Quantcast

WEST VIRGINIA RECORD

Friday, March 29, 2024

Man sues American General for predatory lending practices

CHARLESTON -- A man is suing American General Home Equity and American General Finance Management Corporation after he claims the companies practice predatory lending.

On Nov. 15, 2005, the defendants made a second mortgage loan for the amount of $34,000, which, when added with the primary mortgage obligation, exceeded the actual value of James T. Hubbard's home, according to a complaint filed April 21 in Kanawha Circuit Court.

Hubbard claims the primary mortgage loan was for $77,941.99 and the actual market value of his home was $78,000.

Prior to the closing of the second mortgage loan, Hubbard claims he received no loan papers. He also claims the closing was rushed, lasted no more than 20 to 30 minutes, that their was insufficient explanation of the documents and the terms of the loan, and he was afforded no opportunity to ask questions.

Hubbard claims he is struggled to keep up with the payments on the loan and fears of losing his home.

The loan issued to Hubbard left him "worse off than he was before he obtained the loan and put him in danger of losing his home," according to the suit.

Hubbard is seeking compensatory and punitive damages. He is being represented by Sara Bird and Daniel F. Hedges.

The case has been assigned to Circuit Judge Jennifer Bailey.

Kanawha Circuit Court case number: 10-C-745

ORGANIZATIONS IN THIS STORY

More News