Elderly California Retiree Files Suit Alleging Negligence, Fraud, Elder Financial Abuse In Attempt To Undo Predatory Loan & Fight Off Foreclosure
In Carmel Valley, California, The Monterey Herald reports:
- A Carmel Valley woman is facing the loss of her home of 50 years after she allegedly was led into a risky investment in the failed real estate investment firm Cedar Funding Inc. Margaret Bennett, 75, a retired government worker, is trying to stave off the foreclosure sale of her home in which she raised six children as a single mom. She filed a civil suit [...] that accuses a Monterey mortgage broker and the foreclosing bank of putting her into the predicament.
***
- Her suit alleges that she was effectively duped into borrowing $600,000 on her home and putting $470,000 of that money into Cedar Funding — just 15 months before the real estate investment company sank into
bankruptcy.(1) Cedar Funding owner David Nilsen was indicted on federal fraud charges last month [go here for Nilsen indictment].
For more, see Woman sues broker, bank over Cedar Funding investment (Retiree invested $470,000).
(1) According to the suit, Bennett went to Heidi Daunt in September 2006 to see about getting a $130,000 loan on her home, which was then valued at about
The suit accuses the defendants of negligence, fraud, elder financial abuse and other wrongful actions. It contends they should have known the loan and investment strategy was unsuitable for Bennett, with her limited financial means and lack of financial savvy. The suit alleges she was taken advantage of by people motivated by greed.
No comments:
Post a Comment