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Consumer Law Keyed to Whaley, 9th Ed.
Carroll v. Fremont Investment & Loan
Citation:
636 F. Supp. 2d 41 (2009)Facts
The Carrolls owned a townhouse in Washington D.C., which they purchased in 1992 for $161,500. In 2005, they sought to refinance their existing mortgage, which had a 6.4 percent interest rate. Premier Mortgage brokered a loan through Fremont with terms the Carrolls believed included a 7.4 percent interest rate and monthly payments of $1,887. The final loan, however, contained a variable interest rate that climbed to 11.5 percent with monthly payments of $2,748. The loan application overstated Monica Carroll’s monthly income as $5,465 when she actually earned $2,706, and Robert Carroll’s income as $1,386.25 when he earned $1,107.40. The property was appraised at $650,000 despite a tax assessment value of $461,230. After defaulting, the Carrolls filed suit in 2006, received a forbearance agreement from Fremont, signed only the first page with modifications, dismissed that suit, and filed the instant action in 2008.
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