By Fredrick P. Niemann, Esq. a Freehold Township, Monmouth County New Jersey Elder Abuse and Financial Exploitation Attorney
I recently read a post involving an elderly widow who was persuaded to take out loans from her bank by telephone scammers who told her she won the New Jersey state lottery. After she got the loans and wired almost $1 Million dollars (in about 21 wires) to a phony account the banks readily facilitated, she lost a large percentage of her life savings. Because one bank failed to record their mortgage in a timely manner, 3 weeks later she went to another bank who gave her a 30 year fixed rate loan (she was a widow in her 80’s) at 8.99%. Of course, they didn’t know about the earlier loan when they did their title search. While she was alive, she tried to get the second bank to “modify” the interest rate loan to reduce it from 8.99% to the market rate of 4.5%. That would have put about $400-$500 in her pocket each month. She kept getting the runaround for about 15 months. She kept a log of every phone call and email. Then she died. Her attorney was able to get a contact in the “Office of the President” for each bank. They sent a letter to both banks (same letter) stating the facts of the case in great detail, sent them a copy of the log, told them why he thought their conduct was highly questionable, and told them he would sue if a settlement was not reached. It took another 10 months to finalize. But the attorney was able to get the bank to discharge the debt for a relatively modest amount of consideration (and the other bank paid part of it). Then the bank accepted a deed in lieu of foreclosure to her condo. The combined benefit to the estate was about $250,000. The lawyer wanted to sue the banks for the $1 Million, but research and case law indicated that the legal case was weak.
My point is that you can get something by dealing with contacts in the Office of the President of even the larger institutions. But lower level employees are just that… really relatively low level people who get their marching orders from others. They won’t be able to approve anything. You just have to be patient, polite and persistent.
Contact me personally today to discuss your New Jersey elder abuse and financial exploitation matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at fniemann@hnlawfirm.com.