Bank United v. PH Financial Inc., et al.
Published: Apr. 1, 2000 | Result Date: Dec. 3, 1999 | Filing Date: Jan. 1, 1900 |Case number: BC195790 Verdict – $0
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Craig Park
(technical)
Facts
On July 20, 1992, borrower Choung Tran contacted defendant PH Financial Corporation and completed an application for a residential loan. PH Financial obtained a credit report from Information Searching Company which revealed the existence of an obligation owed to Bank of America. The loan was opened in 1988 with no late payments in the last 12 months.
In submitting the ôTranö loan application, PH Financial also attached a copy of this credit report, and a copy of a Grant Deed signed by Choung Tran deeding his interest in a property located at 51 Hidden Valley Road to John Phan, the other joint owner and obligor on the Bank of America Loan.
Additionally, PH Financial, at plaintiffÆs request, submitted six monthsÆ worth of bank statements and canceled checks from Phan as proof that he was making all the payments due under the Bank of America Loan. This loan application was approved by plaintiffÆs predecessor-in-interest, was eventually funded and ultimately sold to Freddie Mac.
Sometime thereafter, the loan to Tran went into default with the real property foreclosed upon.
The original agreement between plaintiffÆs predecessor-in-interest and defendant contained certain warranty provisions which plaintiff claimed defendant breached.
The plaintiff filed suit against the defendant to recover damages for fraud and breach of contract as the loan was eventually repurchased by plaintiff.
Settlement Discussions
The plaintiff made a settlement demand for $ _______. The defendant offered $_______.
Other Information
The verdict was reached approximately one year and four months after the case was filed.
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