PRINCETON – A Bluefield man has filed a suit over allegations of predatory lending regarding his mortgage.
Michael Cochran filed a complaint in Mercer Circuit Court against Seterus Inc., Bank of America NA, et al. alleging unlawful debt collection and other counts.
According to the complaint, the plaintiff purchased a home in Bluefield in 2000 for $115,000 and borrowed $97,500 under a 30-year note.
The suit states the plaintiff received a solicitation from Countrywide Home Loans regarding a lower interest rate in June 2007 and closed on a loan in August 2007. The suit states a second loan was signed in 2008.
Bank of America succeeded Countrywide and assigned the plaintiff's loan to Fannie Mae in December 2012, which was eventually assigned to Seterus, the suit states. Seterus scheduled the home for foreclosure in August and the plaintiff alleges he never received a notice regarding the foreclosure or any right to cure the default.
The plaintiff holds Seterus Inc., Bank of America NA, et al. responsible because the defendants allegedly suppressed the terms of the mortgage modification and that the contract contains commercially unreasonable terms.
The plaintiff requests a trial by jury and seeks judgment against defendants for actual damages. He is represented by Jed Nolan of Mountain State Justice Inc. in Beckley and Daniel F. Hedges of Mountain State Justice Inc. in Charleston.
The case has been assigned to Circuit Judge Derek C. Swope.
Mercer Circuit Court case number 18-C-290