CHARLESTON -- Homeowners in Charleston are suing to prevent the loss of their home.
Levi B. Phillips and Cynthia C. Phillips filed suit June 17 in Kanawha Circuit Court against M&T Bank and US Bank National Association.
According to the complaint, the plaintiffs purchased a home in Charleston and secured a loan for $35,000 from a now defunct bank in June 1999. The 15-year loan, which has since been assigned to the defendants, contained a balloon payment and high interest rate unknown to the plaintiffs, which require a lump sum payment of the remaining $30,364.79 when the loan matures in July 2014, the suit states.
The plaintiffs have made all payments on schedule during the past 15 years, but are unable to make such a large lump sum payment at this time, causing worry and stress by the plaintiffs over the potential loss of their home.
The plaintiffs are seeking civil penalties of $4,800, actual damages and costs.
They are represented by Charleston attorneys Bren J. Pomponio and Daniel F. Hedges of Mountain State Justice Inc. The case has been assigned to Circuit Judge James C. Stucky.
Kanawha Circuit Court Case No. 14-C-1100
Charleston couple sues over ballooning home loan
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