Wells Fargo sent me a check for steering me int an FHA loan when I qualified for conventional, Is it wise to cash it or not?

Asked over 1 year ago - Cleveland, OH

Wells Fargo sent me a check for steering me int an FHA loan last February, when I qualified for conventional, this saddled me with 5 yrs mortgage insurance obligation, the check advises that if I cash the check I will be agreeing not to file suite against them in the future. Why if this reimbursement for being wrongfully steered, should I have to agree not to join any class action suite in the future, That's like agreeing not to try a bank robber as long as he gives the money back, Is it unwise to cash the check?

Attorney answers (2)

  1. Ronald Lee Burdge

    Contributor Level 20

    Answered . They have a right to offer you money in exchange for you agreeing not to sue them over how they apparently ripped you off. You would be wise to calculate how much money you think their ripoff cost you and compare it to the check being offered. If there is a big difference then you may want to talk to a mortgage fraud lawyer to find out for sure what you can do and what they might actually owe you, before cashing (or shredding) the check. Mortgage Fraud is a very special area of law that most attorneys know nothing about. You need to talk to a local Mortgage Fraud attorney near you right away. Call your local attorney's Bar Association and ask for a referral to a Mortgage Fraud attorney near you or you can go to this web site page for a Free Online 50 State National List of Consumer Law Lawyers (http://www.naca.net) and find one near you (lawyers don’t pay to get listed here and they are all members of the only national association for Consumer Law lawyers, NACA.net). But act quickly because for every legal right you have, there is only a limited amount of time to actually file a lawsuit in court or your rights expire (it's called the statute of limitations), so don't waste your time getting to a Mortgage Fraud attorney right away and finding out what your rights are. If this answer was helpful, please give a “Vote UP” review below. And be sure to indicate the best answer to your question so we can all be sure we are being helpful. Thanks for asking and Good Luck. Ron Burdge, www.BurdgeLaw.com

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  2. Larry Thomas McMillan

    Contributor Level 15

    1

    Lawyer agrees

    Answered . It appears that they are conceding that they did something wrong by sending you a check to compensate for what they did. If you accept the compensation or check then you cannot file suit against them. Either accept it or shred it.

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