We have mortgage account with Wells Fargo Home Mortgage on our house which we purchased in Sept of 2008. I am self-employed in the luxury watch industry and my income has been decreased by roughly 70% since 2007. My wife is in payroll/HR in the resort industry and has taken a pay cut of about 10% during that same time. I am writing in regards to the treatment of us by Wells Fargo Home Mortgage while attempting to participate in the Home Affordable Modification Program.
In March of 2009, my income took a nosedive. We were current on our mortgage and had savings to keep us afloat for a few months. I saw trouble in the future if my income did not improve dramatically and I wanted to make WFHM aware of that. I called them to see if there were any programs I could get on for assistance, and they promptly placed us on the Home Saver Forbearance Program which was a 6 month forbearance that cut our mortgage payments in half. During that time, there were to be no late fees levied against our acct and no credit reporting. The Home Saver Forbearance stated that the unpaid amount of our mortgage was to be owed/paid at the end of the 6 month period as a balloon payment, unless we were placed on the HAMP Program after that 6 month period. After the 6 months were up, we had saved enough money to pay the balloon payment ($7200) plus the full month payment due on the 7th month ($2400). During the 6 month period, I made weekly calls (all call were recorded by me for my reference) to WFHM on the status of our modification process, and sent in updated financial information every month. The vast majority of these calls gave conflicting information regarding the Home Saver program and the HAMP program. Some of the Reps told me that I needed to be behind on my mortgage to get help, while others told me to send in reduced payments, while others told me they couldn’t even tell me anything until the Home Saver program had run its course. Again, we were not delinquent on our mortgage until we were placed onto the Home Saver Forbearance Program.
In October, we were sent a package of documents telling us that we had been placed on the 3 month trail period for the HAMP program, and that financial data, hardship letter, bank statements, copies of paycheck stubs and tax data were all needed as well as a check for $2208, each month for the 3 month trail period (that check amount was, per WFHM Rep and paperwork, going to be what our estimated HAMP payment was to be after the modification). We were also told that a requirement of the HAMP Program was for us to allow WFHM to set up an escrow account to handle our property tax and insurance. Up to that point, we were paying those liabilities as they came in. We agreed to the escrow as it was a "requirement" of the HAMP program. The escrow account effectively raised our mortgage payment to $2919 from $2400 a month. The 3 month trail period (Oct-Dec) had us paying $2208 a month which again, was our "estimated" payment we would be making after the modification.
In mid October, I was contacted by a WFHM Rep who was trying to get me to “set up my November and December confirmation numbers”. He opened up the conversation by saying, “I see right here, that we have you set up for a modification, and you’ve made your October payment already, and what we’re trying to do here is reduce that interest rate from 7.0% to 2.2%, take that past due balance of $7393 and put that on the back end of your loan.” (I have all of this recorded). He also said he could “almost guarantee” that we were going to save $1400 to $1500 on our mortgage if I let him “set up my November and December confirmation numbers”. The rep never stated his intent. I understood that he was trying to get me to authorize an auto draft from my bank account for the 3 month trail period payments of $2208, even though he never actually said that was the purpose of his call. I had already signed the documentation that was an agreement to me sending a check for the trial period amount by the 1st of each month in the trail period, so what was the point of authorizing an auto draft? I tried over and over to get him to state his intent, and he kept saying things like, “just give me the go-ahead on this, and I’ll make sure that your son has a safe place to lay his head at night, in case you forget to send in your trial payment check.” And, “I’m gonna keep it real with you. I’m not trying to stress you out, but this is the move you’re gonna have to make to keep your property, your lifestyle and your kids safe, in the same school and the same neighborhood…bbq’s…the whole thing. I have your banking information already. All you have to say right now is OK, I give you your 2 confirmation numbers and it’s done.” This call was completely laughable. It sounded to me like this guy had been offered a bonus program by WFHM that paid him if he was able to get anyone already signed up in the 3 month trial program, to secure auto drafts from their bank accounts. After over 20 minutes on the phone with him and him never actually asking me if I would authorize him to auto draft my bank account, I said, “Ohhh, you want me to allow you to auto draft my next 2 payments? Why didn’t you just say so? You never said anything about an auto draft!” At that point, he put me on hold immediately, came back in about 30 seconds and thanked me for my time and ended the phone call. This is very unethical behavior by WFHM. Again, I have all of this recorded.
