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Contracts Keyed to Knapp
McFarland v. Wells Fargo Bank, N.A.
Citation:
United States Court of Appeals, 810 F.3d 273 (4th Cir. 2016)Facts
In 2004, McFarland purchased a house in West Virginia for $110,000. In June 2006, McFarland decided to pursue mortgage refinancing because he wanted to consolidate his $40,000 in student and vehicle debt. McFarland spoke with Greentree whose appraiser informed him that his house was worth $202,000 (however, a retroactive appraisal in 2012 found that the house was only worth $120,000 in June 2006). McFarland then secured a mortgage with Wells Fargo for $181,800 and an home equity line of credit for $20,000. In 2007, McFarland began to fall behind on payments and contacted Wells Fargo for assistance. In May 2010, McFarland and Wells Fargo entered into a loan modification increasing the principal amount, but reducing the interest rate and extending the loan’s term. McFarland remained unable to make payments and Wells Fargo initiated a foreclosure.
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