A mortgage company that tried to cash in on a three-decade-old $5.2 million land loan it acquired by suing the homeowners has lost its lawsuit.
In 2009, JB Mortgage Co. became the owner of a loan on land in Georgetown, Texas, that was foreclosed on before it was developed.
A lawsuit filed against a homeowners association in 2013 by JB Mortgage was dismissed. But after the 5th Circuit ruled in JB Mortgage’s favor in 2015, the company moved forward in court.
Source: Mortgage Daily