Foreclosure lawyer loses his California law license

May 3rd, 2011  
by IrvineRenter  in Library News

Astute Observations

Astute Observation by Honcho
2011-05-03 06:33 AM

This guy succeeded in his plan to 1) get noticed and 2) make money. The bar didn’t order him to disgorge his fees and he said that he had “helped” over 70 people break into homes and had 70 more tat he was currently “helping.”  This guy raked it in.

Sadly, this seems to be a pattern with this type of attorney. They know there is no chance of success with these lawsuits but they gladly take money from families faced with foreclosure who are looking for any chance of staying in their home. They sign up as many people as they can in the time before the state bar will come calling. This guy did a good job of using the media to gain additional clients. It was really just a matter of time before it all caught up to him. Sure, at the end of the day, he can no longer practice law, but he rides off into the sunset with his pockets stuffed with cash.

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Astute Observation by IrvineRenter
2011-05-03 07:13 AM

According to the comments on another blog:

“His pathetic strategy in a nutshell: Pay Pines a fortune ($5,000 Retainer, $1,200 – $1,500 a month, and $650.00 per hour), don’t pay your mortgage this is a REQUIREMENT for Pines to take your case you must sign a document saying you will stop paying your mortgage. Then Michael T. Pines will file frivolous lawsuits, malpractice your case to the hilt, file a bankruptcy when all else fails, force your adult children living at home to file a bankruptcy, charge you some more for the BK, and take the money and run when the Sherriff comes to evict you.”

“Michael T. Pines is bankrupt, in foreclosure on at least 6 properties, has restraining orders against him and he actually calls himself an expert on “foreclosure relief.” An expert who can’t help himself or any client – laughable.”

“1. Address: 5 South 500 West Unit #1216, Salt Lake City UT 84101 – Parc at Gateway Condominium
Notice of Default was Recorded on 8/26/09.
Original Mortgage: 246K with National City Mortgage
Notice of Default was recorded on 8/26/09
THERE IS ALSO AN H.O.A. LIEN FOR NON-PAYMENT FILED ON 7/27/09
Trustee is: ETITLE INSURANCE AGENCY, Phone: 801-263-3400 (please call to verify)

2. Case # 09-81657
1273 22nd Street, Ogden, UT
Notice of Default was recorded on 9/1/09.
Foreclosure sale scheduled for 1/15/10, this date was originally 12/29/09, but Mr. Pines asked for an extension under what I believe to be false pretence.
Trustee is: ETITLE INSURANCE AGENCY, Phone: 801-263-3400 (please call to verify)

3. Case # 09-81658
Address: 1246 South Meadow Run, Saratoga Springs, UT
Notice of Default was recorded.
Foreclosure sale scheduled for 1/12/10, this date was originally 12/29/09, but Mr. Pines asked for an extension under what I believe to be false pretence.
Trustee is: ETITLE INSURANCE AGENCY, Phone: 801-263-3400 (please call to verify)

4. Parcel #010610036
Address: 2336 Madison Ave.
Notice of Default was recorded on Oct. 7, 2009
Trustee is Halliday and Watkins, Phone: 801-355-2886 (please call to verify)

5. 732 N. Coast Highway 101, Encinitas, CA 92024,
THIS WAS PINES’ FORMER LAW OFFICE BUIDLING until he was evicted on 01/14/11. This property is listed for SALE currently. Pines is working out of a CONDO he rents from his ex-wife and meeting clients at executive suites.

6. Case # 1171481
Address: 21 Murphy Drive, Bella Vista, Arkansas
Notice of Default was recorded in Sept., 2009
Trustee is: Wilson and Associates, PLLC
Phone: 501-219-9388 (please call to verify)
Lender: National City Bank”

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Astute Observation by Honcho
2011-05-03 08:43 AM

And there’s the business model:

“His pathetic strategy in a nutshell: Pay Pines a fortune ($5,000 Retainer, $1,200 – $1,500 a month, and $650.00 per hour)”

By his own admission, 140 clients equals $700,000 in fees off the top in a little over a year.  Then add in the monthly fee that was being paid out.  This guy pocketed some serious cash in a year. 

I’m not holding my breath that the Bar will make him disgorge those fees and repay the people he took money from.  On the other hand, the people paying him were likely paying him less than they otherwise would have been paying in rent and/or their mortgage, so they at least derived some benefit from his act.

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Astute Observation by IrvineRenter
2011-05-03 09:12 AM

You have to wonder what he was spending his money one too. He wasn’t making payments on 6 properties while ripping off his clients.

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Astute Observation by ripcord
2011-05-03 07:25 AM

About the photo of Mt Vernon and the phrase: “Our Founding Fathers didn’t spend their home equity and spend themselves into foreclosure”, I think you may want to rethink that one.  Thomas Jefferson died deeply in debt and his family had to sell Monticello and all its furnishings after he died.  In fact, he did borrow against Monticello so he pretty much spent Monticello into oblivion using the home-equity kool aid to fund his agricultural experiments.

