Wells Fargo & Rels Valuations Appraisal fraud and traping consumers into overinflated loans. Fox looking after the hen house!!! San Bernardino California

I am a victim of Wells fargo Mortgage fraud through an overinflated appraisal by Rels Valuations a subsidiary of Wells Fargo. Wells Fargo asked for apparisal to be performed by Rels appraiser. The two companies over inflated the price by more than 180% and no one at wells fargo stopped funding the loan.

The brand new house was originally appraised in 3/2007 for $390k for a Wells Fargo loan for the seller/agent who purchased the house. Rels then managed to appraise the same property for $500k just 7 months later. At that point the market in the area had slipped 35%+ and was sliding The house had no improvements or additions. As a result they got me trapped in an overinflated loan through a Fraudulent appraisal.

Rels listed another similar property by the same sellers as a comparable sale in the appraisal report (unknow to me at the time) for $500k. Yet they failed to include any other properties which sold at much lower prices $300k or so range. What's amazing is that no one at Wells Fargo audited or raised an eyebrow about such an appraisal invloving the same sellers.

The loan was fast tracked through the system by the Wells Fargo employee/agent who handled my case; later found out that the agent who had the title of "assistnant vice president and premier banking", was not an authorized or licensed loan agent.

Later, I also found out that the sellers had a close working relationship with the Wells Fargo bankers as premier customers with preferential status. Togther they had sold another similar property owned by the same sellers to another victim for $500k (where in fact it was not worth more than $300k at the time). The property was listed in my appraisal report as a comparable sale.

I have a pending lawsuit with Wells Fargo/Rels.
They drag their feet and not willing to come to the table to resolve the matter. They hide the fact they had working relationship with Rels as a matter fact Wells Fargo is the parent company for Well Fargo Home mortgages and Rels Valuation a subsidiary of Rels, a joint venture of Wells Fargo Home Mortgage and First American Corporation (Title Company). They never disclosed this information.

It is not hard to imagine that their were some incentives for the Wells fargo Agent, Seller, Agent, and Rels to over inflate the price. Had Wells Fargo not provided the incentive to the sellers and the agent, this transaction would not have closed. So the seller/agent walked away with $110k profit, The bank got a paying customer with an inflated mortgage, and whatever money exchanged under the table remains a mystery for now.

A class action lawsuit already filed by Hagens Berman Sobol Shapiro LLP regarding fraudulent activities of Wells Fargo and Rels. The subject of the lawsuit is the over charges on appraisals and an attempt to trap customers into bad loans. Hagens Berman Sobol Shapiro LLP has filed a law suite on behalf of the home owners who have obtained a mortgage through Wells Fargo and Rels Valuation. Please see http://www.hbsslaw.com/WFCappraisals

I did talk to the lawyers at Hegens Berman Sobol Shapiro LLP, and they too said that several people had similar complaints against Wells Fargo and Rels with similar overinflated loans apparised by Rels and funded through Wells fargo.

I know I am not the only one seeing these kind of wrong doings other also reporting cases of misconduct:
http://ripoffreport.com/reports/0/260/RipOff0260462.htm

I would like you to post your stories in here and hope to find out about other people who maybe in similar situations. Together I think we can have a much stronger voice.

Whats amazing to me is that law enforcement (DA/FBI/etc) have no interest in pursuing these type of Fraud cases. These institutions and people workking with them or for them are the very same people who destroyed the economy and the financial system, and we are all paying for it, yet the very same people who are getting paid by us are not willing to take on these cases and investigate them to bring the wrong doers to the table for justice.

Aardy
Los Angeles, California
U.S.A.

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