Homeowner Testifies About Financial Freedom Runarounds, Red-Tape to Federal Reserve

The testimony of Jose Graulau, a surviving family member about the proposed OneWest and CIT Group merger is featured in its entirety below. If you were unable to attend the hearing, CRC live-blogged it here and you may also find our CIT Group/OneWest Merger resource page helpful as well. Pictures are available here.





My testimony is in opposition to the proposed merger of OneWest Bank and CIT Financial.

My name is Jose Graulau.  I live in the Bronx New York where I am an operating room coordinator for a large medical center.

I did everything in my power to satisfy the reverse mortgage on my mother’s duplex after her death.    I notified One West Bank (OWB) of my intentions in August 2013.

OWB did not respond to my letters or calls. One month later a foreclosure letter stated I had 30 days to repay the entire loan balance.

I reconsidered my intention to purchase and decided to sell the property instead.  I submitted a listing agreement.

On 12/31 (New Year’s Eve) AlState Process Servers claimed they were hired by OWB to investigate my family and wanted documentation of all known and unknown relatives, either alive or deceased, and those born in or out of wedlock.

I felt threatened.  In Jan 2014 I requested a Deed in Lieu wanting nothing more to do with OWB

On Feb. 6th a representative of OWB came to the door of the elderly tenant in the duplex, and told her “she shouldn’t be paying rent and should sue me.”

Feb 2013  I received 5 calls from “Mable” from OWB asking me for personal information for the Deed in Lieu.  She refused to send me anything in writing.

Finally, Mable told me if I didn’t give her the info she wanted she would terminate the process and let it go to foreclosure.

I told Mable “fine let it go”.

I was served with a foreclosure complaint on 3/16/2014.

I am not quite sure why OWB told me I had 30 days to repay the entire loan balance in  2013 and now 17 months later the property has not been foreclosed.

I assume OWB will at some point collect all the interest, legal fees and costs they have piled on to this property through a claim to the FHA insurance fund or the FDIC loss share agreement.

My testimony illustrates OneWest Bank’s violation of my right to purchase, sell or execute a deed in lieu of foreclosure, acceleration of foreclosure, refusal to provide a Single Point of Contact, and conduct a pattern of written and verbal harassment.

I request an Investigation, audit, and review of individual OWB Reverse Mortgage Loan Files for the servicing violations of Federal Regulations and consumer rights I have brought forth and to ensure compliance with existing laws and regulations. 

 Additional Information:

  1. The Single Point of Contact letter was sent many times. I never spoke to Luisandra Hart or any member of her team.  I never spoke to anyone with any authority or who knew anything about my loan file.
  1. The attached letters from me are a chronology of events with OWB. In my attempts to repay the loan.
  1. The response letter from FF/OWB acknowledges the actions OWB, the law firm Stein Weiner, Roth and AlState Process Servers. OWB denied my request for a DIL unless I went to probate.  OWB’s comment they would look into the contact with the tenant went nowhere.
  1. I was served with the family tree questionnaire 3 times 12/31/13, 2/21/14, and 2/17/15 .
  1. In July 2014 OWB notified me of force-placed insurance on the property in the amount of $2,465.55.

One thought on “Homeowner Testifies About Financial Freedom Runarounds, Red-Tape to Federal Reserve

  1. Pingback: California Reinvestment Coalition | Surviving Heirs Testify About Their Experiences with Financial Freedom and OneWest Bank Foreclosures

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