The company demanded she immediately pay back the difference of about $14,000 or it would foreclose, according to the attorney she later hired. She also faced unspecified late fees despite paying the agreed-upon amount on time, said Jason Ostendorf, her Owings Mills-based lawyer.
They say they don?t understand why Wells Fargo put her in a modification when it had all the information it needed upfront to see if she qualified. Cottrell said she never claimed she couldn?t afford her mortgage. She said she had, in fact, made $6,000 in additional payments over the years to bring down her principal balance more quickly ? progress that was completely wiped out by the modification.
?I figured if you tell somebody they qualify, they qualify,? said Cottrell, 59, an insurance claims processor. ?They never explained to me what would happen if I didn?t qualify. If they had explained to me, ? I would never have gone into it.?
Stressed and angry, she sued last year. That case is on appeal. But Wells Fargo ? which declined to comment, citing customer confidentiality considerations ? did agree to forgo foreclosure by increasing
Read More: http://www.baltimoresun.com/news/bal-wonklink-refi-0705,0,4692077.storylink?track=rss
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Source: http://mortgageroadmap.com/real-estate-wonk-for-owner-a-refinance-request-gone-wrong/
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