By the end of December, we still (after repeated phone calls, all recorded by me for my reference) had no word on the status of our loan modification, and had again supplied updated financial information (3 times). The WFHM Reps kept telling us they were "behind" and were working on our modification and for us to continue to pay the $2208 "trial period payment" until further notice. Around this time we were also given an underwriter that was in contact with us to request even more information. This time, they said they needed a profit and loss statement from my company, which I supplied to them under the constraining time window in which they needed it. After that info was sent to the underwriter, I called her to ask the status of our HAMP application and she informed me that she had sent the info back to WFHM for review and that she was no longer our underwriter/contact after the info left her office/desk, and that she did see that "no one at WFHM had picked up the case yet". So I immediately call WFHM to see what was going on. I am informed by a WFHM Rep (another nameless, faceless call center person completely unfamiliar with our case, who wont even give a name or extension for future contact with, just like every other Rep I have spoken with and recorded for 10 months) that I have in fact "Failed" the HAMP Program. I asked her what tour grounds for failure was and she could not tell me anything. She mentioned that the financial data I provided needed to be updated every 30 days (the first time in 10 months I had ever heard that). She then gave me a number to call for assistance. It was the SAME number as my underwriter, who told me not 10 minutes earlier that she was no longer handling my case. When I called the underwriter back, she said she had no idea what was going on, but that she didn’t see that I had "Failed" the program. At this point, I start a rabid research regimen online to find any one in WFHM I can speak with to help make sense out of all this. I find a number for the Executive Office of the President and call the office of Cara Heiden, who transfers me to *********, who tells me that I have in fact failed the HAMP program, and must now start over to see if I am eligible for a WFHM "In House" modification. Of course, she tells me that she will need a new financial worksheet, hardship letter, 3 months of bank statements, copies of paycheck stubs, tax data, and new month-by-month profit and loss statements for my company, copies of all bills listed on the financial worksheet and that I have 5 DAYS to get this to her. So today, I have FedEx'ed that data to her. We'll see.
As of Jan 18th, the statements I receive from Wells Fargo say I owe them $14,700+ in back/late mortgage payments and late fees, along with a note saying that the foreclosure process has been started on our home.
When I started this in April 2009, we were current with all payments. I have fallen behind at the REQUEST of WFHM, have had my actual mortgage payment amount INCREASED by $500 a month (from the escrow account) by a "requirement" of a Federal Program that I "failed", yet still have to pay every month. I was told by WFHM to pay the "3 month trial period payments" of $2208, thereby underpaying the actual mortgage ($2919) by $711 a month, and then getting LATE FEES levied onto my account for that underpayment, as well as the 6 months of half payments from the Home Saver Forbearance Program. I have not even received any kind of written notice from WFHM that I have "failed" the HAMP program other than the call I initiated to a WFHM Rep (which cannot be trusted, as every rep says something different, and my underwriter couldn’t even see where I had failed the program). How long would Wells Fargo allow me to pay the 3 month trial period (under)payments without letting me know I had been rejected from the program while continuing to levy late/non-payment fees to my account? 2 months? 4 Months? A year?
We got all of the horrible, worst case scenarios that people get who neglect their bills, lie to get their loans, walk away from houses, have $0 down payments and create terrible credit scores for themselves, yet we have good credit, pay all of our bills on time, make sound fiscal decisions and have chosen the “high road” throughout this entire process and are now being punished for it.
Hello everyone, I am new to this forum and at the end of my wits with Wells Fargo. Do not know where to go or what to do at this point. We obtained a commercial loan late November 2008 on a restaurant/commercial property in rural Sterling, Colorado. My husband and I had excellent credit at the time ( 810 and 784 FICO scores), all credit cards paid in full and of course 30% down on a $640,000 loan. One catch-we had NO EXPERIENCE in the restaurant business and subsequently were turned down twice by the underwriters. The vice-president of Wells Fargo/loan originator overturned the underwriters decision in order to accommodate the seller ( good old town boy, 25 year friendship with the Wells Fargo employee !!). Within 6 months we fell behind payments ( for the first time in our lives ) and we closed the restaurant down within 7 months of inception. We are currently 3 months behind payments, being threatened by Wells Fargo with foreclosure, and on the brink of filing bankruptcy. Of course, we were not disclosed the interest rate of 81/2 % until at the closing table - we were quoted 6-7% based on our excellent credit history, only a drive by appraisal was performed by Wells Fargo ( no interior inspection at all) therefore we spent over $50,000 in repairs as we tried to operate the restaurant with deteriorated equipment, all in all THIS LOAN SHOULD NOT HAVE BEEN APPROVED. Wells Fargo acated with predatory intent, knowing all too well that our chances of success were limited. We did file a complaint with OCC ( of course Wells Fargo "sanitized" their files by now) Wells Fargo responded that " we got the loan we wanted". Sure deal, they got our 30% down close to $200,000 and we also borrowed $25,000 from our Wells Fargo line of credit. They are threatening to raise the interest rate on our commercial loan from 8 1/2 % to 12 1/2% unless they get full payment of all past due payments AT ONCE. We had the property listed for sale for the last 2 1/2 months for a price that would accommodate just what we owe the Wells Fargo $460,000 . Surely enough, we cannot even get an offer for a price reduced by 30% of what we paid 8 months ago. Good job, Wells Fargo !! Unless frustrated consumers unite and voice their complaints, Wells Fargo will continue in their PREDATORY LENDING PRACTICES and will continue TO RUIN hard working, honest people over and over again. By the way, prior to this terribly handled commercial loan from Wells Fargo, we have been banking with them exclusively for 20 years. We finally moved our accounts to another bank last month, however we are not safe from their clutches !! We will join the ranks of millions of Americans ruined financially due to Wells Fargo's unfair predatory lending practices.
