State Supreme Court to Hear Foreclosure Case
New Mexico's supreme court will hear the foreclosure case of a couple who claim that they were bamboozled by their lender into taking a refinance loan they couldn't afford and didn't understand as the lender allegedly churned their mortgage.
The couple took out a $227,240 loan from Equity One Inc. in 2006 which paid off a delinquent mortgage and provided capital for their businesses. The application said that the husband earned $5,600 a month, though they now claim that the number was intended to be an annual figure.
The district court and an appeals court both found that the couple benefited from the refinance transaction because of $39,000 they received cashout proceeds, including $9,000 used to pay off credit cards.
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NV AG Accused of Improperly Using DC Law Firms
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Lenders Improve Performance With Minorities
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Runaway Judge Hits Quicken With Huge Punitive Damages
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Wells Negotiating Settlement With Memphis
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$125 Million Settlement on Option One Originations
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