Lately, there have been a few CENLAR class action lawsuits. If you are interested in this topic and want to know further, you are on the right page as you are going to be educated about this thing. Please read every sentence carefully so that there is no misunderstanding.
CENLAR Class Action Lawsuit
The increase of the class action lawsuits is due to the fact that the borrowers are mostly the former ones from TBW mortgage company, the one that was shut down by the FBI and forced into bankruptcy.
The payment that should they pay every month went up and they looked for the class action lawsuit against CENLAR. Actually, the company has suggested them to talk to their respective insurance company or tax collection about the cause of the increase in payment, but most of them just do not care and it seems like they do not intend to solve the issue and want to put the blame on CENLAR instead.
The borrowers are mad. Their rage is about of the assessment of late charges, online payment fees, phone pay fees, and many other ones. They feel like they have been cheated for the charges that are not important.
In their defense, CENLAR thinks that all of them are the standard practice of the company to make the charges for all the loans. Furthermore, the company said that if the borrowers consider all the things mentioned before are fraudulent, the fault is on them (the borrowers) because they should have read the fine print when they signed the loan agreement.
Nevertheless, most of the borrowers still stand by their position. They still think that for the business practices, CENLAR should provide the borrowers who seek loan modifications assistant in order to help them in settling their losses with short sales and foreclosures. That’s why are needed.
If you want to know more about the CENLAR class action lawsuit, the best thing that you can do is to go to the communities or forums where people are talking about this issue. Usually, the victims gather in such places to plan what should they do next. Most of them are on the internet so it should be easy for you to find them to discuss about such thing. If you have a few questions related to CENLAR, feel free to reach out the representative of the company.
About Class Action Lawsuit
The term class action lawsuit is used to call the civil lawsuit that is brought on behalf of a group of people or business entities. These kinds of people or business entities are the ones who have suffered common injuries as a result of the conduct of the defendants. There should be at least a person or entity that acts as the representative of that group. The issues of the class action may vary, but the issues in dispute are common to all class members.
People can drag the class actions to the state or federal court. If the federal laws are involved, then the federal court is the correct one.
Each litigant alone should be enough to bring their own action, so what is the reason that makes the class actions important? Why it is needed to join all the actions into one class action lawsuit? The main reason is because joining the individual actions into just one lawsuit is easier for the plaintiff, the court, and the defendants. For the plaintiffs, the class actions are known to be practical. They only include one set of witnesses, one set of experts, one set of documents and one set of issues. As the people who are included are reduced, it is effective to cut the budget. Not only that, it is also easier for one law firm to handle one case compared to having one or more law firms try multiple cases.
Usually, individual cases do not cause enough damages. For instance, a bank is charging illegal fees of $25 to $150 dollars to millions of customers. That’s why it would not worth it for the lawyer to bring a $150 lawsuit for each and every customer as it only causes a small damage. On the other hand, one class action case that claims several hundred million dollars on behalf of millions of clients is better as the damage is bigger. In addition to that, it also means that the chance for all the victims to get a fair distribution of the damages is high. If the lawsuit is more than one, there is a possibility of the first few plaintiffs to win to get all the insurance proceeds or all the assets of the defendant leaving little or no money for the ones who win the cases later.
Class actions are also best for the courts because it is cheaper compared to multiple lawsuits. One lawsuit only needs one judge and one courtroom. It also means that it will not take more time that can be used for the other schedules.
The advantage of class actions for plaintiffs includes the fact that it levels the playing field. It is better for the defendant corporations to financially defend just one claim. However, it is different when a law firm such as Hagens Berman brings a class action on behalf of a lot of people with claims as the contest turns to be a fair dispute. Not only more likely to settle the class action, a defendant corporation that has to defend multiple claims is more likely to change its misconduct.
There are a lot of cases and issues that are able to be brought as class action lawsuits. One of the categories is consumer. These class actions ask the company that involves in the case to take the responsibility. They normally think the company practices the systematic and fraudulent or illegal business practices that harm or even scam the consumer. Antitrust cases such as market allocation agreements, price fixing, and monopolistic schemes are the examples.