We called Wells Fargo Home mortgage to see what kind of financing might be available to us given that my employer was willing to offer downpayment assistance in the form of an equity sharing arrangement. Their lender's rep advised us to go with and FHA loan and gave me a Gift Letter for my employer to sign. My employer checked this out with legal counsel and was told that in no universe can an equity share be considered a gift. If we had signed that letter, my employer and I could have been prosecuted for mortgage fraud.
Either the Wells Fargo lender's rep we worked with was profoundly ignorant of basic real estate financing rules OR she knowingly attempted to persuade us to do something illegal. The fact that all this came to light AFTER we had made an offer and had a purchase contract made this very awkward and frustrating for us, the seller, our realtor and everyone else involved.
The complaint has been investigated and resolved to the customer’s satisfaction.
Wells Fargo not only took the money that i gave them for my homeowner insurance and not placing the money in the principal as i request(504$) but, place the money in there interest .which left my mortgage as is (1478$). wells Fargo made my loan so hard for me to refinance, that no other leaders would not pick it up.the value of my home is less less then the value wells Fargo is selling it for.I pay 2247.00$ for property insurance, and homeowner insurance 504$. I'm 52 years old and there making so that i will never be able to pay my home off.
I hit hard times, like everyone else, due to the economy. Place on Disability, lost my job due to the economy and down sizing and I reached out to Wells Fargo Home Mortgage for help so I don't lose the house that I have worked so hard to get and keep. found out that Wells Fargo sold my load to Bank of America which is totally screwing me all the way around.
It's been 7 months to date. I have complied with every request, update, etc that Wells Fargo has asked for. The 800 number for Loss Mitigation, that you call for assistance, is a JOKE! The agents have no authority, no internal connections, everyone of higher authority either won't take the calls or direct the calls, the agents either can't read the records or don't document them clearly and effectively so the next person is clear... and the processors and negotiators don't even put their contact number in the file and the agents have no way of reaching out to them internally when the customer calls back.
I have been told that I am in review, status is active, processor is reaching out, negotiator is reaching out and recently that I should have received a "welcome" call to discuss the terms of my modification. NONE OF WHICH CAN BE CONFIRMED OR HAS HAPPENED TO DATE. And again, these agents cannot help nor can they find someone internally to answer or clarify the process. I get the same old story...the apologies and they understand how I feel...AND my favorite "I will send and ESCALATED email and someone will reach out to you." ALL OF WHICH IS B.S!
Yesterday, I was told to fax a request to have a processor call me, which I did. Today, I follow up with a phone call to find out that in lieu of a phone call a 3 page letter has been mailed out to me today.
I find a few things hard to swallow.
* I know 3 other clients with same loan structure, sold to B of A, and they have been helped.
*I pay close to $3500.00 a month mortgage for 4 years on this house and they don't even have the courtesy or respect to actually make a few minute phone call to me to clarify what is going on.
*The Loss Mitigation Department was set up to assist and field problems and concerns, yet I was told by an agent that they only note the accounts and have no way of connecting to anyone else to hlep.
*The agents either don't document or cannot read the documentation that is in the file.
*The managers, Team Leaders and Sr. Representatives refuse to take calls from the customers, leaving the agents to take the brunt of the hostility. That is not fair to either the agent or customer!
*WF infrastructure, for being such a large operation, is absolutely HORRIFYING...
People are in jeopardy of losing their homes. I would think WF would set up a functional operation to effectively assist customers in need and who are under tremendous stress because of this.
This is so not cool ! ! ! ! If their homes were on the line, I am sure they would want someone who is effective and consistent to jump in and help... None of which WF seems to be.
I too, have been a victim of this bank for a year. If memory serves me, the BANKS were suppose to modify everyone's loan to a lower interest rate automoatically as the terms of bailout by our/US tax dollars.
They didn't.
IS THERE ANY LAWYERS OUT THERE TO TAKE THIS ON FOR US.!
1. FORECLOSURES NEED TO BE STOPPED RIGHT NOW, CEASE AND DESIST -- I mean in the last two years of being helped we now have 2.5 million homes foreclosred on and only 200, 000 loan mod's that took oh yeah this program works.
