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Originally posted by h5mind
There are cases where homeowners have been able to prove this perfidy in court and receive not only clear title to their homes, but the ability to sue for damages as well.
Alcorn and Allen take the position that, when they executed and delivered the home equity note to Long Beach Mortgage Company, the note did not evidence a debt from them to the mortgage company, [*5] but instead "created" money belonging to them that they do not owe to anyone. This is a legally erroneous concept that is apparently based on Alcorn and Allen's misinterpretation of some information they discovered in a publication issued by the Federal Reserve System.
The trial court's denial of Alcorn and Allen's motion for summary judgment was correct for the same reasons that Alcorn and Allen's response to the bank's motion for summary judgment was ineffectual-the allegations supporting their motion did not present material facts, but only conclusory statements and allegations of various erroneous legal theories of recovery.
The bank asks us to assess damages against Alcorn and Allen for filing a frivolous appeal. Although we have the authority to do so under TEX. R. APP. P. 45, we elect not to do so in this case.
For all these reasons, as modified, we affirm the summary judgment.
William J. Cornelius