We would like to report the
following information and ask for a formal investigation of William S. Lee
& Associates (Real estate broker) and Tim McFarlin, LLP (law firm) for
clear false advertising, improper business associations between lawyers and non-lawyers,
running and capping, and the unlawful practice of law. The matters are clearly
documented on the William S. Lee websites (links and text below):
I lost my home when these people lied to me and couldn't stop a foreclosure. They have no idea what they are doing and they bounce you around people in their office and claim to be attorneys. Do NOT USE THE PEOPLE. They will lie the whole way through until you lose your home!
Please put a stop to this
immediately. People are being deceived and harmed by these fraudulent practices.
links and marketing claim:
Take a look at some of
the successful transactions we've secured for local homeowners just like you. With hundreds of real estate
short sales and loan modifications to our credit, you have our assurance
your negotiations will be handled by experts.
[list excluded, but
contained on the site and sent in direct marketing mailers]
Disclaimer: Merges [sic] and acquisitions [sic] include
Bank of America with Countrywide and Merrill Lynch; JPMorgan CHASE with
Washington Mutual, Bank one, Bear Stearns; Onewest Bank with Indymac Mortgage;
Wells Fargo with Wachovia and World Savings. The list contains combined successful transactions from McFarlin & Schmidt, LLP. The
"Successful transactions" imply to the release of lender's approval
letter by servicers, and does
not necessarily imply to the closings. Modified interest rate may be
permanent, temporary and adjustable after the trial period given by lender.
Modified interest rate is rounded to 1/10th of 1%.
IMPROPER BUSINESS COMBINATION WITH A LAW FIRM AND
FALSE ADVERTISING: they are combining the work of a law firm into their claims
of success. They also have team members showing that they are lawyers or owners
of a law firm called McFarlin & Schmidt, LLP. See the following from the
Mark J. Schmidt General Partner
As a General Partner of William S. Lee & Associates, Mr. Schmidts firm McFarlin
& Schmidt LLP has provided invaluable support in helping our clients
navigate the complexities of short sale and loan modification transactions
through its relationships with major lenders. Under his leadership, his firm
successfully processed and negotiated over 200 loan modifications and short
sales for top realtors from Coldwell Banker, ReMax, Century 21, Seven Gables,
First Team Real Estate, and more.
IMPROPER BUSINESS COMBINATION WITH A LAW FIRM:
Clearly, William S. Lee is connecting the General Partner of William S. Lee
& Associates with the law firm of McFarlin & Schmidt, LLP. This is some
type of business arrangement that is not clear from the advertising. Therefore,
it is also false advertising. This again raises the specter of running and
capping and/or illegal legal fee splitting (or illegal commission splitting).
Raymond J. Seo Attorney at Law, Bankruptcy
For those of our clients considering bankruptcy, we are pleased to offer the
services and consultancy of Raymond Seo, one of Orange Countys most
knowledgeable and experienced bankruptcy attorneys who also consist of
an extensive network of bankruptcy attorneys in Los Angeles and Riverside
Counties. As a member of the California Bar since 2001, Mr. Seo plays a
hands-on roll to ensure your case is handled effectively.
Each case is advised, analyzed, reviewed and
represented by Mr. Seo personally.
Mr. Seo is committed to resolving your current
financial crisis and helping you get on with your life by providing exemplary
legal services in an understanding environment. Mr. Seo is a B.A. graduate of
the University of California, Irvine and, a J.D. graduate of Loyola Marymount
School of Law.
IMPROPER BUSINESS COMBINATION WITH A LAWYER: William
S. Lee claims to be offering the services of a bankruptcy lawyer. This is not
shown as a referral, and, in fact, a number of consumers have stated that the
bankruptcy lawyer was presented as part of the brokerage. Fee splitting? Legal
solicitation? Running and capping?
link and marketing claim:
With over 300 distressed property transactions to our credit, we're
ready to explain programs, explore options and answer any questions you might
FALSE CLAIM: They do not have over 300 distressed
property transactions there is no evidence to back this up anywhere. In
fact, on the next page of the website, they actually state that this number is
combined successful transaction from McFarlin & Schmidt, LLP. Thats a
law firm. And this brokerage is somehow taking credit for transactions
completed by a lawyer. This claim is included in ALL mail solicitations from
William S. Lee & Associates. There is also evidence here of possible
capping and running.
link and marketing pitch:
CASH SELLER INCENTIVES
Up to $35,000 CASH! That's right! Our clients are receiving
large cash incentives for successfully short selling their homes. In an effort
to expedite the short sale process, major lenders have recently awarded several
of our clients as much as $35,000 for the successful closing of their short
But wait, there's more; our clients are guaranteed to receive a minimum cash incentive of
$3,000 or, 1% of the sales price of the home (whichever is higher) when you
short sell with us. If we don't get you the money directly from your lender, we
will pay you from our earned commission!
Thats right! Our clients are guaranteed to receive a minimum cash incentive of
$3,000 or, 1% of the sales price (whichever is higher) when you short
sell your home with us. If we dont get you the money directly from your
lender, we will pay you from our earned commission!
When entering into a Short Sale
transaction managed by the WSL Team, you are guaranteed to receive a
seller incentive equal to 1% of the sale price upon closing (limited to $9,900
The only qualifications we require are :
that the homeowner has not recently filed bankruptcy and,
there are no
more than two different lien holders on the property. [[comment: this hints
of BANK FRAUD]]
Were very proud to offer this incentive and
understand this money can be a big help planning your next move.
FALSE ADVERTISING AND SUSPICION OF BANK FRAUD: All
banks require an Arms Length Affidavit in every short sale which clearly
states that the seller is not to receive any proceeds from the transaction and
the brokers are not paying the seller any money. Right on this website, Lee is
making a guaranty of 1% or $3,000. He knows this cant be done and yet he is
advertising it everywhere including in all his direct mail solicitations.
Further, the qualification that there are no more than two different lien
holders on the property is a clear indication of bank fraud. Why is William S.
Lees guaranty of cash at closing subject to how many lien holders there are?
If the money comes from the commission, then the lien holder count is
irrelevant. This is significant evidence of FRAUD or a complete deception of
the consumer who will be told that it cant be paid at closing because of the
Arms Length Affidavit.
link and legal solicitation:
While there are many options available to distressed
homeowners, maximizing benefit to our clients is the goal of every solution we
recommend. If you would
like to explore possible solutions or think you might be a candidate for
bankruptcy, please contact
us today. Our seasoned bankruptcy
attorneys will review your options with you and answer any questions you might
Chapter 7 is the most frequently selected kind of
bankruptcy for individuals as it is generally the simplest and quickest form of
bankruptcy. Note that Chapter 7 does not excuse homeowners from paying the
mortgage. A debtor who wants to keep her home must continue to pay the
mortgage. It is also very important to note that filing a Chapter 7 petition
will not ultimately prevent a bank from foreclosing if payments are delinquent.
Please visit WSL Library to
find out if Ch.7 Bankruptcy can save your home.
PROVIDING LEGAL ADVICE, LEGAL SERVICES AND LEGAL
SOLICITATION. It is illegal for a non-attorney to solicit for legal clients.
The language above is a clear solicitation of bankruptcy clientele. We believe
that the real estate agents are fee splitting with the bankruptcy attorney that
works out of their office (Raymond J. Seo). Further, the language above is
clear: OUR SEASONED
BANKRUPTCY ATTORNEYS will review your options and answer your questions. This
is shown as a service of William S. Lee & Associates.