Case Number: 2020-006439


In Consumer Fraud

Applicant (69 years old) seeks help on behalf of her mother (90 years old). She has a power of attorney over her mom who suffers from dementia. The mother is the owner of the loan and the mortgage over the property (home) and was allegedly defrauded by adverse bank into refinancing the home. Applicant states the original loan was with another bank and had a Disability Insurance attached to it which provided a good interest rate and that the interest offered at the time by new bank was way higher and she decided not to cosign the refinance along with her mother, advising mom not to sign it either. Daughter states her mother who was, at that time, diagnosed with dementia and only had Social Security as income was manipulated by adverse bank into singing a refinance for the next 30 years for the amount owed at that time, which was $84.508,64 ( the loan was for $95.000) and she now owes $258.893,87 (with interest). She states they are not behind on the payments..  It seems like they received a letter from adverse in February 2020 letting them know that a mortgage transfer will take place on March 2020 to a servicer. Applicant states she has been disputing the refinance of the home that her mom agreed to in December of 2006 with adverse.  Applicant states both she and her mother`s physician submitted letter to the COO of adverse in November of 2017 but they never received an answer. Applicant states her mom, who was 76 years old at the time and sick, was manipulated into taking a 30 years loan on her home with a minimal income. Applicant states that as of March 2020, adverse received $192.910,26 for a $95.000 loan. On June 25th 2020, applicant filed a complaint with Consumer Financial Protection Bureau.

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