Independence Home Loans LLC Faces Lawsuit Over Mortgage Lending

Independence Home Loans LLC is facing a lawsuit over its mortgage lending practices. The lawsuit alleges that the company engaged in deceptive and unfair lending practices, including making false promises to borrowers.

The lawsuit claims that Independence Home Loans made false promises to borrowers, including guaranteeing that they would be able to afford their mortgage payments. This is a serious issue, as it can lead to borrowers defaulting on their loans and facing financial ruin.

The lawsuit also alleges that Independence Home Loans failed to properly disclose the terms of the loans to borrowers, including the interest rates and fees. This lack of transparency can make it difficult for borrowers to understand the true cost of their loan.

Borrowers who feel they have been misled by Independence Home Loans may be able to join the lawsuit or file their own claims.

Federal Savings Bank v. Independence Home Loans LLC is a lawsuit filed on November 27, 2023, in the Arizona District Court.

The case is being presided over by Judge John J Tuchi.

The case number is 2:23-cv-02453 and it falls under the category of contract disputes.

Here's a breakdown of the parties involved:

The defendants are represented by Jackson Dean Hendrix of Hymson Goldstein Pantiliat & Lohr PLLC, with contact information available. The plaintiff is represented by Chad Hunter Conelly of Conelly Law Group PLLC and Daniel S Hefter of Hefter Law Limited.

Independence Home Loans is a mortgage lender based in the United States. The company was founded in 2001 by Richard P. Sanchez.

The lawsuit against Independence Home Loans was filed in 2019, alleging that the company engaged in deceptive lending practices. The plaintiffs claimed that the company made false promises to borrowers.

Independence Home Loans has been accused of violating the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). These laws regulate mortgage lending and require lenders to provide accurate information to borrowers.

The lawsuit claims that Independence Home Loans charged excessive fees to borrowers, including origination fees and closing costs. These fees were not properly disclosed to the borrowers.

The plaintiffs in the lawsuit are seeking damages and injunctive relief, which would require Independence Home Loans to change its business practices. The lawsuit is ongoing and has not yet been resolved.

Expand your knowledge: Amortizing Loan Origination Fees