Alton couple's case in court Nov. 5

Steve Gonzalez Oct. 25, 2004, 3:02pm

Thomas and Rebecca Hogle of Alton, who filed suit against Wachovia Mortgage for allegedly charging them extra interest after they already paid off their loan, will be in court for a case management conference Nov. 5 before Circuit Judge Nicholas Byron.

The Hogles, represented by Vincent Rapp of the Lakin Law Firm, claim that prior to closing on a new loan, Wachovia prepared a payoff statement detailing the “total amount to pay loan in full." The amount indicated in a statement sent to the loan broker for CIT Group was $81,709.68.

The statement also indicated that funds received on or after Oct. 15, 2000, would require an additional $27.98 per day for interest. It warned that “insufficient payoff funds” would not satisfy the loan and interest would continue to accrue.

At the new loan closing with CIT group the title company prepared a check for Wachovia in the amount of $81,839.10.

The Hogles claim they did not know the exact date when Wachovia received the payoff check, however it was sent on or about Sept. 29, 2002, so the Hogles assume Wachovia received the check no later than Oct. 5, 2000.

The Hogles state that since they assume the loan was paid off Oct. 5, 2000, the last day interest accrued was Oct. 4, 2000. They cite the Federal National Mortgage Association, commonly known as “Fannie Mae,” which explains and constructs, “Conventional loans and VA loans require interest paid for each day of the month up to, but not including the day of payoff.”

The Hogles allege that since they assume the loan was paid off Oct. 5, Wachovia received $409.22, nearly 15 days of extra interest from the proceeds of the CIT group loan. The extra money is theirs, the Hogles claim.

The couple filed the suit April 22, 2003.

The complaint states that the Hogles' claim is worth less than $75,000 inclusive of damages and fees.

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