2.START AUDITING THESE BANKS AND THE MAKING HOME AFFORDABLE PROGRAM/HOPE. I from experience have had no progress at all, have contacted this bank w/no return phone calls,
contacted fed congressman, barney frank, paul kanjowski, OCC, the media, someone has to be out there to HELP US.
3. Fannie stop crying no one is strategically defaulting. We have no JOBS, no INCOME< No way to pay the mortgage. Fannie you too got ripped off by these banks and you blame the homeowner. NO STUPID TERRANCE IT IS THE BANKS! Take the servicer out of it. let homeowners make payments to the fed. and you will see the banks start to cooperate real quick.
Tuesday /July 20, 2017 :
We have been hassling with Wells Fargo since '2017, faxing Supervisor's with scanned documents, Certified mail even, and numerous times they request the same information sent time and time again. Trying to keep our home is extremely exhausting. In return they still are incapable of creating a resolution for us to finalize this on going matter.
How hard does one have to try to prove they wish to keep their home?
I have had the same problem and every time a modification plan is completed they mess it up along with my income and the banking information. I send them copies of my pay stubs and they still get it wrong saying I make more than I do. I have been dealing with them for 9 months and now they want to forclose on my home because they have screwed up and I keep trying. I am so tired of dealing wth them that I want to sue the crap out of them!
I won't spend too much space talking about the number of times we've had to re-send things that were mysteriously lost or needed by 5 different people, because I think that this is a common problem for all banks. But there have been so many delays, and no one seems to want to help us.
Our (brief) information: my husband and I are both graduate students in biomedical sciences, and get paid a decent stipend. We have been saving aggressively so that we can stop renting and buy a condo. We both have really good credit, the only "negative" thing on our report is that most of our cards and such haven't been open very long, but we're only 23, so that's to be expected. We qualify for the first time home buyer tax credit, as we haven't owned before and were under contract by the end of April.
Our original contract had a closing date of June 25, and our consultant said that we might be "pushing it", but they would do their best. With the huge rush of people trying to close by the old deadline of June 30, it wasn't too much of a surprise that we didn't close by that date. So, we signed an extension until July 30 "to be safe". We were assured that there wouldn't be any problem getting done by then, and they would continue to do everything they could.
Of course, the little "we need this and that and the other thing that you already sent us" game continued for a short time, and then they said they had everything they needed.
When the loan went to underwriting, it got sent back because my employment status was incorrectly listed as "student" (ie, someone that doesn't get paid) instead of "predoctoral fellow". My husband was listed correctly. I'm really not sure why someone at Wells Fargo typed in two different occupations for us, because they had EXACTLY the same information for both of us. We are at the same school, and had the EXACT same letter confirming our stipends, full time status, etc. But, someone messed up. I can easily forgive someone for a mistake, but the problem took a long time to solve. After we were informed of the problem (by an email that looked like it was written by my 6 year old cousin) I called WF everyday to find out what they had done, and what they needed, and when I finally got a hold of someone after a few days, they told me we were waiting to hear back from HR at my school. I called HR to find out what was going on, and they had no record of a request being made, other than the initial verbal confirmation for both my husband and I. Now, I've had problems with HR at my school before, so I wasn't sure who to blame (and of course everyone played the blame game). But, after HR told me that it would take 2-4 business days to confirm my salary once they received a fax from the bank, I got back on the phone with the bank, left a message asking them to re-fax whatever they needed, and gave them the name and the fax and phone numbers of the person I had spoken with. The next day, we got an email from WF saying that they had sent the loan back to underwriting! This is after Wells Fargo told me that they had been waiting to hear back from HR for a few days, and I had NO PROBLEM getting them on the phone, multiple times during this delay.
I have started to think that they don't actually know how to call people! We only ever get emails (and again, these usually have no capitalization, no punctuation, and the grammar and spelling of an elementary school student- completely unprofessional). The Home Owners Association had missed a question on the form they have to send to Wells Fargo, and after WF "repeatedly" called the office to get the answer, we tried. Within one hour of us leaving a voicemail at the office, the problem was fixed.
