RIPLEY – A Ripley man has filed a suit against a New York-based bank over claims a loan is unconscionable.
Jeffrey Steele filed a complaint on June 21 in Jackson Circuit Court against Manufacturers & Traders Trust Co., doing business as M&T Bank, citing unconscionable inducement, failure to provide statement of account and other counts.
According to the complaint, the plaintiff alleges that defendant solicited to avail a second mortgage on his home at an arranged inflated appraisal at more than $60,000 when the actual value of the home was $32,761. On July 11, 2005, he originated a secondary mortgage loan in the amount of $20,000 payable in 10 years, the suit states. As a result, he alleges he has suffered worry and stress, annoyance and inconvenience and fear of losing his home.
The plaintiff holds Manufacturers & Traders Trust Co. responsible because the defendant allegedly misrepresented the value of his home, issued a loan that exceeded the value of the property, failed and refused to provide an account history of the loan, and failed and refused to identify the holder of the mortgage loan.
The plaintiff requests a trial by jury and seeks declaration that the loan is unenforceable; compensation for actual, incidental and consequential damages; attorney fees and costs; and such other relief as the court may deem just and equitable. He is represented by Daniel T. Lattanzi of Pepper & Nason in Charleston.
Jackson Circuit Court Case number 16-C-47