Mortgage company sues to foreclose on property

A mortgage company wants to take possession of a property in order to auction it off after the owners failed to make the agreed upon mortgage payments. 

DLJ Mortgage Capital Inc. filed suit Aug. 1 in the Jefferson County District Court against Lee J. Young and Shirley C. Young, and the known and unknown heirs of Lee J. Young.

According to the complaint, the Young family has not made payments on their mortgage since Nov. 1, 2012. As of Feb. 28, 2013, the pay-off amount was at least $52,68.20, although the amount has increased daily with interest.

Upon Lee J. Young's death, his heirs acquired the decedent's interest in the property, and court papers say if it had not been for Lee J. Young's death, the plaintiff would have taken ownership of the property from the family. The plaintiffs believe the best option is to auction off the property, the suit states.

DLJ Mortgage Capital Inc. seeks a judgment against the defendants that declares the plaintiff's vendor's lien rescinded, the defendants' right to the property to be divested and the plaintiff's statutory lien enforced. They also seek attorney's fees related to this case.

DLJ Mortgage is represented by Clint W. Chase of Houston.

Jefferson County District Court case E195-932

 

This is a report on a civil lawsuit filed at Jefferson County District Court. The details in this report come from an original complaint filed by a plaintiff. Please note that a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it represents only one side of the story.