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Report: #1130000

Complaint Review: Wells Fargo mortgage - San Francisco California

  • Submitted:
  • Updated:
  • Reported By: Antoine — Oakland California
  • Author Not Confirmed What's this?
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  • Wells Fargo mortgage San Francisco, California USA

Wells Fargo mortgage Called a loan that was never paid late San Francisco California

*Consumer Comment: unclear

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I am seeking other consumers who had this happen to them, to perhaps file a lawsuit against Wells Fargo together. 

I owned a 4 unit and a 2 unit property on one lot, and  used a  commercial loan with wells fargo to purchase the property. I made auto payment from my account for 8 yeras without being late once. 

When values went up, I requested in 2008 ( fater 8 years of owning the proeprty), wells fargo to transfer the commercial loan to the residential fourplex only, after the lot split. We this ended up with a fourplex on one lot and a duplex on another lot. Wells fargo agreed to it if we paid down the loan with 50,000, which we did.

The fourplex was cash flow positive evey month (net) @ 1900 per monht.

In 2010, Wells fargo calld the loan. They were not willing to extend to loan ( a one yar ARM), and forced me to sell the property for much less than market vlaue for two reasons: 1. I had to sell before they filed an NOD on my record, and it was a forced sale to be closed in less than 25 dyas.  

Wells Fargo should not have been allowed to call the loan as it was a residnetial property, and not a commecial proeprty anymore as they accpetd the transfer.

Who can help me?

A

This report was posted on Ripoff Report on 03/11/2014 05:43 PM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-mortgage/san-francisco-california/wells-fargo-mortgage-called-a-loan-that-was-never-paid-late-san-francisco-california-1130000. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

unclear

AUTHOR: MochaG - ()

POSTED: Wednesday, March 12, 2014

I am not sure what type of you loan you changed to? A loan to pay for a property is not necessary to be a mortgage. As long as you do not really know what kind of loan you got, it may be difficult to point you to the right direction...

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