| – loan agency sued for $60MBy Zena Henry The New Building Society (NBS) was early last week served with legal papers for what lawyers are alleging is the fraudulent sale of property located at Lot 2 Drysdale Street, Charlestown. The company is being accused of illegally selling a two-storey house – despite the owner having paid his loan – and also having access to the building’s insurance money.Mark Witter alleges that the entity sold his mother’s house at an execution sale for $2.2M on March 30,Cheap Jerseys From China, 2004, while the property, now valued at $20M, was certified at a market value of $12M in April 2004.Mark WitterA fire completely destroyed the property’s upper flat in September last year, killing five tenants, including three small children.According to Witter’s case against the loan agency, the property belongs originally to Ms. Edna Witter, who passed away in December 1995. Witter said that two years prior to her death,Cheap Jerseys Free, in 1993, he accompanied his mother to NBS for a loan for over $2.2M to renovate the property.Mrs. Witter was buried in January of 1996. Witter said that a week after the funeral he and his father went to NBS to declare his mother’s death. They were advised by the agent to attain Letters of Administration of the Estate,Deion Sanders Falcons Jersey, which was done. He was also advised to pay off the loan as soon as possible,Brad Richards Red Wings Jersey, with the assurance that once payments were being made; the company would not foreclose on the property.Witter said payments from where his mother left off commenced immediately, when the company alleged that she was still in arrears of $2.2M. The arrears, he claims, were paid off in two years; with receipts of payment to show for it.Witter said during the course of payment,NFL Jerseys Cheap China, he was surprised to learn that an application to foreclose on the home had already been sought and the application was granted in the High Court on June 24, 1996. Witter said he learnt also that the $12M property was later sold to a businessman(name provided) for $2.2M, the price of arrears allegedly owing.Witter claims that the property’s new owner constantly ordered him to have all occupants, the five tenants in the top flat, another couple living in the back half of the lower flat and Witter, who operated a small business at the front half of the lower flat, to vacate the house. The matter eventually went before the courts and the house went in favour of the businessman. The house dispute however continues before the Court of Appeal.The remains of the Drysdale Street property.Witter’s lawyer, Mortimer Coddett said that when the NBS loan was acquired, Mrs. Witter was told by the company to establish life insurance coverage in case she died, and this was co-signed with the loan agency. The court document says that the agency received full payment from the mortgager’s life insurance.Coddett said NBS told Witter that his mother was in arrears and gave him an opportunity to make the payments. His client immediately paid some $300,000.“Funny enough in June of 1996, long after his mother died in December 1995, before Justice Jagnandan they obtained from the courts a foreclosure order while they knew that the lady had died.”“Having been paid cash by my client, they could have drawn down from the insurance company for the mortgage because of the life insurance, which my client was compelled to get and was assigned. Instead,Throwback Jerseys, they sold the property worth $12M for $2.2M, which was the amount mounted to the mortgage that was claimed outstanding.”The court document accuses the agency of wrongfully using the foreclosure judgment to sell the property even after receiving payment from the insurance company and the plaintiff.“I know for a fact that when you put property up for sale, there is normally a reserved price; that if the bidding was below reserved price the property is not sold. But they sold a $12M property for $2.2M, so my client gets nothing,” Coddett said.Coddett said the company is claiming not to know about the insurance, but he contended that the new owner produced a transport with his name and would have received the insurance money by way of fire which would have been more than the $2.2M arrears; the purchase price.Witter is seeking to reclaim his home and is suing for $50M for being deprived of his property. He is also seeking repayment for the mortgage payment and $10M for the loss of use of the property. The parties will be in court on September 4 next.Former Princess International Hotel employee, 23-year-old Abiola Taylor, her four-year-old son Justin Taylor; three-year-old Kelisha Solomon and her one-year-old sister Akesha Cordis perished during the aforementioned fire. Twenty-year-old Yolanda Cort, employed at Edward B. Beharry and Company, died several days after at the Georgetown Public Hospital. She sustained third degree burns and suffered from smoke inhalation. |
