Comments on: AARP sues Wells Fargo, Fannie Mae over reverse mortgage foreclosure http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/ Fri, 05 Dec 2014 11:27:18 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: palsimon http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-8893 Fri, 16 Dec 2011 15:31:18 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-8893 One should never put money into checking accounts with the same bank that holds a mortgage because if you are in arrears on the mortgage the bank has a legal loophole which allows it to automatically take the money out of your checking account. BEWARE

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By: palsimon http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-8892 Fri, 16 Dec 2011 15:28:41 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-8892 We have a huge problem of unregulated Home Owner insurance companies in Florida. One anticipates HO insurance does increase from time to time, but several years after we did our reverse mortgage, State Farm increased our HO insurance 38%, beyond our ability to pay, and causing us to be in technical default on our Reverse Mortgage. We shopped all over Florida and were unable to buy HO insurance. There has been something fishy going on in the insurance industry here with State Farm threatening to leave and investing in reinsurance company instead, which is not regulated. Apparently none of the insurance companies that do business in Florida are competitive. The total of our property taxes and insurance comes to more than it would cost for us to RENT a nice place to live. Given that, plus the face that the market has collapsed so badly we cannot even sell our property for the amount we owe on it. Banks, insurance companies and our county tax collectors are all stealing from us,

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By: martin1 http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-8830 Thu, 24 Nov 2011 13:35:33 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-8830 My sister and I are going through the the same thing. My mother was taken advantage of by Wells Fargo when she was 83 years old and extremely sick. We had exhausted ourselves financially and wanted her to remain comfortable at home so we agreed to a reverse mortgage. We really didn’t get all the money that was promised, because they took out quite a bit in fees up front so they were a rip off from the start.

We now are trying to keep the family home in which we have lived since 1963 and they continually talk in circles and really tell us nothing except they will accept a short sell which is 95% of the loan owed whose interest continually grows and now exceeds the value of the home by at least $40,000 dollars and they have begun the foreclosure process.

I compalined to HUD and they simply referred me back to Wells Fargo and all they did was to quote laws which justify their poor behavior. Someone needs to set controls for this bank because they also did something to my mother’s bank account 3 days before she died. They claimed she owed them money and they drafted all the money she had in the bank which was $1412.03 sending her account into a negative $580 dollar negative because of other checks already out. My sister and I called their recovery department and a collections agent named Kyle was very nasty to us on the phone. Later they took her state retirement check which had been automatically deposited after her death and we had to complain to the bank, Wachovia ( which had been taken over by Wells Fargo) that they had taken a deceased woman’s money and it took them several days to return this money so we could in turn return the money to the State of NC. She did not owe them and they did not notify us of anything like this coming, this was 3 days before she passed and I will never forget her laying in ICU and us on the phone trying to recover her illegally taken funds and the nasty responses we received from their representatives.

When it comes to the reverse mortgage, they have mortgage specialist who are SUPPOSED TO HELP you but they seem to know nothing and continually talk in circles even though you are the legal heirs according to the will and will not tell you anything except about SHORT SELL unless you have probate court papers.

This bank has very disgusting and most unfair banking practices and I reallly hope someone is able to exert some way to put some controls on them. If not they are growing bigger and bigger everyday taking money and abusing the working people who cannot afford to stand up to them and they know this. I hope this lawsuit brings about some type of change and if I can help in anyway would love to assist.

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By: leahg http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-8723 Mon, 07 Nov 2011 06:17:54 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-8723 Wells Fargo seems to use some very sneaky tactics. For example, they suddenly started using a different Loan Number on some correspondence, even though the original Loan Number continues to be used on the Reverse Mortgage Statements. They deny receipt of any correspondence that does not have the newer Loan Number on it, even if it has the still current Loan Number, name, address, etc. making it clearly identifiable. And, the number better be on each and every page of correspondence or documents or they will not admit that they have received it.