Economic circumstances as with other millions of the population, lost employment unable to maintain mortgage payments lst (BofA) and equity line (Wells). Tried to negotiate a loan modification three months before lay off occured, and neither financial institution would talk to us. Because the value of the property was no longer there to approve a loan over $600K. Wells Fargo credit personnel called us everyday since lay off in Aoril trying to co-erce payment, consistantly reminding us that we owe the money. If the value of the property were available they would receive all of their money. Now we have a short sale offer, enough to cover the 1st,not sure what Wells will do with this since this offer came in we have not heard a word from them. Now we are calling them everyday!
I am a licensed agent and have been dealing with short sales for several years. I just closed a short sale involving well fargo. The process took months, though we had an offer for 90% of the value of the property within the first couple of weeks after the property was listed. Wells Fargo obtained an appraisal that reflected the original value of the property when it was built in 2005. In 2009 there is no way this property is worth the same amount. But Wells Fargo held out and refused our first offer, which was all cash. We obtained a second offer, that was higher. In the process of getting this deal closed, Wells Fargo lost the paperwork and asked us to resubmit all of the documents for the short sale twice. They were very difficult to communicate with, took weeks to respond to any information request, and in the end, held up the closing to force money from the agents and attorneys as well.
The buyer came up with an additional 4K above their original accepted offer, which Wells insisted on to approve the short sale. Then at the closing table, Wells Fargo held up the closing for 4 hours, by refusing to pay for the appraisal that they had insisted on getting, refused to pay the agents involved their full commission, and even refused to pay the attorneys fees! The attorney and the agents had already discounted their fees to make the numbers work and get the original approval, but at closing Wells held us up for more money. The agents wound up paying an additional $400 at closing to cover the appraisal, and the attorney discounted his fee further. It was obvious to all involved that Wells had deliberately waited until the closing, - at 4 PM on a Friday afternoon, to refuse to pay these fees, thereby forcing all involved to either walk away from the deal, or take pay cuts to satisfy Wells Fargo and get the deal closed. Agents should boycott Wells Fargo, and should not encourage any new buyers to get a loan from them. I have another client right now who is being held up by Wells Fargo, who has refused to modify his loan because he is "only" two payments behind. You can rest assured that if you deal with Wells Fargo you will wind up with a difficult time. No customer service, poor communication with their reps, and constant harassment if you get behind, and no cooperation on short sales, and they are using appraisals to inflate the current value of the property, then using that appraisal to force a higher amount for short sales. Wells stinks and I will never advise any client to ever do business with them again. I will make it a point to advise anyone I know to stay away from Wells Fargo. I have done short sales with other banks, such as Citi Mortgage, who were very fast, friendly and cooperative. But Wells Fargo needs to be run out of business. That would be one government takeover that would be welcome!
I can add that back in 2005 I had a construction company which was approached by Wells Fargo Home Mortgage to work with them to renovate their foreclosures for their REO buyers. However the deal fell through because Wells Fargos inspectors kept estimating the repairs at 20K or less, when the actual job would cost about twice that much. We quoted two dozen renovation jobs for them, and in every case, their so called repair inspectors under cut our bids by such large amounts that we could not afford to do the renovations that Wells own inspectors had said needed to be done. It was a joke. We canceled our contract with them after it because obvious that Wells Fargo was interested in getting their renovations done for nothing. I have never see a situation with Wells Fargo that was easy to do and worked out well.
