Reverse Mortgage, *Please read before considering*!

We called the local Wells Fargo here about 20 miles away, They wouldn't talk or even discuss it with us because they said they "don't" deal with reverse mortgages!!! And nobody here has any connections to that loan!

 

Yes, They said it's "NOT" a state issue because Wells Fargo is a "National" bank, Not a state bank! Screwed there!

 

So, we recieved a fax yesterday "FINALLY" after two months and guess what...... It was wrong!!! Ok, here we go again. $11,251 in fees??? Also, figure this, The original amount was for just over of $89,000. My in-laws only recieved a check book with $78,000, there is still $29,955 still in the loan, "Unused" "BUT" They now want us to pay $93,456 in full to recieve ownership before forclosure. You are all smart folks here,.... Do you see something wrong with this picture???

 

Dang Dave.

 

Yup!!! And I "KNOW" you're a smart man, do the math!

 

I'm going to start posting the honest numbers out so everyone can see them, They have been already within a few bucks! But there numbers are completely insane. I'm going to make an appointment with one of our "legal officers" on base who happens to specialize in realestate law.

 

I'm hoping "everyone" who reads this tells a loved one! and it goes to many other sites while talking about it. This has got to be one of the most "horrible" things my wife and I have gone through. Death was nothing compared to this!!! When I see my wife cry nearly every day because of this it makes me soooooooo Dam Mad!!!!

 

Oh, And I forgot to mention this!!!! You all will love this one.... We have a Bank on the burner, were "pre approved" for $100,000 on a signature, The bank has called them, Wells Fargo 4 times now with no response and even once, a woman told the bank that they cannot deal with another bank, the funds have to be "ONLY" wired by us, "cashiers check or certified funds" to the payoff center in Fort Mill, South Carolina "ONLY"!!!! I can't even walk into a Wells Fargo and give them the cash, even if I had it! What the F""K kind of business practice is that?

 

So, here's the latest as of 1200 EST. My wife has been on the phone now since 0800. Now that we have the "payoff" a women at the "payoff center" is now speaking with my wife. Get this!... My father in-law "did not" use $29.995 of the reverse mortgage but Wells Fargo is saying that that money is incorporated into the loan and now that he has passed, that money was contractual and is part of the loan "even" if it wasn't used! So what they are saying is: They keep the $29.995 and we still have to pay the full loan amount "with full interest" on $89.000 and our pay off being as of today, $93,456.71. If "he" took out every dime he would owe $93.456.71, and if we wanted the house after he passed, it would be at the "assess value" of the home... ? I just don't get this!!! It is on page 32, section 19 clause 46 of the "whothehell" made those rule book So they said... We are planning on sitting with a real estate lawyer, but now with everything I'm reading we may be SCREWED!
My wife just filed a complaint with the FDIC, we were directed to start there because they will look into their business practices concerning reverse mortgages. Right now, "I" have a gut feeling my wife is going to loose her parents home.
I want to be clear here, I/we understand there are fees and interest involved here and don't mind paying the "reasonable" amount, but when they opt to make over $70,000 in such a short time the loan was out is ridiculous. So much for the commercials huh!

 

Long shot here, but, I listened to this guys radio show for years when I drove all day, calls like your were numerous, especially after the housing market collapse. Worth a try. Except, you need to call in the beginning, callers line up quick.

Tom Martino "Troubleshooter"

About The Troubleshooter | Get Articles, Bio & Show Info | TalkRadio 630 KHOW

 

You pretty much sumed it up! I knew basically "nothing" for the most part about how they worked! I'm gonna be a "FREAKING" expert by the time this is done.

 

Thank you, were trying just about everything.

 

Thanks!!!

 

Tomorrow, Friday 1000 am real estate lawyer appointment! This guy was a corporate real estate lawyer for a "big" banking firm, now has own practice and is a heavy weight JAG military legal attorney. I'll have a full answer tomorrow one way or another, I hope...