Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, September 08, 2012
Rich Divorcée Hit With $4.7M 'Hotel Bill' & Faces Add'l $3M Tack On For Seller's Legal Fees For Backing Out Of Deal To Buy $18.75M Residential Suite
In New York City, the New York Post reports:
That’s one heck of a hotel bill. A well-heeled divorcée who lost $4.7 million when she backed out of buying a swank Upper East Side co-op now faces more than $3 million in legal bills from the developer.
Defense lawyers say they spent more than 5,000 hours battling Roberta Campbell after she filed suit in 2009 to recoup her deposit on a residential suite in The recently renovated Mark hotel on East 77th Street.
“In particular, this lawsuit was difficult and hard-fought, with plaintiff’s counsel raising numerous issues in an effort to excuse plaintiff’s failure to close her purchase,” according to papers filed in Manhattan federal court.
And while admitting that their fees “are large in comparison with the down payments at issue,” the hotel’s lawyers insist that the amounts — including $1,025 an hour for lawyer Michael Korotkin — “are reasonable under all of the facts and circumstances.”
Campbell, the ex-wife of Intuit software chair Bill Campbell, walked away from her planned $18.75 million purchase after inspecting the pad and noting a laundry list of problems, including no heat or hot water, unstained floors and missing hanger rods in the closets.
But a judge ruled that Roberta wasn’t entitled to break the deal, saying Con Ed was ready to turn on the gas and that most of her complaints were easily fixed “punch list” items.
Judge William Pauley III also noted that Roberta wasn’t exactly hurting, having moved into 15 Central Park West, “one of the most desirable addresses in Manhattan.” Campbell reportedly paid $17.5 million in cash for that apartment, which has four bedrooms and views to both the east and west.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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