Duane Martin and his wife Tisha are catching some heat from the bank over their mortgage. The couple owes over $400,000 after allegedly defaulting on a 2008 loan for their waterfront Lake Arrowhead, California home.
The loan was actually a second loan taken out by the couple from City National Bank. They allegedly already defaulted on their first loan of over $700,000, taken out from Aurora Bank. After the bank foreclose don the property and sold it at auction for $925,000, Aurora was paid back first and the remainder given to City National.
Their City National loan ballooned to over $630,000, and only $193,000 was used from the sale of the property to satisfy this amount. Now, of course, City National wants the rest of their money. So they are suing the couple.
The Martins’ response? Their rep says they shouldn’t be “bullied” into paying the loan because the bank received $400 million in government subsidy back in 2009 to help in situations like these. Plus, The Martins say they are being discriminated against. Not sure how you’re entitiled to get out of a loan scott-free simply because you can’t pay for it, but OK.
