Puerto Rico couple sues Fortaleza Equity Partners over mortgage dispute
The plaintiffs allege the firm unlawfully holds their promissory note and seek $500,000 in damages.
A Puerto Rican couple has filed a federal lawsuit against Fortaleza Equity Partners I LLC, claiming the firm illegally holds their mortgage promissory note, causing financial and emotional distress.
Filed in the U.S. District Court for the District of Puerto Rico, the lawsuit argues that Fortaleza Equity Partners does not qualify as a good faith owner under the Negotiable Instruments and Banking Transactions Act.
Plaintiffs Manuel Ángel Vega-Bonilla and Pamela Ivette Pérez-Rivera state that Fortaleza wrongfully acquired their mortgage debt, knowing of an existing legal dispute. They argue the transfer was not conducted in good faith, violating Section 2-306 of the act, which requires an entity to acquire an instrument without prior knowledge of disputes to claim ownership.
“The onerous nature of this credit does not constitute a good faith cession in accordance with the Negotiable Instruments and Banking Transactions Act,” the lawsuit states.
The complaint cites the law, which states that “a person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument.”
The plaintiffs claim Fortaleza fails to meet the standard of a holder in due course because it was aware of the ongoing legal case when it acquired the note.
The couple also alleges that Fortaleza or its representatives have harassed them by demanding “inexistent or inaccurate arrears” and by making threats to seize their property.
“These negligent acts have destroyed the spirit and strength of the Plaintiffs,” the lawsuit states. “They have caused moral damages, anguish, and mental suffering that must be compensated by this Honorable Court.”
As part of the lawsuit, the plaintiffs are asking for a court order declaring Fortaleza’s acquisition of the note invalid, the right to reclaim possession of the promissory note and damages of no less than $500,000. They are also seeking attorneys’ fees and litigation costs.
Additionally, they argue that Fortaleza’s handling of the case violates the federal Truth in Lending Act (TILA), entitling them to further statutory damages.
The case is being presided over by Judge Camille L. Velez-Rive, and the plaintiffs have requested a jury trial.
I have a similar case.
If anyone out there has a zombie mortgage and an illegal assignment of mortgage to Fortaleza equity partners I would love to hear from you to see if we can start a class action lost lawsuit. Dan Belsky 786-523-5502.