Consumer claims loan with Countrywide has illegal balloon payment

By Philip Gonzales | Mar 14, 2018

HUNTINGTON – A Barboursville woman alleges her late husband was induced into a loan with an illegal balloon payment.

HUNTINGTON – A Barboursville woman alleges her late husband was induced into a loan with an illegal balloon payment.

Charles Zhea, by his executrix Cathy Zhea, and Cathy Zhea, filed a complaint in Cabell Circuit Court against Bank of America NA and Countrywide Home Loans Inc. alleging unconscionable inducement.

According to the complaint, on June 8, 2016, Charles Zhea entered into a loan agreement with defendant Countrywide with a principal balance of $76,000 with an interest rate of 7.5 percent. They allege that Countrywide failed to disclose that the loan contained a balloon payment that was due after 15 years.

The plaintiffs request a trial by jury and seek an order declaring that the terms of their loan are unenforceable, actual and consequential damages, attorney's fees, costs and such other appropriate relief. They are represented by Daniel T. Lattanzi of Pepper & Nason in Charleston. The case has been assigned to Circuit Judge Christopher D. Chiles.

Cabell Circuit Court case number 18-C-63

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Bank of America Cabell Circuit Court Pepper & Nason

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