My husband and I have had a personel loan with Wells Fargo since Oct 2004. First, the loan was put through even though at the time we had very bad credit. Against our wishes, A salesman of Mountain Pure Systems talked my elderly father-in-law into co-signing the loan. We set up an automatic payment from our checking account and after 18 consecutive payments, we figured our balance was paid off (as to the pay-off amount that was given to us at time of payment schedule). Be aware, there was NEVER a statement or phone communication as to the status of our account! when we called to make a final payment, it was agreed that $300 would pay off the account. They took the money out of our bank account 15 days too early (without our permission). No statement was ever sent to us on our account. Then, they started calling us to report us into collections. when we asked about the $300 pay off....NO recollection! they couldnt even remember the name of the person that took the call and agreed to the pay off!!!! after much harrassing phone calls to our elderly father, the one that co-signed the loan, my husband called them again. set up another payment schedule....against our better judgement. they were to take 3 consecutive months of automatic payments and then CALL us to re evaluate the account. They took one payment and never took the other 2. When we call to find out why.....they had already sent the account to collections and tacked on a few more $$. we are at our wits end over the bad customer service and the unethical treatment!!!
Please....does any one know how we could turn to for advice on how to get this "white elephant" off our back and written off!!!
I am a buyer of a short sale in Florida. There are two agents (sellers agent and buyers agent) involved in the sale. I have recieved acceptance from the Seller. SInce this being a short sale, Wells Fargo being the banker, needs approval. Every day the Agent calls Wells Fargo reagading the status of their approval. So far nothing has happened. We have no way of knowing if we could close on this house. We have seen a few homes and we are waiting for their answer on this one to proceed further. The title company has my earnest money. Once they come up with all the paper work, I may not be there to buy the property and the poor seller is in a worse situation later than now.
I appreciate it if any one can share thier issues with Wells Fargo on such matter. Please send email to email@example.com
I want you to know that the customer service at Wells Fargo has been poor, at best. I’ve tried to find someone at the bank who actually cares about me as a customer (or at least pretends to care). I really don’t care if it’s an act – just some feigned empathy is all I’m seeking. The bank held $30k of my money for 5-7 days, which resulted in overdraft fees to my account when auto-withdraws and auto-pays were taken out. I’ve been a customer for almost two decades – in fact, Wells is the only bank I’ve ever had accounts with. It’s been made clear to me by numerous customer service representatives that they simply don’t care about me as a customer. Even after telling them I was prepared to pull all of my accounts (after 15+ years), the response was “OK.”
I don’t want to change banks simply because of the inconvenience and time/energy involved with moving everything to a new bank. I’ve made a simple request – please waive the over draft charges that resulted from holding my money. That apparently is asking too much from a longtime customer.
I’m desperately reaching out to you with the hope that I may find someone who cares enough to help resolve my issue with Wells Fargo. If I can’t get a response from anyone that meets my needs, I will understand that I’m simply not important enough to keep as a customer and will change banks.
Mr_SubPrime here! Are you wondering why you're in foreclosure? Did you think Wells Fargo was giving you "great service" when they told you "WE CAN GET YOU A MORTGAGE!" ? If you are like me and many others who are being foreclosed upon by Wells Fargo, take heed! Spend a little time going over your closing documents. Find the asset statement that was submitted with your note, and you may find a surprise! Wells Fargo may have falsified, inflated, or just plain lied by INSERTING a savings or other bank account into your asset statement. NO KIDDING!!! It's on one of those many pages you didn't really read at the closing, because the attorney said "it's just boilerplate stuff".
I am pursuing a RICO (Racketeering, Influence of Corrupt Organizations) case against Wells Fargo. It seems that their loan originators have a habit of falsifying customer application statements. Yes, it's true! You told them the truth when you applied for your loan. But somewhere in the process between application and closing, Wells Fargo agents and employees decided you should have more money in the bank to make you look good to the underwriters! How nice of them! I would have rather been told that "you don't qualify, go rent a house" instead of them granting me a mortgage that they KNEW I couldn't repay.
Well, here I am. It seems that "HSBC BANK as Trustee, Wells Fargo Home Equity Asset-Backed Certificates Series 2005-2", now wants to take MY HOUSE. It's only MINE because my name is on it (for the time being). It's funny, though, that almost 40% of the adjustable rate mortgages in this bond series are either delinquent, in foreclosure, in bankruptcy, or REO (real estate owned by the bank after a foreclosure). Isn't that a coincidence? 40%!
