Lender sues over unpaid adjustable rate note

By Kelly Holleran | Feb 15, 2010

A Mississippi bank has filed suit against a couple who it says defaulted on their payments toward an adjustable rate note.

Regions Mortgage, as successor by merger to Union Planters Bank, claims Derek B. and Sherry L. Wells executed an adjustable rate note on March 20, 2001. Since then, however, the Wells have stopped making payments on the note, according to the complaint filed Feb. 8 in Madison County Circuit Court.

"As of February 3, 2010, there is due and owing the Plaintiff the sum of $67,703.13 principal plus interest under the terms of said Adjustable Rate Note," the suit states.

In addition to the principal it says it is owed, Regions seeks $1,000 in attorney's fees and costs.

It will be represented by J. Gregory Scott of Heavner, Scott, Beyers and Mihlar in Decatur.

Madison County Circuit Court case number: 10-L-139.

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