New Haven Financial reviews and complaints

M.J., I agree with you completely. Please contact me at ck.atrg@cox.net and anyone else in this situation with NHF.

The violations, companies involved and general course of illegal activity is a mirror image of what I am currently going through with New Haven Financial. Is anyone doing anything i.e. Class Action, Mass Joinder etc. to put these bottom dwellers away for some county time? Our so called "investor" is Dr. Joshua M.Kaye and his criminal property inspector partner wife, real estate agent, and thief in common the notorious Haline Paul. Mrs. Paul is a slimy chameleon of non-character who will quickly change her hat and become whatever industry representative she needs to...for the corresponding fees and charges.. A quick check of the Title records discloses the impressive number of seized properties that are currently in her and Dr. Joshua M.K.ayes names. Naturally, the properties are in convenient little trusts, which they hope will provide their mercenary ### with shelter from the oncoming legal whiplash that myself and many others are hitting them with in light of the new laws. It is clear that an established pattern of illegal lending practices has redefined predatory lending. I would like to make contact with anyone that is currently litigating or intending to litigate with New Brazen Finefistful as I have come to refer to them, so that we might have better success against them collectively. My counsel has been retained and the attorney of record is open to see additional plaintiffs. Please note: It is particularly of interest to me that these human smegma be not only punitively punished, but I think they should be indicted for these crimes against America. i don't know what we are doing in IRAQ; the real terrorists are right here in the San Fernando valley. I can be contacted anytime to further this cause at msarras@yahoo.com. Your contact is welcome. M.J. Sarras

Lawrence S. Rabinoff, Scot R. Fine, Stephen D. Sutton at all

This one is a classic equity stripping or skimming scam popular in [protected]. A new law in many states has put a higher standard on brokers reducing the amount of this type of fraud. Usually perpetuated on unsophisticated, low-income home owners, as disclosed in WP article. This site also details the length of action the company takes to spun this kind of scam. Some points are: 1. Multiple mortgage compnies are spawned to continue after regulators shut down the main perpetrator company. 2. Running internal escrows and trusts to charge extra fees to buyers and drive them further into debt. 3. Related companies are also needed to act as “rescue artists”. 4. Using fraudulent real estate licenses of other persons or expired. 5. Using unscrupulous appraisers and notaries to inflate home prices, manipulate title holders in the records. 6. Forging signatures on important documents.

#############################################

Here’s some of the real truth behind the horrific business tactics used by New Haven Financial, for which they are now being investigated by the California Department of Real Estate (DRE). A hearing on a major complaint is scheduled later this month.

First, the reason behind the creation of California Equity Lenders (Agoura Hills, California) at the end of 2007 is that most of the sales staff had invested, together with a great number of friends and family members, in New Haven Financial’s loans. Big problem: the very bad lending practices practiced by New Haven Financial (at Larry Rabinoff’s direction) were now biting them, their friends and their relatives in the derriere. So much so that the loss by default of properties with New Haven Financial loans went from a trickle to a torrent. New Haven Financial’s income is derived from a combination of points paid at the onset of the loan, exorbitant marked-up processing fees, and a percentage of incoming loan payments on an ongoing basis. All of their trust deeds are recorded ONLY in the investors’ names, NEVER in New Haven Financial’s name, so New Haven is never on the hook for a defaulted and foreclosed property in which their investors’ funds were invested (typically as a 2nd mortgage although more junior positions are sometimes funded). Investors are still held responsible for keeping senior loans current to safeguard New Haven’s junior positions. New Haven continues to accrue fees and costs even on non-performing loans, and have to suck up auction and resale costs and expenses.

Score in most cases: New Haven $$, Investor 0.

Many investors either do not anticipate or are not prepared to continue making capital infusions to keep the senior loans current when payment has ceased on New Haven Financial loans. These are very bad loans, and the defecting group of employees (another writer has provided a partial listing of those people) together with their friends, relatives, and investors have filed dozens of complaints with the DRE for these reasons. Civil law suits are also following. One witness has stated that in excess of 50 complaints have been filed with the DRE and Department of Corporations regarding illegal and unethical lending, collection, and foreclosure actions. In addition to California law, New Haven Financial is known to flagrantly violate RESPA requirements, which is the federal law regarding real estate matters.

Numerous abuses have been noted by New Haven Financial borrowers, including points and interest exceeding legal limits, imposition of undisclosed fees, illegally charging and retaining premiums on third party, and unconscionable clerical and administrative fees. Worse, witnesses have corroborated falsification and manipulation of mortgage application information, including falsification of income, income source, liabilities, and employment. Related to this, and as noted by one writer on these blogs, is identity theft, in which a spouse would (unknowingly to him/her) be added to a mortgage application to pump up income and credit worthiness of the original applicant, to make the new-and-improved application more attractive to potential investors, especially on marginal applications and properties. Remember, New Haven only gets paid for funded applications.

These misrepresentations further extend to bad, inflated appraisals, using appraisers either beholden to New Haven’s owner, or appraisers who simply request a magic number to achieve the desired loan amount. So what if the nearest “comparable” property is four miles away? The investors don’t know any better, and they are foolishly relying on New Haven to safeguard their investments despite these pie-in-the-sky figures, which are based on grossly inflated appraisals, complicit appraisers, and misuse of prior sales which are either stale, simply not comparable, or outside of a reasonable geographical area. Commonly, appraiser’s fees are marked up illegally.

Let us review the escrow company favored by New Haven Financial. Reliable Trust Deed of Tarzana, California has been known to accept illegal deviations in title, including out-of-position stake holders, and to knowingly record these deviations at the direction of New Haven Financial’s management, including Larry Rabinoff and Scot Fine. Delays in recording, postponed and missed recordings and the like have been documented, always to New Haven’s benefit. Investors and borrowers alike have been defrauded as a result. Those people include the principles of Reliable Trust Deed, including Lynn Wolcott. That’s an interesting paper trail.

Speaking of “trust”, New Haven Financial has been documented to violate laws regarding the use and nonuse of trust accounts. These violations include misuse of funds contained in the accounts, nonuse where law requires funds to be placed in trust, failure to inform clients of an in-house “captive” escrow account, and overdrawing the account which means that funds were withdrawn illegally.
Now, consider the following: at least two of the remaining executives of New Haven Financial have sold or transferred title to their properties, within a time frame defined by laws regarding “fraudulent transfers”. The writer who has been tracking Larry Rabinoff (Westlake Village) and Scot Fine (Hidden Hills sale, transfer of assets to wife on Tarzana property) is on to something, which should be carefully noted.

Hi. Anyone involved in New Haven financial lawsuits, please email me at ceecapo@yahoo.com I want more info about them and maybe a law firm I can use to file a suit. They are crooks and I need to sort some things out. Thanks.