ELKINS – A couple is suing LoanDepot.com after they claim it wrongfully began foreclosure proceedings on their home. Arlie C. Addington and Rena Sue Addington have a mortgage loan insured by the Federal Housing Administration that was originated by LoanDepot on Feb. 19, 2104, for $121,591 for a term of 30 years at an interest rate of 4 percent, according to a complaint filed June 30 in Webster Circuit Court and removed to federal court on Aug. 7.
The Addingtons claim as a result of the FHA insurance, the defendant is able to recover any losses it experiences as a result of foreclosure and that the plaintiffs are required to pay an FHA insurance premium of $2,091.25 as part of the closing costs of their mortgage loan and continue to pay a monthly premium of $128.42.
The plaintiffs struggled to keep up with their house payments after they stopped receiving coal royalties in late 2015 after the coal company filed bankruptcy, according to the suit. The Addingtons claim throughout 2016, they repeatedly provided the defendant with documents in support of their request for loss mitigation, however, the defendant routinely informed them that it had not received the documents and that further information was needed.
On May 2, 2016, LoanDepot confirmed that it had received the plaintiffs’ loss mitigation application, however, the following day, Loan Depot’s foreclosure trustee provided the plaintiffs with notice that it intended to foreclose on their home on May 25, 2016, according to the suit. The Addingtons claim the defendants refused to consider a request for assistance and proceeded with foreclosure.
The mortgage loan agreement provide that the defendant may charge late fees of up to $15, however, the defendants assessed late fees in months where the plaintiffs made payments on time, according to the suit.
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