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Oregon Couple Awarded Over $8 Million in Foreclosure Case
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What Happened?
Wallace and Barbara Owen, a couple in their 70s, were awarded over $8 million after a jury found companies involved in their home's foreclosure committed unlawful practices. The couple had never left their home despite claims they had.
Key points
- The house on Skyline Road South in Salem was sold at a foreclosure auction in September 2022.
- The jury found Clear Recon Corp and Aldridge Pite LLP liable for unlawful trade practices.
- Wallace and Barbara Owen continued living in the property despite claims they had moved out.
- The foreclosure process proceeded without proper inspection of the property.
- The jury awarded Wallace $108,000 and Barbara $216,000 in actual damages against Clear Recon.
- Aldridge Pite was also found liable for misleading statements about surplus funds.
Key insights
- The ruling may encourage other homeowners to challenge wrongful foreclosures.
- Legal firms involved could face increased scrutiny and potential reforms in foreclosure practices.
- The case underscores the need for better communication and verification processes in mortgage servicing.
Why it matters
This case highlights the importance of legal protections for homeowners facing foreclosure.
Tags
Entities
Wallace Owen· PersonBarbara Owen· PersonClear Recon Corp· CompanyAldridge Pite LLP· CompanyAmerican Advisors Group· CompanyReverse Mortgage Funding· CompanyLantern Gate Properties· CompanyOregon· State
Source
Times of India