We are scheduled to close next Friday (the day our contract extension ends...), but they are still "doing the best they can" to get done by then. Unbelievable. We have to be out of our apartment by Aug 14, and I honestly don't know what we will do if we can't move into the condo. I guess I do, we will just have to pay a crapload of money to move our stuff to storage and stay in a hotel until we can close. But I can tell you that I will be calling a manager or someone in customer service (if such a person even exists) every day from now on, because this is unacceptable.
In short, if this is too long to read: they are unprofessional, they don't call when they say they will, they don't treat us with respect, and they are incapable of getting anything done on time. We've been in Escrow on a normal sale for over 3 months already.
I have been dealing with wells fargo home mortgage in an effort to forestall a foreclosure and revise loan terms to allow us to be current. We are in a good equity position on our home but about 45 days behind on payments due to the economic circumstances. I began over a year ago by offering to extend our loan term and add the 2 months of payments plus interest to the end of the loan. I was told that the people i was talking to could not make that decision, i asked to speak to someone who could and was told that was not possible.
Since then, we have been billed for late fees (Ok) but they have added all kinds of other fees for which we recieve no good explanation. Such as a property inspector came by but we never seen them or any trace of them, costs $15.00 per visit! Latest statement had another $185 "other" fee on it!
I have been called repeatedly by wells fargo, never the same person, and been treated rudely when i asked questions about what the process is. I have recently had the extreme displeasure of dealing with their "loss mitigation" department who's main purpose seems to be to collect personal financial data in the attempt to make no decision. Have sent monthly financial worksheets, hard ship letters, p&l's, tax returns etc, etc, etc. Did finally get an answer, won't modify loan because of the amount we are in arrears $1042.00! No s__t, thats why i went through this whole excercise in the first place!
As a business owner if i treated customers this poorly i would be out of business soon. Unfortunately, because of business downturn due to the economy we don't have the choice of going elsewhere for a mortgage. Plus the fact that we are in a good equity position on our house they no they can foreclose and come out well.
For those in difficulty with this company already i suggest doing what we are, contact your state attorney general and supply them the documentation about the situation. Hopefully enough of us get serious about this we can bring an end to these unscrupulous practices. If you are in the market for a mortgage i would suggest you go anywhere but wells fargo.
I have a 15 yr. re-fi loan with them and whenever I call customer service, I always pray that I don't get stuck with a rep that is incompetent as the last. No luck.
It seems like everyone there is a recent graduate from the University of Stupidity.
I have a 15 yr. re-fi loan with them and whenever I call customer service, I always pray that I don't get stuck with a rep that is incompetent as the last. No luck.
It seems like everyone there is a recent graduate from the University of Stupidity.
This company should be locked up for being incompetent. We applied for a home mortgage you cannot believe the hassles. Same documents over and over again, same faxes, same emails. Over night delivery sitting in a mail room. Not meeting contract deadlines, people going on vacation leaving their work load until they return. And the infamous underwriter. My questions about that are do they feed them? Are they in a basement with a 40 watt bulb? None of them have names except the underwriter. They have no phone extensions, all they do is pass the same papers back and forth. Some might say this writer is "sour grapes" on the contrary spelling out the truth is not sour only to some. It reminds of the movie a few good men, Jack Nicholson "You can't handle the truth" end quote.
