RadiomanATL
Senior Member
toledoblade.com --
In February, 2008, Ms. Price filed suit in U.S. District Court against the now-defunct Midwest Financial & Mortgage Services, two appraisers that she said turned in "inflated" appraisals of $78,000 and $89,000, and the two companies that acquired the mortgage on her house after Midwest folded, including HSBC Mortgage Services Inc.
"This course of transaction was fraudulent and calculated to bilk thousands of dollars in interest and principal payments and fees from [Ms. Price] and defendants were aware of the fraudulent nature of these transactions," Ms. Price's lawsuit says.
Now she's waiting for an arbitration that was ordered by a federal judge in April. It has yet to be scheduled.
She's also hoping that the spotlight thrown on HSBC by the Rev. Jesse Jackson in a recent local housing foreclosure case will help move her case off dead center.
Ms. Price claims in her lawsuit that she was targeted as an African-American and that her home was targeted because it is in a predominantly African-American census tract.
And she maintains that the defendants failed in their "fiduciary duty" because they knew she lived on a Social Security disability payment and could not afford the payments on loans she was approved for in 2002 and 2006.
At the time Ms. Price paid $55,000 for her house, it was valued by the Lucas County auditor at $15,228. Today it's listed at $23,714.