Only in America
(1 December 2009 – USA) A Supreme Court Judge has ruled against a US bank’s conduct and has written off a family’s US$525,000 (A$575,000) mortgage.
According to court records, the couple refinanced their home in 2004, paying off the original mortgage with the help of a US$292,500 subprime loan, the Post said. It had an adjustable interest rate of 10.375 percent, which rose above 12 percent.
When the couple struggled to pay off the debt due to health problems; OneWest, which is owned by a private equity group that bought IndyMac, sued the couple in 2005. The foreclosure was eventually approved last January.
Judge Jeffrey Spinner criticized OneWest for repeatedly refusing to work out a deal with the couple and for misleading him about the amount of money involved in the case.
The New York Judge ruled that the couple were no longer indebted to the Indymac Bank F.S.B. and awarded the couple the ability to keep their house completely debt fee.
The Judge’s impetuous reaction to the lender’s foreclosure conduct resulted in the order for the mortgage to be ‘vacated, cancelled, released and discharged of record'.
The Judge also described the bank’s conduct over the matter as ‘harsh, repugnant, shocking and repulsive'.
When the couple struggled to pay off the debt due to health problems; OneWest, which is owned by a private equity group that bought IndyMac, sued the couple in 2005. The foreclosure was eventually approved last January.
Judge Jeffrey Spinner criticized OneWest for repeatedly refusing to work out a deal with the couple and for misleading him about the amount of money involved in the case.
The New York Judge ruled that the couple were no longer indebted to the Indymac Bank F.S.B. and awarded the couple the ability to keep their house completely debt fee.
The Judge’s impetuous reaction to the lender’s foreclosure conduct resulted in the order for the mortgage to be ‘vacated, cancelled, released and discharged of record'.
The Judge also described the bank’s conduct over the matter as ‘harsh, repugnant, shocking and repulsive'.
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