In loving memory of Kenis D. Keathley 6/4/81 - 3/27/22 Loving father, husband, brother, friend and firewood hoarder Rest in peace, Dexterday

Reverse Mortgage, *Please read before considering*!

Discussion in 'Everything Else (off topic)' started by WeldrDave, Mar 17, 2017.

  1. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    This thread will be a bit lenghty so sit back and grab a beverage to read...
    If you or a family member are considering a reverse mortgage, listen to this story and you "might" want to reconsider after you read this.
    A reverse mortgage is for the dead and dying, not the people who are going to be "stuck" with the bill in the end, I'll explain.
    My wife's Father recently passed in December, her Mother went the year before. They had a reverse mortgage on their home with a note from "Wells Fargo" as the reverse mortgage lender. Basically how it works is, they give you a certain amout, about 80% of $$$ against the equity of your home and give you a fat check book and say go! They expect you to die before the money runs out and then they come to collect their property, re-sell it and make double or triple on the loan. Here's where it gets interesting, My wife and I want to reclaim the house so we went to a bank knowing how much my FIL has used on the loan. The house is worth in the $150.000 range and there was only about $60,000 used. Sounds easy right ???.... Not so fast!!! Wells Fargo has been bullying, not answering our calls, refused to give us the pay off figure after we've given them every legal document they have asked for, telling us they never recieved what we sent them, "they will only except FAXes", nobody will give you an e-mail address, you never speak to the same person, they tell you it will take 24 to 48 hours for an answer "which were at two months" now asking. Every time we ask to speak with a bigger boss they say there is none and hang up, nothing on line to go futher, and were in the 21st century and were still having to FAX? They will "not" e-mail it to us and all were asking is for the pay off amount! *NOTE* they want to take the house!!! They do not want us to have it back! We know we have to pay off about $65,000, so be it. The more they drag this on the more interest "WE" pay on the loan and we have a six month window according to the contract. After six months, they can start forclosure proceedings if we don't provide the payoff.
    Whats even more amusing is, "you cannot find anywhere" to pay them off or even how too!
    You have to do it all by phone until "they" are ready to deal with you. This company is the absolute "WORST" company in the world to deal with! So, we have stated recording every call, and have a record of calls. We have called and spoke with over 15 different people who give us the same story that it'll be 24 or 48 hrs more till we get you the pay off. It's been since December 19th when the hell began! Being's that this house has "plenty" of equity left, their not going to go down with out a fight and I feel like they will wait this out until we fold or run out of money to fight. It's pretty bad when your lawyer asks you who the reverse mortgage is through, and when we told him "Wells Fargo" he said, "OH NO"!!!!! When we sat and discussed this situation with our lawyer, he flat out said that banks love reverse mortgages because they are "big" money makers for them! They also have the lawyers to play you out of money! They will also wait you out till the last second then slap you with finance charges that you could have prevented. We are now going through pure "HELL" with Wells Fargo and I don't see an end soon, they are Nasty!!! Understand that most banks who issue a reverse mortgage will play the same game and for the survivors of the estate, stand by. You will play hell trying to get back what is rightfully yours if you choose!

    Lastly; If you or a loved one is thinking about a reverse mortgage, PLEASE look at other options! Sell, home equity loan, down size, sell off other things, do what ever you need to do but give it to a dam bank, because thats where it will go in the end. If you have elderly parents or a loved one and can possibly move them in with you, do it! Sell the place before they pass, "it will be so much easier" sad to say...

    Give this some thought but again, "reverse mortgages are not for anyone who is living"!!!

    Wells Fargo should be put out of business because of their practices! "my opinion"

    Dave
     
  2. Canadian border VT

    Canadian border VT

    Joined:
    Feb 18, 2015
    Messages:
    16,820
    Likes Received:
    108,917
    Location:
    Vermont
    WeldrDave, as a former banker I understand your frustration.. calling company will get you frusteated.. call your state banking and insurance commissioner you will get far faster responses because their state licenses are worth money! when state commissioner call them less run around they give them answers
     
  3. Eric VW

    Eric VW Moderator

    Joined:
    Jan 6, 2015
    Messages:
    23,561
    Likes Received:
    133,127
    Location:
    US
    Niiice! That sounds solid CBVT:thumbs:
     
  4. Redneck

    Redneck

    Joined:
    Jun 25, 2015
    Messages:
    1,175
    Likes Received:
    11,094
    Location:
    Burton mi
    Heres my 2 cents.
    Quit being nice.
    Send them a fax every 5 min 24 hours a day 7 days a week from your computer.
    I have done this before several times it will get a response every time. The more fax #s you have the better.
    If that dosent work take a picture of you holding a lit torch in front of the house with the address visable. And add a note if i cant have it no one will, you have 72 hours to respond. Add this to your faxing. You will get a phone call from them.
    Wells fargo is the worst at playing these games but they will cave in if you play rougher than they do. Calling your local newspaper and tv stations also helps. Run adds in the papers ant thing to get attention this is what they do not want.
    Just my 2 cents.
     
  5. UncleJoe

    UncleJoe

    Joined:
    Feb 24, 2014
    Messages:
    1,467
    Likes Received:
    5,853
    Location:
    SC Pa
    That was my thought as well. They hate that kind of publicity.

