NY Attorney General In $4 Million Settlement With Baum Law Firm

Posted by Orb Staff on March 23, 2012 No Comments
Categories : Mortgage Servicing

11153_eric_schneiderman NY Attorney General In $4 Million Settlement With Baum Law Firm New York Attorney General Eric T. Schneiderman has announced an agreement with Steven J. Baum PC, Pillar Processing LLC, Steven J. Baum and Brian Kumiega requiring them to pay $4 million in penalties, costs and fees following charges of abuse-riddled foreclosure-related legal work.

Baum, the founder of the now-defunct Steven J. Baum PC, and Managing Partner Brian Kumiega also agreed to not represent lenders or servicers in new foreclosure-related cases for a period of two years. According to Schneiderman, $2 million of the settlement funds will be used to aid New Yorkers in foreclosure or at imminent risk of foreclosure.

‘The Baum firm cut corners in order to maximize the number of its foreclosure filings and its profits,’ says Schneiderman. ‘This settlement demonstrates that my office will not allow New York homeowners to face the drastic consequence of foreclosure based upon inaccurate documents filed in court. Foreclosure law firms must ensure that their client has the authority to sue and is the rightful holder or assignee of the note and the mortgage before filing cases.’

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