Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker North Carolina

My wife and I acquired a " mortgage '' loan from Wachovia in - -. In -, we found out that our mortgage agent ( - - - ) was arrested and charged by the FBI for mortgage fraud. --Recently, I went back to view and calculate our mortgage payments and found out that this loan is not like your traditional loan and we have been paying ridiculous interest charges for almost 8 years. This is a loan that pays on principal and interest ; however, interest accrues daily. Here are the issues. - - -, we had and still have great credit. Per the Wachovia loan officer, this loan was similar to a VA loan but " less paperwork ''. We got a mortgage loan for in the branch office with this agent ( she was the closer to ). We also


involved. - - my wife requested a copy of the appraisal. Per the mortgage agent " file was thrown away '' - - We have - auto loans, - checking accounts, - different mortgages at Wells Fargo and no one will assist us with fixing the loan which they did not follow the law. After researching, we feel that they have violated the Home Ownership and Equity Protection Act of -. This loan is no longer available ; hence, a type of predatory loan. I was told that the loan is an entire home equity loan. The front of the mortgage states that the payments are for 360 months. I just made a payment and our entire amount went to interest. So the 360 months is not true. As this is definitely deceptive and unfair, this violates the law. - As a veteran, as she knew, we should have been offered a VA loan or other loans with sensible financial terms and not this predatory loan which was sold to us from a crooked mortgage agent who lied to us. Now, we also think that we had a fraudulent appraisal. I have requested Wells Fargo to do their due diligence and go back and review our files. They are not willing to assist nor do they care. We are not looking for a bail out but expect them to be held accountable and fix which was done illegally. Thank you for your time,