On March 5, a mortgage company filed suit against a couple for allegedly failing to pay their loan payments. Florida residents understand the importance on keeping up on their outstanding debt payment, but sadly, it appears this couple may have dropped the ball in that regard. Their mortgage company has filed a breach of contract suit against them.
According to the suit, the couple owes a total of $5,424.48 as of Dec. 13 of last year against a loan they took out in July 1998. The company alleges they entered into a written agreement with the couple at that time, as the couple wished to purchase a piece of property. They have since been accused of failing to pay back the amount due as cited above.
The mortgage company is seeking a judgment of foreclosure on the property, as well as several other relief options. The case has not yet been settled in court, although the company has retained legal counsel in the matter. There was no word as of this report as to whether the couple had also sought counsel, nor has a court date been made clear.
A loan is no less a contract than any agreement between two businesses, as many Florida residents are well aware, and therefore, a failure to pay back that loan could constitute a breach of contract. If it is proven the couple willfully defaulted on their payments, they may lose their property and still be required to pay back any excess amount due (if any) once the property is sold. Breach of contract is a serious allegation and should be thoroughly understood before both parties enter a courtroom.
Source: setexasrecord.com, Jefferson County couple sued by mortgage company for breach of contract, Ben Hart, Mar. 14, 2014