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Ask Tina Your Own Question
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I think I may be the victim of a predatory mortgage loan. I

Customer Question

I think I may be the victim of a predatory mortgage loan. I refinanced with WElls Fargo in 2006. It was an ARM at 3.55%. I just discovered that the interest is compounded daily, so that between 60% and 90% of my monthly payment is going to interest every month--this is especially onerous when I pay early one month, and on time the next month. I have accumulated almost no equity in 10 years of making payments. When I called Wells Fargo, they said they had never heard of such a mortgage loan structure and did not offer any remedy. I'm not at risk of foreclosure; I've made my payments on time or early; I'm not looking for a lower rate or monthly payment -- I just want them to stop skimming such a massive amount from my payments.
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: Virginia -- I have had a consultation with an attorney, but no further action has been taken.
JA: Has anything been filed or reported?
Customer: I do have all my paperwork from my original application with Wells Fargo, but that's all.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No thanks
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Alex Esquire replied 10 months ago.

Hello. My name is ***** *****

Thank you for your question.

I will be happy to provide you the information you are seeking for educational purposes only.

Do you have a legal question that I can answer for you about the situation you have described in your post?

Customer: replied 10 months ago.

Is there any legal action I can take if this determined to be a predatory loan?

Expert:  Alex Esquire replied 10 months ago.

Thank you for your follow up.

Were all the details of your mortgage loan disclosed to you in writing prior to you signing the mortgage agreement?