Court Rules Against Us
I just returned from Harford County Circuit Court this morning concerning our Florida home. As I have previously shared, we have been unable to sell the home and stopped making payments in April 2008. The court case today was with SunTrust who holds our secondary mortgage for which we owe $70,000. SunTrust gave us the loan in 2006 based on their appraisal of our home at between $185,000-225,000. We were renting the home out for a monthly profit of around $250. About six months after we moved, our insurance and taxes doubled. Due to this we were losing money each month. We informed the renters that we would need to increase the monthly rental upon renewal and they chose to move out without paying for their final month. We then continued paying on the home at a loss of about $1100 per month until April 2008 when we notified both banks that we could no longer afford to do so. In total we have already lost approximately $12,000. Since we did not contest or dispute any of SunTrust’s claims ...