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On March 30, 1990, Mrs. Vetrano and petitioner
executed a residential loan application to the Meridian
Mortgage Corp. for a mortgage loan in the principal amount
of $88,900 to purchase a home as joint tenants. The
application states that petitioner’s “base empl. income”
was $4,583 per month. The application also states that the
couple had liquid assets, principally two bank accounts,
of $53,918 and owned two other real properties with an
aggregate market value of $205,000. A second residential
loan application that Mrs. Vetrano and petitioner executed
on December 15, 1990, provides similar information.
Apparently, the mortgage loan was approved, and
petitioners purchased the property. One of the two other
real properties listed on the loan application was sold on
or about April 29, 1992, and the proceeds were divided
between Mr. Vetrano and his former spouse. The record does
not disclose what happened to the other real property
listed on the loan application.
In August 1993, petitioners sought to refinance the
above mortgage loan. In that connection, a credit agency,
Credit Lenders Service Agency, Inc., asked petitioners to
explain certain information regarding Mr. Vetrano’s payment
of child support that appeared on a derogatory credit
history. Mrs. Vetrano corresponded with a representative
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Last modified: May 25, 2011