West Virginia Record

Sunday, January 19, 2020

Philippi couple claims Countrywide used predatory lending practices

State Court

By Marian Johns | Nov 21, 2019

Law money 05

PHILIPPI – An elderly U.S. Navy veteran and his wife allege that Countrywide Home Loans' predatory lending practices caused them to enter into a series of home mortgage flips.

Barbara Bean and Monte Bean filed a complaint In Barbour Circuit Court against Federal National Mortgage Association, Countrywide Home Loans and Carlyle Millard alleging illegal mortgage and other counts.

The Beans entered into a 15-year mortgage for $93,500 in April of 2005 with a monthly interest payment of $942.79, according to the suit. Their loan was sold to Countrywide in February of 2006, who solicited the couple to refinance their loan for an 8.75 percent interest rate, a 15-year term and $20,000 cash for home improvements, the suit states.

The plaintiffs allege the contract they signed however had an 11.375 interest rate and a 30-year term, which brought their monthly payment to $995.23 per month and added substantial fees. Countrywide also placed a lien on the Beans property without their knowledge, according to the suit. 

The Beans claim they were defrauded into another refinancing that ended up with a 9.504 percent, 15-year term that increased their payments to more than $1,000 per month. 

The Beans seek actual damages, a trial by jury and other just relief. They are represented by Jennifer Wagner of Mountain State Justice Inc. in Morgantown.

Barbour Circuit Court case number 19-C-43

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