We purchased a home thru Wells Fargo Bank for 190,000. Wells Fargo hired the appraisal for the loan value to loan. After 2 months we discovered there were many discrepancies on the appraisal report that were contrary to the true condition of the home as noted on the appraisal.
We discovered the property description on the appraisal were not what were described nor the true condition of the home its self. The property lines ran thru the middle of the structure and up to 46 inches in back of the structure. The whole underneath of the structure is rotten.
We discovered that the house was a flip job and that the prior owners purchased the house for 50,000 2 months prior, added lipstick and back on the market for 140,000 more than what they paid for it. All done without a licence or permits.
We contacted Wells Fargo and they refused to help as we were not in default with our mortgage payments. They claimed that the sellers and the realtor undermined their collateral and that they could only help us in being a moral support as they weren't hurting as we were still paying our mortgage.
We asked the bank for a home equity loan on the 40,000 we paid down to repurchase the land we were represented as ours. They sent out another appraiser that bpo'd the house at 160,000. We lost our equity with the stroke of a pen and Wells Fargo refused to loan the money. We were told not to tell the hire ups in the bank or they would pull our note!
In the meantime we were pursuing litigation with the owners and realtor and lost in binding arbitration. We feel it was due to the arbitrators close friendships with the owner of the realty and sellers atty.
After losing the arbitration we went to Wells Fargo and were told by a sympathetic banker to stop payment to get Wells Fargo's attention. So we did. We sure got their attention! The phone rang off the hook, they were demanding payment. Our feeling is we were throwing good money after bad and would not have a valid title even if we paid it off today.
Long story short Wells Fargo that hired the terrible appraisal is now foreclosing on us! They have no interest in the phoney appraisal of that they hired. They told us to report that to the local da. "wait a minute didn't they hire that appraiser?" after adding up the numbers, Wells Fargo will make a substantial gain on our loss. They had us put the house on the market after another one of their bpo;s of 95,000!! They are pursuing us thru a creditor for 150,000, selling the house for 95,000, and also a claim with the title company. This does not include the 33,000 in payments, and 25,000 in repairs we made to keep the house standing while pursuing litigation against the sellers and realtor.
This is just a small account of what has happened to us. We are being forced to pay the plaintiffs atty fees for losing the arbitration thru a biased judge!
This is sick and wrong on sooooooo many levels..
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