LOGAN — A Logan County man is suing a lender and mortgage companies, alleging unconscionable inducement.
Ralph Padgett of Mallory, West Virginia, filed a lawsuit Nov. 29 in Logan Circuit Court against
Citimortgage Inc. doing business as ABN-Amro Mortgage Group Inc. Federal National Mortgage Association, Nationstar Mortgage LLC,
alleging they falsely inflated the fair market value of the plaintiff's property.
According to the complaint, as a result of the defendants' actions, Padgett continues to suffer mental and emotional distress for fear of loosing his home. The plaintiff alleges the defendants engaged in a pattern of predatory lending practices to induce homeowners into inflated loans that exceed the fair market value of their property at 51 Light Post Lane, Mallory, by at least $25,000.
Padgett seeks trial by jury, an order declaring the agreement is null and void, actual and punitive damages of up to $75,000, attorney fees and costs, plus all other equitable relief of more than $75,000. He is represented by attorney Bren J. Pomponio of Mountain State Justice Inc. in Charleston.
Logan Circuit Court Case number 16-L-286