BOCA RATON, Fla. – The Williams family purchased at the top of the housing market to accommodate their growing family. Unable to sell their previous home for much of a profit when the housing bubble burst, their cash flow was crippled.
“I was worrying every night. I was crying. We were fighting,” Candace Williams said.
She and her husband, Scott, asked their lender for a modification twice, but were denied both times.
“I stopped paying my mortgage. I never once, nor did my wife, want a handout. We never once were trying to cheat the system,” Scott Williams said.
Eventually in foreclosure, the Williams had their day in court, and won.
“In my opinion they get the house for free,” Roderick Coleman, the Williams’ attorney, said.
“The bank sued them, not only for foreclosure, but also sued them on the promissory note. Since they sued them on the promissory note trying to obtain the entire indebtedness on the note, plus interest etc., and lost, now it’s res judicata , and they can’t sue them again,” Coleman said.
He said the bank lost the case because it couldn’t prove it’s the holder of the note and mortgage, but it is.