myspace.com/jessenoah Posted November 25, 2009 Share Posted November 25, 2009 http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQbWMI A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present -- canceling their debt to ruthless bankers trying to toss them out on the street. Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts. The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue. Spinner pulled no punches as he smacked down the bankers at OneWest -- who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money. The Horoskis -- who had been paying only interest on their mortgage -- had no equity in the home. Horoski, who had begged the bankers to let him restructure the loan, said, "I think the judge felt it was almost a personal vendetta." Dealing with the bank, he said, was "like dealing with organized crime." It claimed it "has been extremely active in working with consumers on home loan modifications through the Obama administration's Home Affordable Modification Program and other loan modification initiatives." The bank is owned by a private equity group that purchased the failed IndyMac bank. Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000. In 2004, court records show, they refinanced, paying off their original mortgage with part of a $292,500 sub-prime loan from Deutsche Bank. They used what was left for health care and for his business. The loan carried an initial adjustable interest rate of 10.375 percent, which soared to 12.375 percent. It eventually ended up being either owned or serviced by IndyMac, and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski's health problems. After a foreclosure was approved last January, Yano-Haroski successfully asked for a court settlement conference. Spinner excoriated OneWest for repeatedly refusing to work out a deal, for misleading him about the dollar amounts at stake in the case, and for its treatment of the couple over months of hearings. The bank is involved in a similar case in California, where it's trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop. Link to comment Share on other sites More sharing options...
Riverside Posted November 25, 2009 Share Posted November 25, 2009 Something is missing here. Link to comment Share on other sites More sharing options...
daveinspain Posted November 25, 2009 Share Posted November 25, 2009 Good... Link to comment Share on other sites More sharing options...
nikko18 Posted November 25, 2009 Share Posted November 25, 2009 +100000000000000000000000000000000000000 to the judge! :) Link to comment Share on other sites More sharing options...
Shnate McDuanus Posted November 25, 2009 Share Posted November 25, 2009 Best...judge...EVER. Link to comment Share on other sites More sharing options...
DAS44 Posted November 25, 2009 Share Posted November 25, 2009 Worlds coolest judge! good stuff. Link to comment Share on other sites More sharing options...
RobG Posted November 26, 2009 Share Posted November 26, 2009 Hope they can make it stick. Link to comment Share on other sites More sharing options...
NeoConMan Posted November 27, 2009 Share Posted November 27, 2009 FxCK THAT JUDGE! Come on guys, I would hope NONE of you think this is really a good thing..... [-( :- That's what's wrong with this country already - the sense of entitlement. Going to court now is like going to the casino, you might make out with a huge payday no matter how poorly you plan your finances or how long you elude the debts you voluntarily signed up for. Nobody made those people buy that house, nor do they have any right at all to live in a half-million dollar home. If they can't pay for it, they should sell it. If they can't sell it, then they are obligated to hand the keys to the lender. They signed on the dotted line and agreed, no, promised to repay the loan. "The Horoskis -- who had been paying only interest on their mortgage -- had no equity in the home." Can you say 'deadbeat'? "The bank is owned by a private equity group that purchased the failed IndyMac bank." Gee, wonder why the bank failed. Maybe from making stupid loans like this and letting them ride? They bought their house 15 years ago for less than $200,000. Then they did the same stupid sh!t so many other Americans did - commit financial suicide; In 2004 they refinanced with a $292,500 sub-prime loan and probably pissed away their newfound cash like they just won the lottery - with no clue what they had agreed to pay back? "The loan carried an initial adjustable interest rate of 10.375 percent, which soared to 12.375 percent." An adjustable rate mortgage? Who the hell uses an ARM? There are situations where an ARM might make sense (so I'm told) but I've yet to see one. It's like betting you'll get your *** kicked, then spitting in the face of a biker in a bar - the results are predictable. Wasn't that long ago that couple could have been arrested - ever hear of debtor's prison? (I wish they would bring that concept back to the US) The banks pull some dirty tricks for sure. I won't deny that, but judgments need to be for actual damages. Due to a merger, my mortgage is now owned by a bank I've hated for years and refused to business with so I have plenty of reason to root for that couple - but activist judges like that should be arrested. They really have a God complex thinking nobody can touch them, and California is at the forefront of judicial activism where laws have no meaning with decisions like that. These decisions hurt EVERYBODY but that couple. What if somebody fxcked up a guitar you own, and a judge ordered them to pay you for it or go to jail? If there was a court order stating they owed you a couple thousand dollars, and they decided they didn't want to honor their commitment, what would you do? All you need is some d!ck head judge to rescind the order and tell you to pack sand up your ***, eh? Oh, and that's a great source Jesse! ;) Most people quote the NY Times. Link to comment Share on other sites More sharing options...
myspace.com/jessenoah Posted November 27, 2009 Author Share Posted November 27, 2009 I am glad somebody saw the big picture! Link to comment Share on other sites More sharing options...
EVOL! Posted November 27, 2009 Share Posted November 27, 2009 "...and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski's health problems." Regardless of the judgment, I think it is ridiculous that in the wealthiest country in the world a person can lose their home or go into bankruptcy because of medical bills. Link to comment Share on other sites More sharing options...
myspace.com/jessenoah Posted November 27, 2009 Author Share Posted November 27, 2009 I agree, our healthcare system is a ticking time bomb, and there is NO WAY to solve our health care problems, the private system is too expensive, and gotvt health insurance will be like waiting @ a DMV on CRACK! Link to comment Share on other sites More sharing options...
NeoConMan Posted November 27, 2009 Share Posted November 27, 2009 Regardless of the judgment' date=' I think it is ridi****us that in the wealthiest country in the world a person can lose their home or go into bankruptcy because of medical bills. [/quote']Off topic now, eh? What's medical debt got to do with winning a half-million dollar payday in a kangaroo court? Two completely separate issues. And, who's wealth are we talking about anyway? Hmmmmm........??????? These people appeared to have decent incomes, they were living (and borrowing) beyond their means. How long could they sustain such a lifestyle? Then when something, anything, goes wrong then they need "help" from MY wealth. No thanks Evol. Link to comment Share on other sites More sharing options...
Duende Posted November 27, 2009 Share Posted November 27, 2009 ha ha! Great story Jesse Matt Link to comment Share on other sites More sharing options...
Riverside Posted November 27, 2009 Share Posted November 27, 2009 Something is missing here. I quoted myself. See post #2. I'm not sure the law allows a judge to give away a legal obligation... Just sayin'. Link to comment Share on other sites More sharing options...
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