By John W. LoftusAssociated PressPublished Feb 09, 2018 09:59:54A home equity investment loan secured for $1 million has led to a $100,000 payday for a Texas woman who says she didn’t know she had a legal obligation to repay the loan after she had been evicted from her home.
Carla Ewing, a registered sex offender from Texas, applied for the loan from the Houston office of Wells Fargo last year.
It was approved by a federal court in Houston and transferred to Wells Fargo in December, she said.
She applied again last month, and on Monday received a letter from Wells Fargo promising to repay $100.8 million in the next 30 days, according to documents filed with the U.S. Department of Housing and Urban Development.
The loan comes with a 30-year repayment period.
Ewing said she has been evading the debt for years.
She said she had to pay off her mortgage in order to get out of her home and pay for her two children’s college education.
The money she received will go to paying for her children’s education and getting her an apartment.
The loan is contingent upon her having her sex offender registry expunged.
Ewing said the money is not a debt to anyone, including her.
She’s not paying the interest on the loan and is saving the money for a down payment for a new home.
Wells Fargo declined to comment.
Her attorney, Scott Wigdor, said it’s a simple matter of fairness and equity.
“This is a legal loan that was secured by her life savings, and that was guaranteed,” he said.
“That’s the way that she was treated.”
Wigdor said the loan will help ease the financial strain on Ewing’s family.
“This loan was not a bailout for her family, it was a loan that could have gone into the account for other family members and friends, and it was used as a tool to get her out of a bad situation,” he wrote in a news release.
“The money will be used to help finance her childrens college education and for paying her rent.
She has no interest in the bank and will be spending this money on the kids and her children,” he added.
Ewings has been convicted of sexual assault of a child, unlawful sexual intercourse with a child and possession of child pornography.
The woman was charged with violating a Texas law against stalking by stalking and was sentenced to 20 years in prison.
The Texas Department of Financial Institutions declined to release the name of the bank.
Wells has not responded to an email from NBC News seeking comment.
Ewen said she’s grateful to Wells for giving her the loan, but she also wants to make sure she doesn’t fall behind on her payments.
She and her two kids have taken out loans for college, and they plan to take out another for a future child, she told the AP.