Wells Fargo Sued for Refinance Home Loan Consolidation Practice into an Adjustable Mortgage
Posted on | July 28, 2010 | 1 Comment
Predatory lending practices have been a very hot topic as of late as President Obama often references this practice in his speeches relating to the Financial Regulatory Bill. A Charleston, West Virginia man has taken action against Wells Fargo in a refinance home loan and bills consolidation practice that put him into one adjustable home loan that would see a higher rate after three years.
Robert Wayne Sullivan was told that he would be able to refinance the adjustable rate mortgage before the new rate took effect. Prior to the three year period expired Sullivan attempted to refinance the adjust rate mortgage but was denied by Wells Fargo. At the end of July 2009, Sullivan sent a letter to Wells Fargo asking them to direct all questions and communication to his attorney. Sullivan claims that Wells Fargo continued to contact him and continued with a foreclosure on his home even though he was willing to make payments.
Over the last several months many lawsuits have been filed when it comes to loan consolidation and mortgage modification. Many of these borrowers signed documents that will make a lawsuit very difficult to win. That may not be true in the case with Mr. Sullivan but many struggling Americans do not realize the documents they signed when deciding to refinance or consolidate a home loan. This is way it is important to read the entire loan document or have an attorney read over the information before signing.
Author: Alan Lake
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One Response to “Wells Fargo Sued for Refinance Home Loan Consolidation Practice into an Adjustable Mortgage”
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July 28th, 2010 @ 7:00 pm
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture. Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
– Wells Fargo’s own review appraisal valued our home at $475,000
– Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
– Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
– Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
– Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.