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By: Anonymous http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7671 Wed, 17 Aug 2011 13:00:31 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7671 After my mother found out she had Parkinsons disease and because her medical bills started mounting putting a strain on her retirement she reluctantly reverse mortgaged our family home in 2005. I had quit my job and became my mothers full time care giver until she passed away in April of 2010. Unlike Mr. Chandlers situation where the house has depreciated and is worth less than the reverse mortgage balance due. My mother reverse mortgaged for less than the full among she could have and subsequently even in the depreciated market my mother still has equity in her home which is now my primary residence. Unfortunately, my mother never set up the trust she was suppose to but she did have a will and although I was still unemployed I managed to get the house into probate and got the letters of testamentary in Dec of 2010. Wells Fargo had granted me the standard 1 year acquired 3 months at a time so it left me with only 4 months to sell the house. The 4 worst months in recent recorded history for the housing market here in Los Angeles. So at the end of April they started the Foreclosure procedure. They never told me what the appraised value of my house was and I was lead to believe it was underwater or wouldn’t sell for the 280,000 owed on the mortgage

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By: arleenRL http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7339 Wed, 10 Aug 2011 03:14:03 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7339 My mother had a reverse mortgage and passed away in December, 2010. Initially, WF told me we would have to purchase the home for only the full amount of the loan (we know it to be “upside-down” by our own independent appraisals)…5 months later, and after denying an extension to “save’ the home, Wells Fargo told me I could now purchase my mother’s home for 95% of the appraised value (but gave me 3 weeks to make that decision). But, they wouldn’t give me the appraisal figures — and instead have put the home up for auction, scheduled 8/23.

Today I called WF, and they asked if I was prepared to payoff the full balance – and still would not give me the appraised value. My Home Preservation specialist (assigned to me only last week) said she couldn’t find my information in her system…How does this bs fit into the “implied covenant of good faith and fair dealing”????? I’m emotionally overwhelmed. The home is my principal residence — and I would like to find a viable solution to keeping the property…..

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By: 1159pm http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7294 Sun, 07 Aug 2011 21:06:09 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7294 By the way, how is it that we were taught in school that laws that changed existing contracts were illegal, but now we find that this practice is so common. Do you think that this makes for an upward swing in “lack of consumer confidence”?

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By: 1159pm http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7293 Sun, 07 Aug 2011 20:59:03 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7293 Some “Banks” considered too big to fail need a lesson that the (US?) Congress is too afraid to give them: This all-out raid on the homes and property of American Citizens is not going to “pay”, period. This entire financial debacle, as currently explained is just a continuation of the 1980’s banking scandals with less protection for the public than one might think. To make a profit in business ventures should not become a sullied concept,ever. To remove the balance between right to profit in business and the rights of consumers to be protected against “unscrupulous wheeler-dealers” should be considered a crime, and the perps should be treated that way.
Consumer confidence depends on this balance, which is torn and tattered beyond recognition, by the inaction of those to whom think getting elected and staying elected is more important than the lives of those who voted them into office in the first place.
Now is not the time for consumers to “return to the marketplace”. Now is the time for every American (and the our overseas counterparts) to say NO to unbridled greed, fraud, deception and unmitigated race/economic warfare. Boycott, boycott,….until some of these people serve time in jail and lose the fortunes of ill-gotten gains to consumer class action suits. What do the little people have to lose–nothing, it has already been stolen.

If we fail to stop these people, then the economic slavery implied by all of the recent losses will one day be called “the tip of the iceberg”. Vote daily with your pocketbooks until the message is heard and appropriate change is made!!!!!

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By: IvanM http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7271 Sat, 06 Aug 2011 15:33:38 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7271 Kick the seniors while they are down all these banks should have been liquidated. The bailout should have been used for the responsible seniors who became distressed or disabled or spouses have passed they deserve our respect and loyalty.

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By: classylady http://blogs.reuters.com/reuters-wealth/2011/08/05/aarp-sues-wells-fargo-fannie-mae-over-reverse-mortgage-foreclosure/comment-page-1/#comment-7270 Sat, 06 Aug 2011 15:16:18 +0000 http://blogs.reuters.com/reuters-money/?p=18014#comment-7270 as usual the banks have found a new way to steal from the senior what has happen to these great Country of ours, take God out of the equation and what do you have a Country going to hell in a handbag

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