Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Home equity loan or line of credit Loan modification,collection,foreclosure New Jersey

Currently I have a first mortgage, with about - dollars un paid. I have a home equity loan from Wells Fargo of - dollars and used -. It was an interest only loan ; and they also became the second holder of the mortgage. In - of - they matured the loan and demanded full payment. I could not pay. So after a running discussion with their staff, and my submission of documents supposedly for a modified loan, which came back in the amount of -, but this on top of - first mortgage clearly could not work. I wrote them a letter saying why, and that I was just digging a deeper hole, and would they consider an amount of approximately - - - dollars a month. They said flat out " no '' and based it on my gross income. Did not take into account that I am - years old, and while I had a -, which I no longer have. My net income is - dollars, pension and social security. At first glance one says, well, he should be able to do it, but taking care of house, those expenses as well as medicines,


Second issue, the loan was in fact predatory, in the sense that as I remember they sought me out, and must have realized when they visited that a house I paid less than - dollars, a HUD house that had been vacant for many years in a shaky neighborhood, could not have been worth the value they put on it of - $120000.00. They seemed to know what they were doing. Now they are threatening to foreclose. On -/-/-, I received a notice that they were foreclosing if I could not cure the default by -/-/-. This is not something I can do. In our last discussion on the - of -, when they were pushing me to sign the modification and insisting that I pay - monthly payments of - each. It was sign or not on that date! But strangely, as I talked about how I came to the home equity, and that the person who came out was looking at me incredulously. We were on a --way call, and the - Wells Fargo people, each uttered, at different times, more a kind of, blurt, " write off '', it was noticed because it was not tied to any discussion that we were having out loud, meaning maybe they were having the discussion in their heads. The words were out there, and I did not ask, because I, only in recalling the discussion, thought that these utterances might be significant. More serious is the fact that I do not have a full sense of my legal property rights on this matter.