BECKLEY — A couple is suing Select Portfolio Servicing for predatory lending practices.
Select Portfolio Servicing, Bear Sterns Asset-Backed Securities Trust 2005-2 and Asset-Backed Certificates Series 2005-2 were all named as defendants in the suit.
James Daniel and Terry Daniel filed the lawsuit in Raleigh Circuit Court alleging that the defendants serviced a loan in the amount of $35,100 in 1998 and received a loan modification in 2010 when they suffered a financial hardship.
The plaintiffs claim they became concerned that their loan balance was still $34,627.23 after paying on it for more than a decade and later learned that the mortgage was fully amortized and became fully due after 17.5 years.
The plaintiffs claim the defendants' practices constitute predatory lending.
The plaintiffs are seeking compensatory damages. They are represented by Jed Nolan and Daniel F. Hedges of Mountain State Justice.
Raleigh Circuit Court Case number: 19-C-350