Lehman Bankruptcy Affects Many Entities: Get involved and file your objections or your defenses may be waived when they sell the assets


Dear Neil; Good News, Pro Bono:  I have been contacted by a local law firm that is contemplating within the next several weeks to motion the Lehman Bankruptcy Courts to Appoint a Borrowers Committee for all borrowers who are otherwise unrepresentative in the Lehman Bankruptcy!  This is very good news!

The law firm will be representing our interest Pro Bono in a limited capacity.  If they are successful in convincing the courts that the borrows committee in fact is needed, as it is, then at least homeowners with these onerous loans will have a fund established in their benefit to allow borrowers to collect against upon winning their claims.

There is even a possibility that if….this goes well, the firm may be interested in representing borrowers claims, again, this is “IF” with no promises made here.  The law firm will be paid by the trustee for Lehman.  Most people do not know they have what is known as a Lehman Loan and I will cite just a few lenders that had their paper/loan securitized by the behemoth that are but is not limited to AURORA LOAN SERVICES, HSBC, CITIMORTGAGE INC., WELLS FARGO, WMC MORTGAGE CORP, PROVIDENT BANK, GREEN POINT MORTGAGE, NEW CENTURY MORTGAGE.

I have a comprehensive list of who the lenders are and anyone is free to contact me at timcotten@mris.com.  Also, I am putting together a prospective list for this law firm of borrowers who want to be represented by the Consumer Borrower Committee.  I am hopeful that any of your readers who believes Lehman may be the originator or, if you have anyone of the lenders just cited, please call me at 410-257-5283 or email me at timcotten@mris.com.  Lehman’s bankruptcy case has been posted www.epiqbankruptcysolutions.com, and you can view it for free.

Also, do not delay in getting a letter of objection in the courts regarding transfers or sales of notes subject to TILA claims as they MUST contain an order stipulating the transfer to be contingent up 11 U.S.C. §363(o).

We are very concerned about the sale of LEHMAN core assets as this is just going to be an underhanded attempt to dump “bad paper” and to escape liabilities so, though we are not lawyers and are not providing anyone here with ANY legal advise, we want everyone here to know that we are sending off a motion to block all transfers within the Lehman case unless they contain the Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (2005), 11 U.S.C. §363(o) forcing the new acquirer of said loans to take them contingent this provision and all consumer TILA claims. Thanks Neil and keep up the great blog! Tim 410-257-5283.

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