fraud.
They have pulled us into small claims court to get us to pay for mold/drywall damage in their unit. This is a cost that belongs to them not the condo assn. They want us to waive assessments to stop the case. Assessments are also a legal cost the bank is responsible for. The bank refuses to pull building permits as required by City of Chicago Building permit laws.
So…it appears they are also in the “flip” foreclosed properties racket and not comply with local laws or real estate laws related to the Illinois Condominium Act.
We have contacted the City of Chicago and they are going to investigate the Building permit and License issues.
The point is…if you are in any kind of close transaction with Eastern Savings Bank…pressure your justice system on those issues today.
Today operation Push and Congressman Jessie Jackson are trying to stop a foreclosure on a woman with 5 special needs kids in Chicago.
These kind of unscrupulous, rape and pillage institutions need to be driven out of business and their Board of Directors and Senior officers sent to JAIL.
Too bad this president has done FEWER PROSECUTIONS against bankers than any other president in History. So…protests to him also need to fill up his inbox
Boy…u guys are a GREAT SOURCE for predatory ACTIONS! Keep up the good work!
Comment by saveyourhome on 1 January 2012:
check your mortgage and note
Comment by Deering on 11 January 2012:
Does anyone know a way to verify the number of foreclosures that Eastern Savings Bank has filed across the country? Hundreds in Cook County Illinois alone. Is it Pacer? It would be interesting to compile a list with the number of “loans” generated, the amount of equity in the homes and how many became non-performing and into foreclosure. Also the ratio of successful (performing) loans as opposed to unsuccessful (non-performing) loans that dissolved into foreclosure. I bet the number is staggering, maybe someone out there has the expertise to figure that out – show some lawyers and see if a class action can’t get started based on those facts. Worth looking into!
Comment by Deering on 13 January 2012:
Guess who has a Texas Ratio of 532.53% and the way it appears one of the most “unhealthy” banks in Maryland and possibly the nation ding ding ding yep none-other than Eastern Savings Bank – Where is the OTS? why do they continue to allow this bank to generate residential loans? It’s really heartbreaking when you read over the various complaint and rip off report boards the individual stories of people being foreclosed on and evicted by this bank, some real horror stories..keep hoping and praying to open the paper and see that someone has finally taken some action the OTS or some other governmental agency..it needs to stop! American families have suffered enough.
Comment by saveyourhome on 19 January 2012:
FIRST THE OTS HAS BEEN TAKEN OVER BY THE OCC SECOND OF ALL FILE A UCC-1 FINANCING STATEMENT AND LIEN YOUR EQUITY IN YOUR HOME, ALSO REMEMBER THEY ARE ONLY ALLOWED THE AMOUNT OF THE PRINCIPAL OF THE LOAN WITHOUT INTEREST.
Comment by Deering on 24 January 2012:
In short, the answer is a resounding NO re; UCC-1. Once someone actually understands how liens work, and how the foreclosure process works, one realizes that the UCC filing can not help, and anyone who says so doesn’t know better. The simplest way to know if something is a scam is to ask yourself this…
“If this truly cant be done, why isn’t everyone doing this?”
When you buy a home, a lien is placed against it called a mortgage. This lien has 1st rights to the asset (your home) should you fail to make the payments. Should you get a 2nd mortgage against the property, this lien is called “secondary” and should you be sued by someone, that judgment lien is in 3rd position.
Now you foreclose. You are not making your payments. When the house sells at auction, the 1st lien holder gets all the proceeds. Should $ be left over, the $ pays the 2nd lien holder and other lien holders until nothing is left.
By filing a lien against your own property (which in itself is fraudulent, because you are impeding the due process of the foreclosure look up bankruptcy fraud and conveyance fraud.)
But for sake of argument, lets say you file this lien against your property. The 1st lien holder, or your lender can foreclose on you, without approval of the other lien holders. They have the first right. If they chose not to, the 2nd lien holder can supercede the 1st by presenting their own foreclosure case against you.
I’ve heard the craziest “loopholes” and theories on how to help struggling homeowners. None of them work.