The refinance resulted in an adjustable rate mortgage, with a reset date of August2006. The initial rate was 10.050% on a loan of $139,500. Thus, the calculated initialmonthly payment of principal and interest would have been approximately $1,229.37 per month.
On 15 May 2001, Joyce Griffin and her fiancé, Herberto Tubaya, purchased a homeat 70 Bar Harbor Road (the "Property") in Pasadena, Maryland. The deed was appropriatelyrecorded among the land records for Anne Arundel County. Griffin testified that she andTubaya took out a mortgage on the Property in March 2003, which they refinanced on 27July 2004 with Argent Mortgage.
Tubaya died on 25 December 2004. Griffin and her daughter continued to live on the Property.As a result of Tubaya's death, Griffin wanted to remove his name from the deed. Onor about 23 January 2005, she spoke with a representative of Ameriquest, a company at thetime affiliated with and owned by the same parent company as Argent Mortgage, whoinformed her that he would send someone to her house that night to sign the relevantdocuments. Late that evening, or possibly into the early morning hours of 24 January 2005,Griffin signed the paperwork, solely in her name, taking out a new loan. The new deed of trust extinguished the 2004 mortgage on the Property, paying off a balance of $139,315.29.The new loan was for a principal amount of $153,750.00. The adjustable rate note called for an initial rate of 7.990%, resetting on 1 February 2007. Subject to a few restrictions, theinterest rate after that date would be 6.500% above the six-month London Interbank OfferedRate (LIBOR). The new deed of trust was properly recorded among the land records of Anne