District Court Grants Injunction Blocking Foreclosure Auction of Home Without Cash Bond

A couple facing foreclosure from OneWest Bank has joined the growing number of homeowners, attorneys and real estate professionals who believe the bank would rather foreclose than modify a loan.

"It comes down to money and greed.  All they want is your home," said Tom Cravalho, who with his wife Mona has been working for nearly two years to get out of an adjustable rate mortgage.

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A Fair Oaks homeowner suing OneWest Bank in Sacramento federal court achieved a notable victory last week.  Judge John Mendez granted a preliminary injunction March 3 blocking a foreclosure auction while not requiring the homeowner to post a cash bond equal to the home's value.

The homeowner's attorney, Jonathan Stein, told News10 it was the first case he knows of in California where the customary bond requirement was lifted.  Stein said OneWest had entered into a loan modification with his client and then unilaterally cancelled it.

News10.net