Businesswoman avoids eviction

  • Follow Metro

An Evans woman whose business dealings set off a series of foreclosures and bankruptcies fended off eviction from her own home Thursday -- at least for now.

U.S. Bankruptcy Court Judge Susan D. Barrett gave the local counsel for American Home Mortgage Servicing until next Thursday to gather information to show that through a series of sales and transfers, it is the rightful owner of Regina Preetorious' $567,000 mortgage loan.

Ms. Preetorious obtained titles on properties owned by financially strapped people, and sold second and third mortgages to private investors who might never recover the $3.7 million they invested.

Her various companies led to more than 40 foreclosures, and about a dozen bankruptcies, including her own.

By the time she and her husband filed for bankruptcy on Aug. 4, she had been involved in the transfer of properties with a combined fair market value of more than $10.6 million.

American Home Mortgage petitioned the bankruptcy court to allow it to proceed with foreclosure on the couple's Windmill Lane home. The company contends they haven't made a mortgage payment since October 2007 on the 3,540-square-feet home.

The couple's bankruptcy attorney, Todd Boudreaux, contends American Home Mortgage should prove it holds the legal security deed on their home.

Ms. Preetorious signed the original loan on Nov. 30, 2006, with Option One Mortgage Co. In January, the company's loans were placed in a trust with Wells Fargo as the trustee. On April 30, America Home acquired all the assets and interests of Option One, company attorney James Overstreet said Thursday. The contents of the trust overseen by Wells Fargo were included, he said.

But that last step wasn't clear Thursday. There appeared to be a break in the chain of ownership, Judge Barrett said.

Mr. Boudreaux said the couple is entitled to know exactly who owns their loan.

According to their bankruptcy petition, they owe $580,000 on the home they valued at $600,000. The Columbia County property records set the value of the home at $457,919.

According to their bankruptcy petition, the family's only income is unemployment and child support payments. Their only assets besides the home are personal possessions and two vehicles.

They listed their liabilities at nearly $2.64 million. They did not, however, include in that total any value amount for potential claims by people whose homes were involved in Ms. Preetorious' businesses.

Reach Sandy Hodson at (706) 823-3226 or sandy.hodson@augustachronicle.com.

Comments (14) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
Riverman1
94245
Points
Riverman1 10/03/08 - 12:23 pm
0
0
I hope the judge finally

I hope the judge finally gives this sleazy pair what they deserve.

MyOpinion2
5
Points
MyOpinion2 10/03/08 - 01:31 pm
0
0
...and she is walking around

...and she is walking around at large, and NOT behind bars? This is the problem with USA!

getalife
4
Points
getalife 10/03/08 - 03:11 pm
0
0
I think you used the word

I think you used the word "businesswoman" in your articles title rather loosely!!

ListenAndLearn
0
Points
ListenAndLearn 10/03/08 - 03:46 pm
0
0
I can think of several other

I can think of several other descriptions that fit better.

they call me pete
0
Points
they call me pete 10/03/08 - 05:08 pm
0
0
hehe haha I hope she gets

hehe haha I hope she gets 1000 years for what this 'business" woman did. Great business, cheating any and everybody around. Attagirl you common garden tool.

TakeAstand
13
Points
TakeAstand 10/03/08 - 10:48 pm
0
0
Yeah shes a real [filtered word]!!

Yeah shes a real [filtered word]!!

iletuknow
8
Points
iletuknow 10/04/08 - 06:55 am
0
0
Another BS artist bites the

Another BS artist bites the dust. Plenty more about though.

christian134
1
Points
christian134 10/04/08 - 09:04 am
0
0
If ever there were just cause

If ever there were just cause to have held these people in jail instead of their release pending the outcome would have to be now...I wonder if the prosecutors brought forth the possibility of flight...

they call me pete
0
Points
they call me pete 10/04/08 - 04:34 pm
0
0
http://www.ripoffreport.com/r

http://www.ripoffreport.com/reports/0/325/RipOff0325526.htm#340397 .......................... she is such a POS. Alert Obama...he might save her!!!!!!!!!

youbetcha
0
Points
youbetcha 10/04/08 - 10:34 pm
0
0
what losers!!!!!!!!!!!!!!!!

what losers!!!!!!!!!!!!!!!!

mable8
2
Points
mable8 10/06/08 - 01:54 pm
0
0
If the reason cited by the

If the reason cited by the judge that "ownership" of the deed is "questionable" due to one company selling the paper to another, then all of us should be able to challenge that as well. How many of you began your mortgage payment to one company, and are now on your second, third, etc "mortgage holder"...and not one of us were consulted that our mortgage was being sold. Ms Preetorious should not be allowed to keep her home because the bankruptcy rules REQUIRE THAT YOUR MORTGAGE PAYMENT IS UP TO DATE WHEN THE BANKRUPTCY IS FILED. Obviously, hers is not since she has made NO PAYMENT in the past year.

kk19299
0
Points
kk19299 10/08/08 - 03:11 pm
0
0
Mabel8, You hit the tail on

Mabel8,
You hit the tail on the head! When my mortgage bill comes in the mail.....I don't ask for proof that they hold my security deed...I pay the bill to whichever company sends me the bill. I know how much my monthly payment should be. And to They Call Me Pete...I read the report. How unfair would be it for them to keep their house since all of the others lost their house because they trusted them!

TakeAstand
13
Points
TakeAstand 10/09/08 - 10:19 am
0
0
I said nothing to be removed

I said nothing to be removed except calling this woman a [filtered word]!!! It must have been a family memeber who reported it. Not my fault she is an immoral [filtered word]!!! I wonder if she raised her kids to be little [filtered word]'S TOO!!!!!!!!!!

TakeAstand
13
Points
TakeAstand 10/09/08 - 10:20 am
0
0
I hope your sewage backs up

I hope your sewage backs up all over your home like a geiser!!!!!!!! You deserve it [filtered word]!!! I pray they get you on something and you do some serious jail time!!!!! Better hope I'm not on that jury!!!!!!

Back to Top
loading...
Top headlines

Stormwater fee to fund Columbia County repairs

Columbia County is set to invest an additional $600,000 in its aging stormwater system next year, with the hope that more money and manpower will result in half as many repair orders and fewer ...
Search Augusta jobs