About Here’s an interesting story about a couple taking on Wells Fargo. The accused Wells Fargo of funding a home here in Reno based on a fraudulent appraisal which inflated the value of the home by $200,000.
From my vantage point the story is loaded with too many inconsistencies and sounds much like someone playing the victim card too loud and too often.
According to the Vieiras, the mortgage loan they took out in 2005 with Wells Fargo was based on a fraudulent appraisal that inflated the property’s value by more than $200,000. The appraisal was ordered by the bank and determined the couple’s mortgage, which they were eventually unable to pay, like tens of thousands of other homeowners across the country.
I’m not aware of any cases where appraisals are used to determine anyone’s mortgage. They are used to determine the value of the property, supposedly to protect the bank’s interest.
The Vieiras said they were first late for their mortgage payment in September, 2009; Wells Fargo foreclosed on the home in June, 2010. Nuno, who is an appraiser himself, said the original home appraisal set him and his wife up for an unwieldy mortgage, and even though it was ruled fraudulent, the couple had no legal recourse.
Notice that even though Nuno is and appraiser himself, he was willing to complete the purchase without disputing the price. He apparently agreed with the appraisal ath that time.
The Vieiras claim that they have been fighting this battle for the last 6 years. They purchased a home in Reno, Nevada in 2005. Coincidentally, that happens to be about 6 years ago. That would suggest that they had been fighting Wells since the day they closed their escrow. The home was foreclosed in June of 2010.
I must admit that I’m not always a fan of the banks, but this time I side with Wells.
Read the rest:
http://sanleandro.patch.com/articles/local-couple-takes-on-wells-fargo-bank