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Long and winding mortgage case ends in homeowners’ win (access required)

The Supreme Court of Virginia has brought an end to a tangled case that began with a costly mistake on a mortgage loan. The error that provided unexpectedly favorable loan terms for a Chesterfield County couple sparked legal disputes that went through three trial judges and led to sanctions for one lawyer – later lifted by ...

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  1. I would clarify that while AME, and thus Greenpoint, alleged that the loan documents presented to the Kiritsises at closing (and thus signed by them) were the product of a simple mistake, that has never been the Kiritsises’ side of the case. The loan documents were in complete conformity with the representations made to them before closing by the mortgage broker who acted as intermediary between them and AME.

    AME tried to say the Kiritsises were taking advantage of a simple clerical error. We believe the truth of the matter is that they deliberately sold this particular loan program, not realizing that Greenpoint had pulled it from the market and thus would not buy the loan after closing. Only when Greenpoint refused to fund a purchase did AME believe it had made a mistake. And perhaps it was a mistake at that point, but not the kind of mistake they have argued.

    Their worst mistake was in not taking responsibility for matters at that time, and instead, trying to make it all the Kiritsises’ problem through a secretive falsification of a new note document. Up until that point, it was a costly but most likely honest mistake. Then they crossed the line.

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