I am sure you heard tons of cases where mortgage lenders (creditors)
are suing home owners (debtors) for defaulting on mortgages.
Did you hear any opposite case?
I mean, debtor suing lenders?
Kathryn Q. Price in Toledo, OH. sued lenders.
She sued lenders because she think lenders should not approved her
In part, I agree with her because…
She paid $55,000 for her house back in 2001.
She borrowed $88,000 on the house.
Lucas County auditor valued it at $15,228.
Currently, it’s listed at $23,714
It does seem like bank appraised the house way over it’s actual value
and bank possibly did this for paper profit when economy was great.
Bank gave money to homeowner.
Homeowner used that money.
She can’t pay back the money.
Now, she’s suing the lender?
Source:The Toledo Blade Company