Possible Predatory Lending

[msdjsd]

If my initial loan rep who qualified us for our current lender Wells Fargo had us initially sign a blank loan application and inserted fake job descriptions and yearly earnings is this considered predatory lending practices?

[Evan Bedard]

If my initial loan rep who qualified us for our current lender Wells Fargo had us initially sign a blank loan application and inserted fake job descriptions and yearly earnings is this considered predatory lending practices?

Yes this is definitely predatory lending and many loan reps during the subprime lending years would inflate a borrower's earnings to make sure they qualified for the mortgage. What do you mean they had you sign a blank loan application?

[debofred]

I own a commercial apt building - when we refi'ed in 2006 - the loan officier for Wamu guaranteed me (not in writing) that there was NO prepayment penalty - after reviewing the docs I find a page that shows a formula - but does not include the words pre-payment. Now I am told by Chase that I have an $180,000 prepay for another 5 years (10 year loan) - cannot sell the property or refi . Previous loans on this property stated in clear terms the prepayment penalty.

Just wondering if you or the modification department has experience with this?

Thanks, DJ

[msdjsd]

Too this day my wife said we signed a blank loan application and all the figures were put in afterwards. When I called Wells today they said the amount my wife made per month was $20,000 per month about twice what she really made

[Evan Bedard]

I own a commercial apt building - when we refi'ed in 2006 - the loan officier for Wamu guaranteed me (not in writing) that there was NO prepayment penalty - after reviewing the docs I find a page that shows a formula - but does not include the words pre-payment. Now I am told by Chase that I have an $180,000 prepay for another 5 years (10 year loan) - cannot sell the property or refi . Previous loans on this property stated in clear terms the prepayment penalty.

Just wondering if you or the modification department has experience with this?

Thanks, DJ

Unfortunately, I'm not sure there is anything you can do about the loan officer's deception when you obtained the loan because his statements were only verbal. This is common practice in many industries because they cannot be held liable for such actions or changing the terms of the agreement when there is no physical proof of them doing so..