Beneficial West Virginia accused of using inflated appraisal for mortgage loan

By Wadi Reformado | Jun 23, 2017

A West Virginia man is suing Beneficial West Virginia Inc. for alleged breach of contract.

LOGAN — A West Virginia man is suing Beneficial West Virginia Inc. for alleged breach of contract.

Charles R. Crane filed a complaint on May 23 in the Logan Circuit Court, alleging that the West Virginia corporation issued a residential mortgage loan to him that exceeded the fair market value of his home in violation of the West Virginia Code.

According to the complaint, the plaintiff alleges that the defendant used an inflated appraisal for his mortgage loan, which the plaintiff argues "far exceeds the market value of his coal-camp home." The home was allegedly worth less than $20,000 in 2006, but the defendant allegedly relied on an appraisal value $32,233 to issue the loan.

Crane claims that the company promised him that he could get a lower interest rate a year later, which turned out to be false. The plaintiff holds the defendant responsible for allegedly refusing to refinance the loan.

The plaintiff has allegedly paid $42,211 on the loan.

The plaintiff requests a trial by jury and seeks actual damages, all legal fees and any other relief this court deems just. He is represented by Loree Stark, Sarah K. Brown and Daniel F. Hedges of Mountain State Justice Inc. in Charleston.

Logan Circuit Court case number 17-C-151-B

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Organizations in this Story

Beneficial West Virginia Inc. Logan Circuit Court

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