I have become my Mom's caregiver and POA, I believe she has been scammed. Any advice? - AgingCare.com

I have become my Mom's caregiver and POA, I believe she has been scammed. Any advice?

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She is paying a mortage that was taken out in 2004 a thirty year mortage which will expire in 2034. My mother is 97 Years old and we all know she will not be around in 2034. Who is gods name would allow a senior at 87 apply for an equity loan and payable in thirty years. I have submitted my POA to Wells fargo bank requesting copies of the mpapers she has signed so I can get to the bottom of this. My mother has had 2 strokes and suffers from Dementia. to hear her talk abnout it she has no mortage. She has auto-payment of $413.57 monthly to pay and the balance is$52,255.80..Somehow I believe this is Senior Fraud and would like your help since I seem to be getting no where. I have submitted three(3) copies of the POA.

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There is nothing wrong with someone 90 years old getting a mortgage or getting an equity line of credit as long as that elder was of full mind and attention, and can qualify for that loan.

Otherwise, how would senior citizens be able to buy into a retirement village? Or even have credit cards?

Once your Mother sells the house, you don't need to worry about the mortgage or the equity line of credit. Unless the house is worth less than the mortgage.
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Wells Fargo is a notably predatory lender and if you read the fine print, they will foreclose at the drop of a hat. They will ignore you. I strongly suggest you file a complaint with your state attorney general ASAP.
My girlfriend had Wells Fargo and missed a few payments when her husband died. They would not negotiate or accept back payments, they wanted the entire principal and they knew she could not refinance. She lost the house. Heartless Bass Turds if you ask me.
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Well, I'm going to answer this and then report my own answer so a moderator can remove your personal information from your question. I can't imagine who you think you've contacted here on this website. ??

Do you have your mom's bank records from 2004? If so, perhaps this money was drawn down from her checking account after she executed paperwork for a home equity line of credit. Look at her bank statements. If you don't have them, go to the bank and request them...starting in 2003 and forward.

The bank is happy to give an 87-year-old a line of credit on a paid-off home by way of a home equity loan. Is it possible your mom just doesn't remember doing it? If she has dementia now, how was she seven years ago?

Are there any other children who could have walked her through the process? Maybe even then taken the money themselves? Have you walked into a Wells Fargo branch with your information and your POA and asked for the branch manager to wrap his arms around this problem and get the information for you?

This most certainly COULD have been fraud. You're right to be on this like white on rice. I wouldn't even be able to sleep!

This wasn't identity theft, I don't think. This was someone who knew your mom and walked her through the process evidenced by the fact that her checking account is being used to pay the mortgage.

Don't be surprised, though, if your mom's been living off that home equity loan and using it to pay her bills...

Don't ever give out your personal information on a website. E.V.E.R.
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