Help Save Mom's Home
Our mother is one of many Wells Fargo predatory lending victims. By the time we realized how much trouble mom was in, it was too late to intervene. The statute of limitations for predatory lending had run out and Wells Fargo was on her doorstep coming to collect the house
Mom was living alone when Wells Fargo approached her and interviewed her for a number of loan applications. Despite being elderly and living on a fixed Social Security income, they gave her two mortgage loans. When she was about to default on one, they issued a third. How could Wells Fargo give her loans that they knew she couldn’t possibly afford?
Our Mom is an 86-year-old, a breast cancer survivor, with Alzheimer's Disease. Her home has always been one of the most meaningful parts of her life. It is all about to be taken away. She had no idea she was being trapped in a predatory lending scheme, the type that Wells Fargo has been found guilty of doing time and time again.
An attorney for Wells Fargo recently told our family that they, “are not in the business of running a nursing home.” We have little time to prevent this foreclosure sale from occurring or she will be torn away from her home. This will surely leave her devastated and confused -- a fate she does not deserve.
A Change.org and a GoFundMe account have both been set up to raise funds for Mom’s mortgage and legal expenses.
If everyone could contribute as little as $5 and take the time to sign her petition, mom’s nightmare with Wells Fargo would end and, together, we could Save Mom’s home.
Thanks for all your support!
Thank you for your many well wishes on Melissa’s brain aneurysm surgery. She is still in recovery but doing well.
Following our visit to the Wells Fargo Shareholders Meeting in April 2017, and after weeks of conference calls with Wells Fargo, they finally made an offer: They agreed to relieve all penalties, interest and fees from Mom’s mortgage providing that our family could supply them with a reverse mortgage to satisfy the amount of the principle that she owed.
Initially we felt tremendous relief and thought our prayers had been answered. We soon discovered that the kind of reverse mortgage we needed was something known as a “Jumbo Loan,” and what Wells Fargo failed to tell us is that those kinds of loans are not available in New York State.
To further complicate matters, the direct negotiations we were engaged in with Wells Fargo were abruptly severed by their attorney. Their attorney then delivered an offer to our family which had untenable terms that did not represent any of our previous discussions or negotiations with Wells Fargo. This occurred at the beginning of June 2017 and just prior to Melissa’s brain surgery, of which Wells Fargo were aware. The timing of this turn of events was extremely upsetting.
We attended HUD counseling and have offered Wells Fargo the largest reverse mortgage available, to satisfy our initial arrangement/agreement with them. That, in addition to what’s left of our family’s savings, enables us to give Wells Fargo $500,000, but we are still $100,000 short.
Two fundraisers are now in place to help our Mom: one via this petition on change.org and another through Go Fund Me. If you or anyone you know can contribute, you would be helping our Mother, an 86 year old, breast cancer survivor with Alzheimer’s, live out her remaining years in her home instead of facing the devastating consequences of losing 60 years of her memories.
If 100,000 people gave just $1 each, we could keep Mom in her home for the rest of her life. Please share Mom’s story widely so that we can all create a miracle for her.
With heartfelt thanks,
Melissa, Jamie and our Mom,
We brought mom to the Wells Fargo Shareholders meeting in Jacksonville, Florida, this past April. There she was met by the New CEO, Tim Sloan, who personally reached out to her and made his assurance that Wells Fargo will work with our family to Save Mom's Home. They removed a half million dollars off of her mortgage debt! In exchange we need to settle the loan with a pay off utilizing a reverse mortgage. We have a package going to them right now but the reverse mortgage leaves us short by $100,000. Please help us reach that goal so Mom can spend the rest of her life in her home!
Thanks for your support.
So she refinanced the home? Or did the money get used for something else and the home was used as collateral?
Have you tried to contact Senator Richard Shelby of Alabama, he's the Chairman of the Senate Comittee Banking, Housing and Urban Affairs. The Committe is current roasting...er investigating Wells Fargo for Making fraudulent accounts in their customers' names. I believe this man will listen to you as he is already hopping mad at Wells Fargo. Also his committee has the power to do something to Wells Fargo. I hope this helps. I only wish I could save your Mom's house, but I am a broke college student. Please let me know if he helps you!