Three families sue BOA over home loans - WTRF 7 News Sports Weather - Wheeling Steubenville

Three families sue BOA over home loans

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Four individuals in Hancock and Ohio counties have sued Countrywide, claiming the lender encouraged them to borrow more than their property is worth.

David and Theresa Palcovic of Wheeling, Erica L. Oliver and Rae Zatezalo, both of Weirton, had filed suit in Ohio County Circuit Court, claiming Countrywide — which Bank of America purchased in 2008 — “willfully induced” them to take out loans “that exceeded the fair market value” of their properties.

The complaint alleges the lender included a “target number” with its appraisal orders, and that the appraisals pegged the value of each of their properties at anywhere from $13,000 to $33,000 above actual market value though they didn’t know that when they closed on their loans.

They also complained that they’d been billed for processing, tax services, recording services and courier services, none of which they say are allowed fees under West Virginia law, and that a notary had closed their loans, which they said is also a violation under West Virginia law.

The property owners want their loans voided, plus damages, court costs and attorney fees. Bank of America has petitioned to remove the case to federal court.