Elkview woman sues Bank of America, alleges predatory lending

CHARLESTON - An Elkview woman is suing Bank of America after she claims it engaged in predatory lending practices, causing her to suffer damages.

Michelle Harda; Great American Title Inc.; Fidelity and Deposit Company of Maryland; Washington International Insurance Company; Larry L. Lemley Jr.; and Loren Banks were also named as defendants in the suit.

In 2008, an acquaintance of Carol Hays referred her to the defendants when she was considering refinancing, according to a complaint filed March 27 in Kanawha Circuit Court.

Hays claims the defendants appraised her home and the lot it was on in excess of $94,000, which was false.

At the time, the used doublewide had a market value of $21,577.75 and the lost had a market value of $16,000, according to the suit.

Hays claims the defendants did not provide her a copy of the signed documents in connection with the transaction.

The loan issued to Hays was unconscionable and/or was induced by unconscionable conduct, according to the suit.

Hays claims the appraisal was not bona fide and the lender intentionally made her a mortgage loan with a principal amount that exceeded the fair market value of the real property on the date the residential loan was made, in violation of West Virginia code.

The defendants' actions caused Hays damages and was fraudulent, according to the suit.

Hays is seeking actual damages. She is being represented by Daniel F. Hedges and Colten L. Fleu of Mountain State Justice.

The case has been assigned to Circuit Judge Paul Zakaib Jr.

Kanawha Circuit Court case number: 13-C-573