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Ask Attyadvisor Your Own Question
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7228
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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We have just received a letter from Wells Fargo regarding

Customer Question

We have just received a letter from Wells Fargo regarding a payment of 6,000 for 'preditory loan' foreclosure in 2009. Considering we'd owned the home approximately 12 years and never missed a payment this is ridiculous and more than a little insulting. Also the form states ' no process to appeal ' the payment. Is this true? With all that we've been put through something about this doesn't seem right and we know people who have not survived this outrage as well as those still fighting for their home. We are seeking council on this case. Is any of this latest letter true. Do we have any recourse? Thank You.
Todd Johnson, BS
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 2 years ago.
Welcome. I am an Arizona Attorney and it will be my pleasure to assist you.
Expert:  Attyadvisor replied 2 years ago.
They are hoping that you would accept this in lieu of suing them. This is no doubt part of a settlement agreement they were forced to make.
Expert:  Attyadvisor replied 2 years ago.
The only issue for you is that the statute of limitations under civil law fraud has passed.
Expert:  Attyadvisor replied 2 years ago.
"For cash payments to foreclosure victims, a settlement administrator designated by the attorneys general will send claim forms to eligible persons. You may be eligible if you were foreclosed upon by one of the settling banks between 1/1/2008 and 12/31/2011. If you are not contacted, and your loan was foreclosed upon by one of the settling banks during that time period, or if you have further questions, you may contact the claims administrator Rust Consulting at(###) ###-#### ***** may also visit for more information, or write to: ***** ***** Settlement Administrator, P.O. Box 8043, Faribault, MN###-##-####"
Expert:  Attyadvisor replied 2 years ago.
Are you online?
Expert:  Attyadvisor replied 2 years ago.
The statute of limitations for fraud is unique as it starts to toll once the fraud is discovered When did you discover the fraud? Can you attach the letter? Wells Fargo can offer a minimal amount and ask you to waive any further rights you may have against them legally. I know it is very unfair to the borrowers that were defrauded.
Please do not hesitate to ask me any additional questions that you may have with regard to this matter.
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