In 2010 we had to short sale our home due to loss of employment. We had a HELOC with Wells Fargo Financial that we agreed to pay the balance on with the understanding that the home was being reclassified as an unsecured personal loan. We have been making on time payments ever since. We now wish to purchase a home using my VA loan benefit; however, WFF still lists the loan as a HELOC causing the VA to deny my benefits. I have spoken with WFF and they are telling me that they can't change the classification of the loan and that I should have "paid closer attention to what I was being told". I feel that we did the ethical thing by assuming the balance of this loan versus having it written off as part of the short sale and that now we are being punished for that 'good deed'. Do I have any rights or are there any actions that can be taken against WFF for verbal misrepresentation?
State/Country relating to question: California
I have discussed this with the person that we originally made this arrangement with as well as his supervisor. The supervisor chided me saying that I should have listened more closely and read all of the documents more closely.
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QUESTION: "Do I have any rights or are there any actions that can be taken against WFF for verbal misrepresentation?"
ANSWER: Yes. First of all, please allow me to take a moment and say that I am genuinely sorry for your circumstances and the obvious adverser impact this ordeal is having on your life. Here is how this works. You have two options available to you for seeking redress of your grievances. First, depending upon the specifics (especially the exact dates) you can file a civil lawsuit. However, please be cautioned that depending upon your particular allegations (e.g. fraud, breach of contract, tort, etc.), you must file suit within two to four years of the occurrence pursuant to the California Code of Civil Procedure. The way, and in fact the only way to determine the merits of your cause of action and whether you still have time to act, is to confer with a local litigation attorney without delay. Secondly, and entirely free of charge to you, you can file a formal consumer complaint: Filing a Complaint.
I truly hope all works out and that you see justice accomplished in the outcome.
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