Wells Fargo and I had a Forebearance Aggreement that I was following when Wells Fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly Total of Forebearance Agreement. Breaching the agreed upon Forebearance Agreement; then tryed to lure me into a deceitful Loan Modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the Modification. Trying to place the burden of a request on me. They say we must advise you your request for Modification has been denied for the following reasons: "We are unable to come to a mutual agreement." Whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an Attorney more than once! Useless... aren't any confident enough in themselves to battle with Wells Fargo. It's not a reason that I dont have a case, because I have saved every letter, Mortgage Statement, Bank Statement, even have a Customer Account Activity Report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the Arizona Revised Statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me If I happen to show up to the Judgment Hearing? I said "No" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the Arizona Attorney Generals Office for Consumer Fraud directly or indirectly affecting State Commerce for consumers within the state of Arizona by deceitful and misleading practices used to obtain real property. So far Wells Fargo has replied back to the Consumer Complaints Manager with information intended to mislead the Attorney Generals Office, with information not consistant with the records I have saved. I only fear that the Attorney Generals Office will not pursue my case because they may lack a significant amount of complaints from consumers in Arizona related to my complaint. So perhaps, if you file your complaint with your States Attorney Generals Office, and if the other people that have complained here, file their complaint with their Attorney Generals Office; those Attorney Generals can join together in a lawsuit Action against Wells Fargo since they now have the power to enforce State regulations with a National Bank{Cuomo v/s The Clearing House Assc. 557 U.S.____(2017)}. Submit anyway, They will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case
Wells Fargo and I had a Forebearance Aggreement that I was following when Wells Fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly Total of Forebearance Agreement. Breaching the agreed upon Forebearance Agreement; then tryed to lure me into a deceitful Loan Modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the Modification. Trying to place the burden of a request on me. They say we must advise you your request for Modification has been denied for the following reasons: "We are unable to come to a mutual agreement." Whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an Attorney more than once! Useless... aren't any confident enough in themselves to battle with Wells Fargo. It's not a reason that I dont have a case, because I have saved every letter, Mortgage Statement, Bank Statement, even have a Customer Account Activity Report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the Arizona Revised Statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me If I happen to show up to the Judgment Hearing? I said "No" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the Arizona Attorney Generals Office for Consumer Fraud directly or indirectly affecting State Commerce for consumers within the state of Arizona by deceitful and misleading practices used to obtain real property. So far Wells Fargo has replied back to the Consumer Complaints Manager with information intended to mislead the Attorney Generals Office, with information not consistant with the records I have saved. I only fear that the Attorney Generals Office will not pursue my case because they may lack a significant amount of complaints from consumers in Arizona related to my complaint. So perhaps, if you file your complaint with your States Attorney Generals Office, and if the other people that have complained here, file their complaint with their Attorney Generals Office; those Attorney Generals can join together in a lawsuit Action against Wells Fargo since they now have the power to enforce State regulations with a National Bank{Cuomo v/s The Clearing House Assc. 557 U.S.____(2017)}. Submit anyway, They will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case
Wells Fargo and I had a Forebearance Aggreement that I was following when Wells Fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly Total of Forebearance Agreement. Breaching the agreed upon Forebearance Agreement; then tryed to lure me into a deceitful Loan Modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the Modification. Trying to place the burden of a request on me. They say we must advise you your request for Modification has been denied for the following reasons: "We are unable to come to a mutual agreement." Whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an Attorney more than once! Useless... aren't any confident enough in themselves to battle with Wells Fargo. It's not a reason that I dont have a case, because I have saved every letter, Mortgage Statement, Bank Statement, even have a Customer Account Activity Report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the Arizona Revised Statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me If I happen to show up to the Judgment Hearing? I said "No" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the Arizona Attorney Generals Office for Consumer Fraud directly or indirectly affecting State Commerce for consumers within the state of Arizona by deceitful and misleading practices used to obtain real property. So far Wells Fargo has replied back to the Consumer Complaints Manager with information intended to mislead the Attorney Generals Office, with information not consistant with the records I have saved. I only fear that the Attorney Generals Office will not pursue my case because they may lack a significant amount of complaints from consumers in Arizona related to my complaint. So perhaps, if you file your complaint with your States Attorney Generals Office, and if the other people that have complained here, file their complaint with their Attorney Generals Office; those Attorney Generals can join together in a lawsuit Action against Wells Fargo since they now have the power to enforce State regulations with a National Bank{Cuomo v/s The Clearing House Assc. 557 U.S.____(2017)}. Submit anyway, They will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case
