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Milwaukee homeowner paying on time, yet facing eviction

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The Straight Story Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 01:41 PM
Original message
Milwaukee homeowner paying on time, yet facing eviction
Milwaukee homeowner paying on time, yet facing eviction

Keon Williams is on the verge of being thrown out of his house - a startling turn of events, considering that for nearly three years since refinancing in 2008, he faithfully paid his monthly mortgage and his property taxes.

.....

Williams, an ex-Marine and single father of three teenagers, finds himself caught up in the continuing fallout from America's mortgage meltdown. His right to continue living in the home he bought, the home he has been paying for, is in jeopardy in the aftermath of the collapse of Central States Mortgage Co., the now-shuttered firm that was once the largest mortgage broker in the state.

The problem: When Williams refinanced with Wauwatosa-based Central States in 2008, cutting his 12.5% interest rate nearly in half, Central States' affiliate, Interim Funding LLC, didn't pay off the original mortgage. Battered by the housing crisis, it took the proceeds from the refinancing and paid other lenders, said Stephen Kravit, attorney for Richard Jungen, a shareholder in Interim and founder of Central States.

Williams was left with two mortgages - including one that he didn't know still existed. His small home at the corner of 44th and W. Keefe Ave., with a recent assessed value of $117,200, had become collateral for two loans totaling more than $265,000.

http://www.jsonline.com/watchdog/watchdogreports/120551...
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Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 01:45 PM
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1. Sounds like fraud to me
I am all in favor for throwing a great deal of bankers in jail, taking their houses and all of their personal money
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WhiteTara Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 01:52 PM
Response to Reply #1
2. It does sound like fraud, and I hope the DA
goes after them.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 02:27 PM
Response to Original message
3. Wow I didn't know this could happen.
I guess I shouldn't be surprised.

Now I know the downside of having a mortgage with a failed or failing lender.
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rzemanfl Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 03:33 PM
Response to Original message
4. If they charged him on the closing statement for recording the
satisfaction of the original mortgage (and I am betting they did) it is a clear case of fraud. If they didn't, it should have been a huge red flag.
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