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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12399
Experience:  JD, MBA
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I have a home loan with Wells Fargo and I recently applied

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I have a home loan with Wells Fargo and I recently applied for a refinance with them. I told the agent upfront that I had gone thru a Bankruptcy & Foreclosure 4 years ago and that I also was declined a small loan about a year ago for $2500 with using the title on my car as security. I was turned down by them then and this time after taking my credit report ( 670 ) and reassuring me that my credit report looked good and then getting an appraisal which cost me over $400 up front. The same day I got the appraisal I also got the rejection from Wells Fargo stating the Bankruptcy & Foreclosure along with late payments caused the denial. I have been late with no one since my Bankruptcy in Oct 2009 was released and I am out the $400. The agent tells me he did not know about the bankruptcy because I did not tell him upfront which is a lie and even if I did not tell him which I certainly did why did he not read it when he pulled it up on my credit report. The house appraised for only 58K and I owe them 32K so now after pushing the agent a bit he tells me I have to find out when HUD paid off Chase for the house I was foreclosed on.
Do I have a case for truth in lending fraud?
Hello and thank you for the opportunity to assist you. My name is XXXXX XXXXX I will do my very best to answer your legal questions.

Who is the agent? A Wells Fargo employee? A mortgage broker? Somebody else? Also, what guarantees did he give you (if any)?
Customer: replied 4 years ago.

Brian Keith Lewellen. No guarantees other than only the appraisal if it came in to low for a loan to value mortgage

Hello again.

Sorry for any confusion, but when I asked who the agent was, I didn't mean for you to tell me his name -- his name has no legal significance on the situation. I meant for you to tell me his position ... is he a Wells Fargo employee, a mortgage broker, a real estate agent, etc.? Can you clarify that info? Thank you.
Customer: replied 4 years ago.

Sorry he is a Wells Fargo employee handling mortgage loans.

Hello again.

Thank you for the clarification. Unfortunately, I don't see this as a Truth in Lending Act (TILA) violation. The TILA requires various disclosures in order to prevent predatory lending, etc. Based on what you wrote, it doesn't sound like a TILA violation because the agent merely gave you his opinion on your chances of being approved. I suspect that if you review your paperwork, you will see that nothing was promised. However, you should review such paperwork to be certain.

If the agent had been somebody else, such as a mortgage broker, then I'd say that you may have a reasonable case to demand the $400. But as it stands, based on my experience, it is likely that the written documents makes it explicit that there are no guarantees.

I am truly sorry to give you this bad news, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than an honest response. However, if your concerns were not satisfactorily addressed, then please let me know, and I will be happy to clarify my answer. I do ask that you rate me based upon whether I answered your question, and not based upon whether the answer was good news or bad news. Your positive feedback is greatly appreciated. Thank you for using our service!

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