Wells Fargo and I had a Forebearance Aggreement that I was following when Wells Fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly Total of Forebearance Agreement. Breaching the agreed upon Forebearance Agreement; then tryed to lure me into a deceitful Loan Modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the Modification. Trying to place the burden of a request on me. They say we must advise you your request for Modification has been denied for the following reasons: "We are unable to come to a mutual agreement." Whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an Attorney more than once! Useless... aren't any confident enough in themselves to battle with Wells Fargo. It's not a reason that I dont have a case, because I have saved every letter, Mortgage Statement, Bank Statement, even have a Customer Account Activity Report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the Arizona Revised Statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me If I happen to show up to the Judgment Hearing? I said "No" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the Arizona Attorney Generals Office for Consumer Fraud directly or indirectly affecting State Commerce for consumers within the state of Arizona by deceitful and misleading practices used to obtain real property. So far Wells Fargo has replied back to the Consumer Complaints Manager with information intended to mislead the Attorney Generals Office, with information not consistant with the records I have saved. I only fear that the Attorney Generals Office will not pursue my case because they may lack a significant amount of complaints from consumers in Arizona related to my complaint. So perhaps, if you file your complaint with your States Attorney Generals Office, and if the other people that have complained here, file their complaint with their Attorney Generals Office; those Attorney Generals can join together in a lawsuit Action against Wells Fargo since they now have the power to enforce State regulations with a National Bank{Cuomo v/s The Clearing House Assc. 557 U.S.____(2017)}. Submit anyway, They will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case
Wells fargo and I had a forebearance aggreement that I was following when wells fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly total of forebearance agreement. Breaching the agreed upon forebearance agreement; then tryed to lure me into a deceitful loan modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the modification. Trying to place the burden of a request on me. They say we must advise you your request for modification has been denied for the following reasons: "we are unable to come to a mutual agreement. " whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an attorney more than once! Useless... Aren't any confident enough in themselves to battle with wells fargo. It's not a reason that I dont have a case, because I have saved every letter, mortgage statement, bank statement, even have a customer account activity report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the arizona revised statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me if I happen to show up to the judgment hearing? I said "no" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the arizona attorney generals office for consumer fraud directly or indirectly affecting state commerce for consumers within the state of arizona by deceitful and misleading practices used to obtain real property. So far wells fargo has replied back to the consumer complaints manager with information intended to mislead the attorney generals office, with information not consistant with the records I have saved. I only fear that the attorney generals office will not pursue my case because they may lack a significant amount of complaints from consumers in arizona related to my complaint. So perhaps, if you file your complaint with your states attorney generals office, and if the other people that have complained here, file their complaint with their attorney generals office; those attorney generals can join together in a lawsuit action against wells fargo since they now have the power to enforce state regulations with a national bank{cuomo v/s the clearing house assc. 557 u. S. ____ (2017) }. Submit anyway, they will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case
Wells Fargo gave us a loan to buy a house for $550, 000 in 2017 . We gave $114, 000 as a down payment. My husband use to make $8, 000 more in 2017 than 2017 . We tried to refinance because we have INTEREST ONLY ADJUSTABLE RATE, and Wells Fargo said: your income is not enough! you can do a short sale instead! I have never seen anything more unfair than this!
I know what you mean about lawyers. I had an issue with them that started in 2017. They admitted that their employee made a mistake and offered to help me, but it was a stall tactic.
I have never been able to find anybody who could help.
My husband has been unemployed since Nov 2017. We got by on unemployment, savings, and then credit cards. Then his unemployment ran out. Our home value dropped nearly in half, putting us in an 'upside down' equity situation. Since we do not want to lose our house, we contacted WFHM in spring of 2017 for a loan modification, after being counseled that there were many different options available to us. Since April of 2017, we have submitted our 'financial hardship' letter, a financial worksheet, my 2-3 recent paystubs no less than FOUR times (every 2 months)...all the while being told that they were evaluating our request and we would find out soon. During that time, we had almost daily 'robo-calls' taking almost 10 minutes for each daily call. They asked me to confirm my identity, address, and other information...only to be asked if I had any questions about the modification request or process!
Finally, in December the 'underwriter' called and told us we were approved for a 'temporary payment modification'. They would reduce our payment drastically for 3 months--January through March--giving us some breathing room to pay down some debt and time for my husband to obtain employment. I asked what would happen at the end of 3 months. Would the amount they deferred be added to the end of our mortgage? Would we have to pay the difference between the reduced payment amount and the regular payment amount? I was told by the underwriter that I would only need to submit the letter, worksheet, and pay stubs again, and they would re-evaluate our situation. HA! What a LAUGH!
I got the 'Agreement' letter today with our upcoming payment schedule for the next four months. The first three months were, of course, the reduced payment amount. But the fourth payment was the full payment for April PLUS the balance of payments that would have normally been made. How in the #$*& can we possibly use the payment reduction gap to pay down debt when we have to save it up to make the fourth payment?!?! Unbelievable.
