Judge Wipes Out $525,000 Foreclosure

LOL!

November 25. 2009

Judge Jeffrey Spinner

A very kind judge, Jeffrey Spinner, wiped out the mortgage of a couple, who refinanced their home that was eventually foreclosed on in Long Island, New York. The judge was not pleased with the bank's treatment of the couple, who have lived in the property for many years.  

Judge wipes out couple's mortgage after bank's 'repulsive' behaviour

Published: 12:06AM GMT 26 Nov 2009 - A New York judge was so angry with a bank's "harsh, repugnant, shocking and repulsive" behaviour towards a financially struggling couple that he wiped out their $525,000 (£316,000) mortgage.

In an unusual legal decision that may cheer ordinary homeowners but dismay lenders, Judge Jeffrey Spinner took a tough line on a California-based bank that he considered had been determined to foreclose on the couple's home in Suffolk County, Long Island.

His ruling against OneWest and its IndyMac mortgage division has relieved Greg Horoski and his wife, Diane Yano-Horoski, of the $291,000 they owed on the original loan as well as $235,000 in interest.

OneWest took $814 million in federal bailout money but has a reputation for foreclosing quickly on property owners who falls into arrears...

He wrote that OneWest's conduct was "inequitable, unconscionable, vexatious and opprobrious", cancelling the debt to deter it from "imposing further mortifying abuse" against the couple...

Mr Horoski, a porcelain doll seller, told the New York Post : "I think the judge felt it was almost a personal vendetta. It was like dealing with organised crime."

http://www.telegraph.co.uk