Is this mortgage fraud?How do I get Help?

[mimirayo]

I currently have a 10.75% loan with Wells Fargo. In trying to refinance to a lower rate I discovered that my loan may be fraudulent. I sent a letter to the OCC and all they have been doing is being a go between for letters between myself and Wells Fargo. Wells Fargo replied to the fraudulence of the loan by stating I signed the application. I replied by stating the application was signed the day of closing, yet not a condition of approval (I don't even remember seiing it in the pile of paperwork...who signs an application at closing?)I pointed out the false information and inaccuracies of the broker. Wells Fargo's response 1 month later was to have a little blurb on the letter stating they would reply to the broker issue under another cover. That was over a month ago and they still have not responded to this issue, or sent a letter concerning the broker issues. Could you tell me if my loan falls into the predatory/fraudulent/high cost category? Wells Fargo says it is not a high cost loan because they don't fund high cost loans. When asked for their calculations of a high cost loan, the OCC agreed that they don't need to give me that information. I have contacted all state agencies possible, the OCC, and my governor.....no one can answer my question or seems to be doing anything. Maryland State Attorney General states they can't do anything because it's not their job. Who's job is it?
Information given to broker
Income:4000.00/month
Bank Account: 13,000.00
Bad Credit
Appraisal:250,000.00
Purchase price:175,000.00
First time buyer
Rented the home for 6 years(buying from landlord who purchased for 49000.00 years ago)
Rent 600.00 month
(did not sign application, only received a fax from lender asking to sign the prepayment option so they could proceed with processing the loan application. Loan application has phone interview on the bottom, no broker name, and no signature from me)
Assets: Bank account and vehicles
Liabilities: Information on credit report
Broker information to lender
Income: 4000.00/month
Bank account: 13000.00
nothing on credit report
Appraisal: 264,000.00
Refinance: States he did it as a lease/option. (There was no lease option agreement. I faxed him rental agreement)
Assets: Bank account and 264,000.00 house
Liabilities: Account #111 One of the landlords names for 175,000.00
Purpose of loan: refinance (stated we owned the property)


Other application information
Refinance:175,000.00
Estimated closing cost: 10500.00
Total cost 185,500.00
Loan amount 180,000.00
Cash from Borrower: 5500.00




HUD-1 Information
Sales price: 175,000.00
Settlement charges: 15,000.00
Principal amount: 180,000.00
Cash from borrower: 10,500.00


Other pertinent information:
In Wells Fargo's “conditions of Loan Approval” (day of closing)it states
“compliant GFE to be signed and dated 12/21/05” (the only GFE I got was day of closing)
Broker to show licensed in state (broker I was working with was NOT, Wells Fargo has me using a different broker)
Mortgage broker fee disclosure signed and dated (don't remember seeing one)
Verify closing cost must be borrowers own funds (approx $5600) (I paid 10,000.00)
Borrower to provide statements & closing agent to payoff:any liens on title, (Landlord name, fake acct #) (This shows Wells Fargo though we were the owner and there was a lien on the property)
Signed a 3 yr prepayment addendum
Signed TILA that I had 3 days to rescind
Signed First time home buyers paperwork
Mortgage payment 1824.00

[mimirayo]

I believe I was discriminated for loan modifications because I showed a significant reduction in income. They know they wiped out my reserves in closing costs, and there was 70,000 in equity the day I signed the loan. I got behind in my mortgage and had requested a modification on 12/28. I was approved for the modification with payments to begin on 1/18. I signed the agreement and sent the income information they wanted on 1/05. On 1/11 I received a letter stating the home was up for foreclosure (the first payment was not even due yet!) I was able to get it straightened out but it added over 1500.00 in attorney fees to my balance and cost me an attorney fee to get it straightened out. I believe it was the information I sent them about my reduction in income that made them move to foreclosure because they saw I was going to have difficulties making the payment. Every time I entered into a repayment arrangement they stated the balance could be kicked to the end of the loan or get refinanced at a lower rate. I would send my income information and would get denied, then sent to foreclosure. I don't meet any of the requirements for help. I want to keep my home, and pay for it, but at 10.75% and income reduced 20,000.00 since I got approved for the loan it is difficult. What are my options?

[Moe Bedard]

Hi mimirayo,

Welcome to the forum and thank you for joining...........

You would need to have your documents looked over by an attorney to determine if there is mortgage fraud in them......and to see what options you might have from there.............click on the link for more information.......

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