Property owners claim fraud in loan refinance

By Noddy A. Fernandez | Jan 15, 2019

BECKLEY — A couple is suing a bank, citing alleged fraudulent inducement, negligent misrepresentation and unjust enrichment.

Charlotte Cox and David Cox filed a complaint in Raleigh Circuit Court against The Bank of New York Mellon Trust Company, N.A., et al., alleging that they intentionally suppressed the terms of a loan transaction for the purpose of inducing plaintiffs into a contract.

According to the complaint, the Coxes were induced by the defendants to enter into a refinancing arrangement to pay off the remaining $106,665.00 for their purchased property. 

Unbeknownst to the plaintiffs, the loan allegedly originated upon an application filled out by a broker with a fraudulently inflated home value; they never knew how much was owed on the loan and had no opportunity to meaningfully cure their alleged default. Furthermore, the defendants allegedly threatened to add and assess illegal fees and costs to cause an improper foreclosure of the Cox home. 

The plaintiffs hold The Bank of New York Mellon Trust Company, N.A., et al. responsible because they allegedly induced the couple to enter a loan by misrepresentation, and suppressed the terms of the contract buy not providing documents or disclosures about the loan.

The plaintiffs request a trial by jury and seek judgment for appropriate equitable relief, actual and punitive damages, attorney's fees, costs and such other relief as the Court deems equitable and just. They are represented by Jed R. Nolan and Daniel F. Hedges of Mountain State Justice, Inc. in Beckley.

Raleigh Circuit Court Case number 18-C-536-B

Want to get notified whenever we write about any of these organizations ?

Sign-up Next time we write about any of these organizations, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Mountain State Justice, Inc. Raleigh Circuit Court

More News

The Record Network