QUESTION

"fraud undoes everything" Can this undo a mortgage contract if proven within reason?

Asked on Sep 30th, 2014 on Contracts - Florida
More details to this question:
Broward, Fl. If you find enough proof of fraud for an inflated reverse mortgage Wells Fargo loan appraisal could this undo the contract? The house was never worth the inflated price of $280,000. and other significant, obvious issues which they turned a blind eye.. and the inflated loan was pushed through. What are your thoughts on the phrase "fraud undoes everything" Thanks
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1 ANSWER

Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
2 Awards
Fraud cases rise and fall on proof issues. While everyone loves to scream fraud for virtually every unpleasant or disadvantageous contract dispute, it is a very very very hard standard to actually meet for proof at trial. Adding to your situation, if you were a party to the reverse mortgage, you run the risk that YOU get accused of being a participant as going along such an evaluation as a homeowner to GET the money, and then when you can't repay it as agreed, screaming fraud, often causes a great deal of controversy and credibility issues. This is a classic issue with stated loan mortgages, where people would sign off on fake finaincial statements "because they were told to by the broker if they wanted to get the loan" and then later cry foul, when they knew darn well they didn't earn $300,000.00 a year at thier $30,000.00 a year job to buy the 5 bedroom 3 car garage house in a gated community on the water. If you intend to pursue such issues, you REALLY need to do so with a lawyer handling the case to make sure good decisions are made.
Answered on Oct 01st, 2014 at 8:44 AM

All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.

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