Homeowner Wins $3.5 Million in Foreclosure Fraud Punitive Damages


Quicken Loans received a judgment from the state Supreme Court of West Virginia that it must pay $3.5 million in punitive damages to Lourie Jefferson.

Jefferson filed a lawsuit against Quicken Loans under allegations that they had, “committed fraud and violated various provisions of the West Virginia Consumer Credit and Protection act in a mortgage loan,” reports John O’Brien of The West Virginia Record.

Jefferson filed the lawsuit in 2007 after responding to a pop-up advertisement from Quicken Loans and was directed to speak to one of their mortgage bankers. After inquiring about her refinancing needs the company ordered and appraisal of the property to deduce an estimated value for refinancing. O’Brien states that Quicken estimated the value of the property to be $262,500 however, the trail court later found it to be valued only $46,000. Another appraiser valued the property at $181,700 and after deliberation Jefferson’s Quicken mortgage banker…

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