I am contacting any state and federal agency that will listen to me to complain about this. I can't believe we were strung along for EIGHT MONTHS, then lied to that this would be a 'relief' for us.
I hope this information helps others.
Hello, I live in Grandview Missouri went thru exactly the very same thing you did .I can feel your pain, mine and many others that are out there.
My nightmare lasted a year. A year of sending in pay stubs, hardships letters and
tax returns. After about 6 months of reviewing my situation I was given the chance to accept a trial period of 3 months of my house payments being modified.
The payment were taken down to around $565.00 a month for 3 months. If I passed this stage of the process and I certainly tried my best to prove that I really needed this modification by continuing to pay my normal payments . I was told we would go on to the next phrase If their terms were satisfied. During this time you really couldn't tell what you were paying because your payments were being put into a suspense account. It did not show on your statement. And you could no longer make your payment online. It was a mess.
Everytime I would call to see if I qualified for the modification loan I would get the run around from the loan dept stating the case is still in review and nobody knew anything.I started my request for a loan modication in August of 2017 . In August of 2017 was told after months of sending in all these documents that I was denied for the program. They suggested that I talk to a HUD counselor .
This was the finally straw.
After being denied for the prgram about two weeks later I get a phone call from a guy name Mr( P ) saying he may be able to help me. I made the comment to him that I was just denied two weeks ago but he said That he was a representative for Wells Fargo and to give him a chance to see what he could do. I m my opinion he was the (cleaner)they had called in to clean up the mess that was made to my documents in the year of reviewing them.
Guess what 2weeks later he calls me back to say that he couldn't help me after reviewing my loan documents.Just what I thought.
I totally agree with you Wells Fargo ...NO GOOD
M
I wanted to sign up for paperless online access to our mortgage.
In order to receive on line access, it required an agreement to accept binding arbitration and waive right to a trial by jury and waive right to participate in class action suits. I question the legality of this practice. What does on line access have to do with these agreements?
Wells Fargo, has to be the worst customer service in the industry. Yesterday I was on the phone with 3 different reps. The last one I sopke with was ignorant, rude, uneducated (job wise) At the end of the conversation she basically told me to let the house go into short sale, meaning if if don't sell in 90 days WE TAKE it YOU walk away. I said RIGHT! I owe $200, 000 on a $400.000 property, not going to happen. The gaul of this woman
WFHM has made it almost impossible to make a quick payment without amassing "service charges" on your account.
If you're late on your payment, you can't use the online payment system because it requires you make the late mortgage paymen AND the current mortgage payment. There is no choice of paying a specific amount.
You can write a check to them, but if it's late, then another late fee is assessed.
You could go to a WF branch, but good luck finding one in your city.
You could call in and make a payment...but it's a fee to use their automated phone payment system, and a higher fee for a customer service rep to take a payment.
You can go to western union...then you're paying a fee there.
You can set up for repeating payments, but OH YEAH, you have to be current on your loan.
So tell me how this isn't set up to be hard to make a payment quickly and fee free?
I saw a commercial for makinghomeaffordable.gov & I went to that website to see if there was some relief available for me. I saw "Home Affordable Unemployment Program (UP)" & Wells Fargo was on the list of companies participating in this program. I called Wells Fargo and spoke to a lady there and she said due to my financial situation I did qualify for this program and she told me my monthly payments would be reduced by $500 for August- October to give me relief while I continued to look for a job due to lay off a year & a half ago. I had never missed a payment or even been late. I was so appreciative I cried. I am supporting a family of 4 on $1600 a month. So here it is mid September, I open my mortgage statement showing late fees & $2500 due by October 16th. I was supposed to only be paying $693 for these three months. I was never told any late fees would be added or all the the "relief" would be due immediately.
How was this helpful at all to me? It dug a hole for me I was not in. They told me I should have read all of the agreement & they could not help what I was told previously.
They falsely represented what they were doing with my loan. I have been cheated & trapped by Wells Fargo. How can they get away with this?
