West Virginia Record

Monday, September 23, 2019

Woman sues JPMorgan Chase Bank for predatory lending

By Kyla Asbury | Sep 10, 2012

CHARLESTON -- A woman is suing JPMorgan Chase Bank, N.A. after she claims it failed to provide her a statement of her account and inflated the cost of her home when it was appraised.

Judy B. Carr purchased her current home in 1984 for $40,000 and refinanced the home loan over the years at various times, according to a complaint filed Aug. 15 in Kanawha Circuit Court.

Carr claims in spring 2007, the defendant solicited her to refinance her first mortgage and her credit line and falsely appraised her home at approximately $140,000, when the actual value of her home was approximately $112,900.

In 2011, Carr was struggling with her payments and sought assistance from Chase, but was denied and on June 21, she requested a statement of her account and informed the defendant she was being represented by counsel, according to the suit.

Carr claims Chase failed to provide her with a statement of her account.

The loan contains several substantively unfair terms that came as a surprise to Carr, including the fact that the loan far exceeded the market value of her home, according to the suit.

Carr claims the defendant has a pattern of intentionally inflating the market value of homes to support predatory loans that exceed the market value of the borrowers' homes.

The loan issued to Carr was unconscionable and therefore was unenforceable, according to the suit.

Carr is seeking actual damages for each violation of West Virginia Code. She is being represented by Bren J. Pomponio and Daniel F. Hedges; J- Paul Zakaib Jr.

Kanawha Circuit Court case number: 12-C-1639

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