Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Reverse mortgage Loan modification,collection,foreclosure Massachusetts

I have given permission to my son, - - to handle all of my financial affairs which is noted and accepted by Wells Fargo. Obviously I have been taken advantage of at least once already. I am an elderly woman who comes from a generation where we were taught to trust our banks. Obviously I made a huge mistake trusting Wells Fargo and - -. As I have previously stated, the most important part of deciding on an HECM loan is understanding the complexity of said loan. Most seniors and adults of any age have a very difficult time understanding Reverse Mortgages. Most HECM loans require intense counseling to understand - pages of critical information pertaining to the pros and cons of a Reverse Mortgage. That 's where the lender should step in to not only help the senior find an approved counseling agency per the Office of Elder Affairs. The - of Massachusetts still cautions seniors on getting a Reverse Mortgage and recommends that each senior bring their own lawyer to the closing. Apparently Wells Fargo seized this opportunity to con my my mother into signing for a Reverse Mortgage. The salesman also must inform the senior of other


upkeep of the property. The sales man realized that - had access to at least $44000.00 and no longer saw her as a senior attempting to do what was best for her after retirement. Instead, the salesman - - used the opportunity to do what was best for himself. He wanted to close the loan at the end of the 2010 fiscal year on - -, 2010. He used his skills of deception, bullying, lying and coercion to ensure the mortgage could be over and done with quickly, so he would receive his commission and - would not have the time to seek legal advice. Wells Fargo has already submitted the HECM document to the CFPB that clearly indicates that the counseling was not done in person and not approved by the Office of Elder Affairs. As a matter of fact, the - - - company located in Florida was/is not even licensed to counsel anybody in Massachusetts. One major flaw that was not on the original HECM counseling form submitted to the CFPD is the alleged removal of the $650.00 she was charged for illegal counseling. The reason for this " OVERSIGHT '' is because I alerted Wells Fargo to the fact that HECM counseling costs roughly $120.00 and in some cases ; it 's free. Wells Fargo still uses deception and fraudulent tactics to this very day.