    Don't forget about your Congress-critters. This is the type of thing that they were sent to DC or Trenton for. Lean on them hard, every day. You'll get results
     
    Last edited: Mar 17, 2017
  6. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    So why is this being done to us CBVT? It's funny that when you tell them we want to give "THEM" money, its like trying to get a sloth to run a marathon! o_O As a former banker, please explain this mind set if you will...
    I have had a women here crying almost every night because of Wells Fargo! This was her childhood home and we can't even get it back yet. :picard:
     
  7. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    I am! I don't have a fax here but I do at work and I'm going to send them one every F#N hour during the work day!!! :headbang::mad::headbang::mad:
     
  8. Jack Straw

    Jack Straw

    Joined:
    Oct 3, 2013
    Messages:
    8,365
    Likes Received:
    52,101
    Location:
    30 miles west of Albany Ny
    Not to get political, but better government regulations would prevent this. It's too bad you couldn't have found a way to purchase the house yourself from your in laws when they were alive. I know that gets complicated if they go into a nursing home.
     
  9. fishingpol

    fishingpol

    Joined:
    Oct 3, 2013
    Messages:
    6,502
    Likes Received:
    39,620
    Location:
    Merrimack Valley, Ma.
    :mad:

    I think I would look into my own legal representation at this point and make a claim for bad faith business practices and recover/negotiate the note down to recoup legal expenses. There is a bit a stake here, and I am not a fan of lawyers.

    It must be so frustrating to have to go through this, especially a family members home.
     
  10. stuckinthemuck

    stuckinthemuck

    Joined:
    Oct 4, 2013
    Messages:
    3,089
    Likes Received:
    14,315
    Location:
    Wandering around in the NH woods.
    This is the same company that was signing people up for banking accounts without their knowledge to collect commissions. They are unscrupulous and one of their biggest shareholders is Warren Buffett. Contact your congressman and take your fight public. Starting here is good. Learn how to Tweet. And call them out on twitter. Contact these people. 7 On Your Side | Consumer Reports | WABC And don't hesitate to use your service to our great nation as fuel for the fire as to how they are preying on a veteran (current service member) and his family. Good luck.
     
  11. DNH

    DNH

    Joined:
    Sep 19, 2015
    Messages:
    695
    Likes Received:
    3,212
    Location:
    Missouri
    Sorry to hear your going through this, only advice I can give is document everything in relationship to the reverse mortgage time date phone number called/faxed who you spoke with how long you were on hold etc. You may not have to have it but better to have and not need then need and not have it.
     
  12. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    Sadly, we didn't even know they did it until after the fact! They got into a mess because of my FKN Piece of S#!T drunk, doper brother in-law.
    Every time he would get into a bind he would go to "mommy" who would "always" bail him out. She basically spent their savings and "all" of their CD's cashed in so he wouldn't go to jail, "which he is now" he lost two trucks at $50,000+ each to banks, mommy paid his rent for two years, "we just found that out a week ago" lost a $75,000 horse trailer to the banks and was sued for over $25,000 and has three pending charges for DUI/DWI which hasn't even been settled yet. He'll be in jail for a couple years "at least".
     
  13. TurboDiesel

    TurboDiesel

    Joined:
    Nov 22, 2013
    Messages:
    16,048
    Likes Received:
    95,626
    Location:
    Hollidaysburg Pa
    ^^^this^^^

    You need a lawyer to send notices before Wells Fargo can claim you did nothing and had to foreclose.
    You gonna have to play hardball!
     
  14. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    I'm beginning to go that route as we speak! The Fire's have been lit!!! I can't watch a woman cry any more because of these A$$HOLES!!!
     
  15. stuckinthemuck

    stuckinthemuck

    Joined:
    Oct 4, 2013
    Messages:
    3,089
    Likes Received:
    14,315
    Location:
    Wandering around in the NH woods.
    The "too big to fail" banks have become too big to exist. They need to be broken up.
     
  16. bocefus78

    bocefus78

    Joined:
    Oct 14, 2013
    Messages:
    3,694
    Likes Received:
    19,835
    Location:
    Indiana
    1. Banks won't deal with payoff info over email. That's an industry standard nowadays. Email is not secure. That's why you are dealing with the fax chit.

    2. Make sure you can legally record those calls. edit your post if not legal.

    3. Get a real estate attorney. Not your normal lawyer.

    4. Take all your paperwork to a retail location. Pack a lunch. Don't leave until the cops come or you get what you want.

    Sorry you have to deal with this. Big banks are a biatch to deal with.
     
  17. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    This is the reason I posted this thread, so others can learn what "not" to do! I hope it gets 10,000 views. It's not fun posting your life out there but if others can be educated about this, I'm all about it! Passing knowledge is what we do as good stewards.
     
  18. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    I guess what I meant was, (must have came out wrong), I'm logging/writing down "every person and number" I call and what we spoke about. I'm not tapping the conversation, sorry. :doh:
     
  19. WeldrDave

    WeldrDave Military Outpost Moderator

    Joined:
    Oct 8, 2013
    Messages:
    9,278
    Likes Received:
    48,415
    Location:
    The Communist Socialist Republic of New Jersey
    We did! They wouldn't even discuss it with us and the manager told us we had to leave.
     
    NH mountain man and wildwest like this.
  20. bocefus78

    bocefus78

    Joined:
    Oct 14, 2013
    Messages:
    3,694
    Likes Received:
    19,835
    Location:
    Indiana
    Lawyer up and consult a realtor who specializes in dealing with banks ie: your local short sale specialist. Those guys have contact #s for the right people.