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Astute Observation by Frak
2011-05-03 09:51 AM

It’s funny. I also immediately thought of Jefferson when I saw the Washington bit.

One correction though, at the time it was referred to as home-equity evening punch, not kool aid.

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Astute Observation by IrvineRenter
2011-05-03 11:31 AM

I didn’t know that. I guess mortgage equity withdrawal is an integral part of the American Dream.

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Astute Observation by SanJoseRenter
2011-05-03 06:22 PM

Thomas Jefferson just happened to outlive his wealth.

He sold off his books, was supported by creditors too kind to sue him, and after his death his plan to liberate his slaves was stymied.

Obama was a genuine HELOC abuser for 5 years:

“This means they spent perhaps $80,000 beyond their income from 1999 to 2004.”

President Obama’s troubling mantra: In debt, we trust

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Astute Observation by Shevy
2011-05-03 07:57 AM

4111 BLACKFIN Ave Irvine, CA 92620, I previewed this property yesterday. They did a nice job with the remodel downstairs; the listing agent said that they completely gutted the downstairs, which appears to be accurate. However, upstairs is still pretty original. In addition, they converted the 3rd car garage to a bedroom and that part was not done as well. Moreover, the laundry is in the garage leaving only enough space for one car.

  The kitchen is nice and something that one would normally see in a higher end custom home. The floor plan is nice with high ceilings and nice finishes; however, they will only appeal to specific tastes. Although, in my opinion they got taken to the cleaners if they spent $400,000, even the $170,000 is high but that is probably about what they spent considering the listing agent also said that the projector cost $32,000. I don’t know much about projectors but that’s a lot of movie tickets. The listing agent admits that it’s over built for the neighborhood.

  In my opinion, they are fishing for a cash or heavy cash buyer or a buyer with a bad appraiser. This is the best advise one can give a seller that overbuilds their home like this and it works occasionally. That said, it also backs to Bryan. However, they have big trees in the back and triple paned windows which help.

  Overall in Northwood seems to be holding compared to other neighborhoods. It will likely sell for over $800,000 so they will walk with some money.

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Astute Observation by irvine_home_owner
2011-05-03 09:12 AM

”...they converted the 3rd car garage to a bedroom…”

That’s the first mistake.  grin

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Astute Observation by IrvineRenter
2011-05-03 09:16 AM

LOL!

Perhaps they needed room for that $32,000 movie projector.

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Astute Observation by Shevy
2011-05-03 09:29 AM

no kidding, the agent stressed, “the projector is not included but that the seller would like to negotiate for it separately” I wasn’t sure what to say to that.

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Astute Observation by brianguy
2011-05-04 01:22 PM

what a farce.  maybe Dear Seller should throw it on eBay for 20k and settle for 10.  that’s about the only way they’ll ever see 5 figures out of it.  a normal HD digital projector with a Blu Ray hooked up can be had under 2K (new - retail).  someone’s only willing to pay that kind of money for theatre equipment if they’re investing in a $3M-5M home…which is something doesn’t come with a cramped 2 car garage.

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Astute Observation by AZDavidPhx
2011-05-03 04:15 PM

.

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Astute Observation by IrvineRenter
2011-05-04 08:31 AM

Thanks, David. You will see that one again.

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Astute Observation by winstongator
2011-05-03 06:01 PM

I can imagine most upgrades…that I would want.  I don’t think I’d want to pay for an upgrade that I couldn’t imagine.

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Astute Observation by Jersey Dave
2011-05-12 05:29 PM

This is a test….


<ahref=“http://www.redfin.com/city/9361/CA/Irvine”>Irvine Market Trends graph as of May 9, 2011</a>

Irvine Market Trends graph as of May 9, 2011

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Astute Observation by Jersey Dave
2011-05-12 05:31 PM

Another test

<a href=“http://www.redfin.com/city/9361/CA/Irvine”>Irvine Market Trends graph as of May 9, 2011</a>

Irvine Market Trends graph as of May 9, 2011

Irvine Market Trends graph as of May 9, 2011

Irvine Market Trends graph as of May 9, 2011

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Astute Observation by Jersey Dave
2011-05-12 05:39 PM

last test….

Irvine Market Trends graph as of May 9, 2011

Irvine Market Trends graph as of May 9, 2011

<a href=“http://www.redfin.com/city/9361/CA/Irvine”>Irvine Market Trends graph as of May 9, 2011</a>

<a href=“http://www.redfin.com/city/9361/CA/Irvine”>Irvine Market Trends graph as of May 9, 2011</a>

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Astute Observation by Jersey Dave
2011-05-12 05:41 PM

I lied…One more…


<a href=“http://www.redfin.com/city/9361/CA/Irvine”>Irvine Market Trends graph as of May 9, 2011</a>

Irvine Market Trends graph as of May 9, 2011
Irvine Market Trends graph as of May 9, 2011

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