my husband and I came to this company to refinance a small rental home we purchased by assuming a loan . we paid $2000K and assumed it .We wanted to pay credit cards so part of the deal was to pay off this debt with the refinancing . The original loan was a 9% fixed rate.
We were given paper work for $68K with a 7.7% fixed rate.
After several weeks and no closing on site we grew weary. MAny excuses were given to us , like the paperworek package was lost, that the loan officer was getting married, that his dad was sick and so on.
Closing was always "next week " well next " took almost 3 months. When closing came along, not only we were late with the promised pay off dfor the card companies, we got a loan for 75K with a 8.9 ARM for 2 years, yes, they paid the card debt , but gave us a CASH OUT check for 25K. This was completely different to what we agreded to star with. In this ituation with ugly calls form the credit cards we felt doooped without an exit . The loan officer assured us that we could easily refinace in 2 yeras with a better interest rate. We were livid but had no choice.
When we tought this was the worst of the nightmare, things went sour. Thsi is a rental home. The tenate failed to paid rent for 4 months. We assumed this mortgage while waiting for eviction. The guy moved out, and our wonderful ARM kicked in for a mortgag that can even be coverde if we re rent the place. we decide that we needed to refinace. We went to a lending company and surprisse!!! the house doesn't even appraise for the amount of the loan!!. We are lucky if the house will appraise for 55K!!
We went to Wells fargo, explain the situation and why we are behind and ask them to reconsider the loan . Well, they and the are sat in the facts that their appraisal is correct and that the only thing they will do is to refiance for the same 74K to see if we get a fixed rate.. Didn't they hear that the house doesn't appraise for that ??? why would I want to refinace a home that is not even worth what they gave the loan for ?? They told us that they house was actually worth 85K when we close on it! Whose fault is that??
I trusted them and they were the ones that came out with a bogus appraisal, and a bogus loan terms to pocket themselves??? I have tried to call the main office and they keep sending us to deal the local office. We are not investors or naything like that. Just a middle class family wanting to help our future for our family .
We are hurting financially and they don't care at all. The acted like they did nothing wrong and show no desire to help. The house is on the market for RENT or FOR SALE and no one will rent for what we need to cover and obvioulsy no one will buy because ...it will not appraise!!! They used us to profit and set us up with a huge loan using a inflated appraisal . They should be responsablesfor this and assume the consequences of their mistakes. Please help us!!