nickysduck2

Wells Fargo/Rels Valuation law suits

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I recently found numerous articles online about how Wells Fargo and their in house appraisal company Rels Valuation have numerous law suits against them for inflating apprasials on their home loans just to get them to get approved.My loan is through Wells fargo and I closed in 2006.Back then I had tried to refinace my loan through Countrywide but was denied because the 2 apprasials they had done on my home came back too low.One was around $111,000 and the other was about $118,000.

We called Wells Fargo just a couple weeks later to see if they could help us and in less than a week they had us approved for a loan.Their appraisal came in at $156,000 and was performed by Rels Valuation. Flash forward to today. We are struggling to make the payments, are just coming out of a one year forbearance period where the payments were modified and are now returning to normal and we owe more on the home than its worth. It's in desperate need of repairs and We can't afford them because the payment is too high.We have lost income since closing the loan and make less money.

I can not find the copies of the other appraisals I was given from Countrywide back in 2006 and the apprasial company( landsafe) won't provide me with a copy either but did confirm they have them on file. I also had a forensic audit performed on my home loan through a HUD agency called NACA.They do these audits in an attempt to make mortage companies feel more persuaded to negotiate with loan modifications ect. They found several violataions in my closing papers that specifically prove Wells Fargo was neglegent in other areas as well.I can not afford to hire an attorney because we are struggling financailly, but does anyone know what I can do with this information or if/how I could use it to maybe get my payment permantly reduced? I hear that fighting a mortage company is a waste of time but It's sick that they prey on us consumers and we take it laying down! Any suggestions would be much appraeciated.

D.W

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Landsafe is an online appraisal program...All major banks use Landsafe. What the program does is take an estimated value based upon the comps it pulls in the area the property is located in. Then they provide a probability like the estimated value is 85% accurate with a 15% +/- the value of the home as an example.

It is not very accurate to say the least.

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