Now here's what I want you to do. If you are lucky enough to have a mortgage that was originated, funded and closed by Wells Fargo between 2003 and 2006, go through the mortgage docs they gave you at the closing. Carefully peruse each page and when you find that bogus bank account, 401k, Roth IRA, WHATEVER THEY SAID YOU HAD BUT YOU DIDN'T, please let me know. If you want to get these guys we have to work together. Please contact me at the e-mail address above. Thanks for your help!!!
Let's fight the good fight and keep our families in OUR homes.
I am a realtor trying to assist a seller in a short sale. He has a mortgage and an equity line, both with Wells Fargo. I have submitted several contracts with both loan numbers on all documents. This has been over the course of four months. Initially I was told that we would be assigned a negotiator that would in turn work with both loans. I was even assigned and spoke to a negotiator and he never said differently. That contract fell out as WF took so long to get to that point the all cash buyer cancelled due to the fact that the market has continually declined as Wells Fargo drags its feet. They felt, and they were right, that they had offered more than the property was currently worth.
Yesterday and four all cash contracts later I was informed that Wells Fargo departments dont talk and each one of these would have to be done separately- by me. Every other lendor will negotiate both if they hold both. Three hours of calling different numbers and speaking with very rude and unhelpful people I have nothing- not even a good telephone number.
Does anyone know how this should work because Wells Fargo does not seem to care if I know or not and in fact has gone out of its big way to be difficult.
I am crying today to let you all know that someone should take action against these crooks.
Is there a way by which they can be brought to task.
I am so pissed off and outraged. My anger is totally justified.
I am not going to tell my long story here but I have solid proof of their lies.
Please let me know
They have been making my life a living hell for 7 years now. They are rude to me unhelpful. They make me jump through hoops for the smallest request, I dont have enough time in the day to tell all of the unbelievable crap they have done to me. And now they found out im getting insurance money for hail damage, they wont let me cash the check to get started on the repairs because im on a payment plan, wont tell me if I can do the work myself. Im just suppose to sign over the check and have them tell me what to do when they feel like it. I wasnt even required to have this insurance I paid extra for a premium plan and yet they have total power. I dont want to be forced to pay a contractor, but Im told i probably will.
I too got the "I don't know who can help you" response from Robin, when I asked who I could talk to about our letter we had sent certified to the address provided on our statements. I know they got the letter because it was stamped for, not signed, they actually stamp a name on it, probably a fake name. We sent the letter 2 times, first they got it in March, they got it again in June, I have called several times. The letter was requesting special forbearance, and Wells Fargo did not respond at all. Why did these non human entities get tax payer money from red blooded Americans?
Just know this case is not about loan modification, cash out, or anything sophisticate that they come with thousand excuses. It is not the problem with property value. It is about playing a game, a nastily one by these people at Wells Fargo. I have been their customer for some 7 years with two property loans with them and this time they said I don't need to provide anything since they all my info, just to update my info (I did refinance with them some 18 months ago) It was supposed to be no cost, no doc. After many hustles they asked for every conceivable document contrary to the agreement that I provided immediately. Property appraisal was done by one their lousy appraisers 15% below the market value (I provided some 8 comparable sold units in my community in the past several months) and still met their requirement, asked for condo insurance, provided. Asked for full some 100 pages of insurance doc, provided. It is now some three months that they have kept me in limbo. The do not respond to either my phone messages or emails, nor the agent, neither his boss who thinks he is the president of the company I guess. I have even been subject to email abuse by a Jr. Staff in response to my frustration and when I send an email t look into that they totally ignored it too! There is no way you can find anybody responsible to talk to you or even to complain. Customer service of the bank listened to my complaint and then said it is related to loan department and there is nothing they can do about it. I guess they are independent from the Bank! Finally I located a supervisor and she promised to look into it. The agent called 7 days ago and said the loan doc will be sent me for signature. Nothing happened and all my inquiries are ignored again as usual. They promised to close this easy deal in 3 weeks now we are approaching 3 months and I don’t’ know what the problem is, everything they asked for was provided to them!
1. They are arrogant
2. They know nobody can do anything about it
3. I heard this bask is part of Mr. Buffet’s Empire, if this is true, it seems this is the way they money: Forget about professionalism, Forget about ethics, or honesty, etc.
4. They play a scheme, you pay your appraising fee and they are supposed to reimburse, since the loan never closes, their fraudulent partners make money
What can we do? You tell me!