An Appalling Impac, Chicago Title and IndyMac Lending Story
Originally posted April 20, 2008...
Preface:
This story is about greed, fraud, negligence and predatory lending practices.
Be forewarned that the details are as unbelievable, as the events are heinous.
I came into possession of copies of the court documents by fortuitous means. Said documents do not contain confidentiality or non-disclosure clauses.
I feel compelled, to divulge the details to the media and public, as is my right under free speech, in the hope that some good or redress may come of this tragic situation.
As some of the individuals are still suffering harm due to the unconscionable and negligent acts of others involved, we make the following plea to the blogging community, media and public:
Anyone interested in; or having leads for co-opting this story for publication or investigative tele-journalism in the mainstream media; please do the following:
Post a comment containing your contact information. I moderate my comments before they get posted. I will delete the comment and contact you.
Therefore, your information will not be made public. This story will be serialized over the next seven days.
We now present this weeks offering submitted for your acceptance, sans embellishment or creative license,
This is a 100% TRUE and appalling story, some names have been changed to protect the INNOCENT…
Introduction: The Set Up
There once was a woman named Big Red, she had a nice little home in the big city, on a beautiful island called Naples. Big Red married a man named A. Pauling.
The Pauling's had a daughter, Dee. A. Pauling was never astute in pecuniary matters, and his wife Big Red had to learn this the hard way, as he lost their first home to refinancing.
Eventually the couple would inherit Big Red’s mother’s home. Being dubious of her husbands nature, Ol' Red put the home in a revocable living trust for the benefit of her daughter Dee.
Upon Big Red's death in late 2003, A. Pauling became the successor with the right to live in the home, until his death.
However, under the Trust, A. Pauling had no power or authority to sell, transfer, hypothecate, mortgage or otherwise encumber the home without the written agreement of his daughter Dee.
The residence or its proceeds would be distributed outright to Dee when she turned 40,
When Big Red passed, the home was encumbered with a $35K loan from UBS and property taxes of only $700 a year.
By late 2003 the little home was valued at $500K. It's a nice little neighborhood on the island in the big city. So much so, that its denizens named it I LOV IT Drive.
A. Pauling liked living in the home, but wasn't all that thrilled with his paltry pension and social security income.
Since he had lived in the home for many years, he felt he was owed some of its over inflated value.
More to come in Part I: The Hook
Preface:
This story is about greed, fraud, negligence and predatory lending practices.
Be forewarned that the details are as unbelievable, as the events are heinous.
I came into possession of copies of the court documents by fortuitous means. Said documents do not contain confidentiality or non-disclosure clauses.
I feel compelled, to divulge the details to the media and public, as is my right under free speech, in the hope that some good or redress may come of this tragic situation.
As some of the individuals are still suffering harm due to the unconscionable and negligent acts of others involved, we make the following plea to the blogging community, media and public:
Anyone interested in; or having leads for co-opting this story for publication or investigative tele-journalism in the mainstream media; please do the following:
Post a comment containing your contact information. I moderate my comments before they get posted. I will delete the comment and contact you.
Therefore, your information will not be made public. This story will be serialized over the next seven days.
We now present this weeks offering submitted for your acceptance, sans embellishment or creative license,
This is a 100% TRUE and appalling story, some names have been changed to protect the INNOCENT…
Introduction: The Set Up
There once was a woman named Big Red, she had a nice little home in the big city, on a beautiful island called Naples. Big Red married a man named A. Pauling.
The Pauling's had a daughter, Dee. A. Pauling was never astute in pecuniary matters, and his wife Big Red had to learn this the hard way, as he lost their first home to refinancing.
Eventually the couple would inherit Big Red’s mother’s home. Being dubious of her husbands nature, Ol' Red put the home in a revocable living trust for the benefit of her daughter Dee.
Upon Big Red's death in late 2003, A. Pauling became the successor with the right to live in the home, until his death.
However, under the Trust, A. Pauling had no power or authority to sell, transfer, hypothecate, mortgage or otherwise encumber the home without the written agreement of his daughter Dee.
The residence or its proceeds would be distributed outright to Dee when she turned 40,
When Big Red passed, the home was encumbered with a $35K loan from UBS and property taxes of only $700 a year.
By late 2003 the little home was valued at $500K. It's a nice little neighborhood on the island in the big city. So much so, that its denizens named it I LOV IT Drive.
A. Pauling liked living in the home, but wasn't all that thrilled with his paltry pension and social security income.
Since he had lived in the home for many years, he felt he was owed some of its over inflated value.
More to come in Part I: The Hook
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