An insurance company claims two Madison County residents have failed to repay the nearly $90,000 they borrowed.
Mortgage Guaranty Insurance Corporation filed a lawsuit March 4 in Madison County Circuit Court against Michael and Tamara Bauer.
In its complaint, Mortgage Guaranty Insurance Corporation claims the Bauers borrowed $88,690.64 from Consort Home Mortgage. Mortgage Guaranty Insurance Corporation promised to pay Consort if the Bauers defaulted on their loan, according to the complaint. In turn, when the Bauers failed to make their loan payments, Mortgage Guaranty Insurance Corporation paid Consort the lost money, the suit states.
Mortgage Guaranty Insurance Corporation alleges breach of contract and unjust enrichment against the Bauers.
In addition to the money it claims it is owed, Mortgage Guaranty Insurance Corporation is seeking court costs.
It is being represented by Robert G. Markoff of Markoff Law in Chicago.
Madison County Circuit Court case number 14-L-347.