- Report: #1322373
Complaint Review: Wells Fargo - Nationwide
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Author Not Confirmed
Why?
Wells Fargo
Nationwide, USA
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Wells Fargo Bank N.A. uses reverse mortgages as preditory lending Ft. Mill, SC Nationwide
My grandmother entered into a reverse mortgage with Wells Fargo in January 2006, at age 83. She passed away on October 21, 2015 at age 93. The loan became due. We received letters from Wells Fargo almost immediately. The letters stated that we had 6 months to declare our intentions on the property. We stated with each faxed and mailed (several that they said were not received) letter that we intended to reclaim the property. Initially they said the payback would be $73,000. Then after "their appraiser" evaluated the property, it was changed to
roughly $44,000. minus 95% making the payback roughly $41,000. We had a difficult time finding a lender because it would have not been a primary residence and under $50,000. Again we were told in writing, that if we did nothing, we had 6 months to declare our intent. The home was placed in foreclosure 4 months and 1 day after my grandmothers death. We believe the loan amount of $101,000 on a small home that has NEVER been worth more than $35,000., given to an 83 year old woman, whose education level was only 10th grade, and who was in
what we now know was the very early stages of Alzheimer's Disease, was nothing short of predatory. We also believe that Wells Fargo misled us in stating that we had 6 months to declare our intent before the loan would be foreclosed on, but instead was foreclosed on in 4 months. We believe that my grandmother was also misled as to the home being reclaimed by her heirs upon death, when in fact Wells Fargo, we believe knew full well that they would make it impossible to regain the property. The property is in Georgia. The Wells Fargo branch responsible is in Ft. Mill, SC.
