An Allegheny County man is suing a lender, with offices in Butler County, to get out a re-financing deal.

Ronald M. Watts filed a lawsuit July 29 in U.S. District Court Western District of Pennsylvania against JLB Corporation in Cranberry Township, doing business as Golden Oak Lending, and Wells Fargo Bank.

According to the complaint, on June 5, Watts and JLB entered into a refinancing agreement for his mortgage. He was then given a form by JLB, notifying him of his right to rescind the new loan and mortgage within three business days, with a mailing deadline of midnight, June 9, the suit states.

Watts alleges he signed the rescission notice June 7 and placed it in the mail for collection. JLB personnel admitted to Watts the rescission had arrived, the lawsuit says, but stated they had already paid off his old mortgage and it was "too late to do anything about it."

Watts seeks the amount lender gave to him, $142,420, be deemed a gift and that no valid notes exists between the two parties. The plaintiff also wants the amount to have no tax liability and that JLB may not issue IRS form 1099 for the disbursed funds. He is represented by attorney Gregory A. Biernacki of Biernacki & Associates in Pittsburgh. 

U.S. District Court Western District of Pennsylvania case number 2:15-CV-00987-CRE.

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