I was shocked to read this because the EXACT same thing happened to me. They also denied the modification after going through the trial modification since I am still unemployed. They reported me late on payments because the trial modification didn't cover the actual original monthly mortgage amount. Well, duh, wasn't that the point of the trial modification -- to adjust the monthly payment. I am unable to refinance (even with them) because my credit was affected by their report. I could have just paid less on my mortgage with the exact same results. Is there anything we can do about this? Is there somewhere to file a serious complaint about this deception?
Half of your complaints involve your payment being late. Could you please explain what is so difficult about paying your bills on time like the rest of us responsible customers?
Your interest rate is fixed, not your monthly payment. Learn to read. And every mortgage company requires flood insurance. Why? Because FEMA requires it.
Constant harrassment. I get calls from their number [protected]) up to 12+ times per day, every day, even Sundays & holidays (which is illegal in my state), and have the call logs to prove it! These calls come whether my mortgage is paid on time or not. We also fell victim to their "mortgage relief" program. We applied for it when my husband was laid off from his job and was out of work for 11 months. Neither of us were able to find work during that time and were trying to support a family of 5 on only my husband's unemployment benefits, which was beyond impossible. Despite WFHM's claims of "helping" us, they actually ended up screwing us. They just took all the past money we owed them and tacked it on the end of our 30yr loan, without extending the loan period, which made our payments soar. We made the first 3 "trial payments" of $150, then after that our new regular monthly payment amount was $60 MORE than what we were paying before my husband got laid off. As if we weren't barely scraping by already, now it's even worse. Thanks for the "help" Wells Fargo! :(
Wells Fargo sucks and pulls all kinds of scams. The got me too on an auto loan and ruined my credit. Pyramid scheme, (withholding your first payment mailing notice until after it's due, then slapping on late fees)..I guess our tax money and that bailout money just empowered them even more..
I am so sorry to hear about your situation, as this sounds eerily similar to what i am experiencing at the moment as well. Have either of you been able to resolve this somehow, or any resources that have been helpful in dealing with this? As a result of this program, my credit score is damaged and I don't think I will be able to refinance my home in the future as a result of my credit score. Before this program, I was NEVER late on payments.
Exact same thing happened to me! We even asked several times prior to accepting the program if this would hurt our credit. We were told on several occasion's that NO it would be reported negatively because we had a agreement to make modified payments to them and as long as we made those payments on time ( which we did every month) they would report us as paying as agreed. Now we just tried to get a pre approval and were denied because they reported us 90 days delinquent 6 months in a row. Which was the entire time on the unemployment modification plan. And yes at the end they sent us a letter demanding the $13, 500 within 30 days or they would start foreclosure! We took from our IRA to pay it on time but were never ever told that we would have to pay the back within 30 days of ending the program. My credit is now trashed thanks to them and they refuse to take it off my credit report! Its total crap! We are seeking legal advice and plan on suing over this asap. Has anyone else created a lawsuit over this? It seems grossly unfair.
REVISED! Sorry the priror post was from my cell phone.
Exact same thing happened to me! We even asked several times prior to accepting the program if this would hurt our credit. We were told on several occasions that NO it would NOT be reported negatively because we had a agreement to make modified payments to them and as long as we made those payments on time ( which we did every month) they would report us as paying as agreed. Now we just tried to get a pre approval and were denied because they reported us 90 days delinquent 6 months in a row. Which was the entire time on the unemployment modification plan. And yes at the end they sent us a letter demanding the $13, 500 within 30 days or they would start foreclosure! We took from our IRA to pay it on time but were never ever told that we would have to pay the back within 30 days of ending the program. My credit is now trashed thanks to them and they refuse to take it off my credit report! Its total crap! We are seeking legal advice and plan on suing over this asap. Has anyone else created a lawsuit over this? It seems grossly unfair.
This all started October 2017.
I fist talked to the guy on the phone. We talked about the refinance of my home. I explained to him that we had filed Bankruptcy about 8 years ago It all sounded good so me and the wife drove to tomball with the information he said to bring. He check our credit scores and all the rest. He mentioned that Wells Fargo was not showing payment history on my current mortgage. He asked if we reaffirmed our loan . I said I thought we had. He said I am not sure but when it shows now history it usually means it was not reaffirmed. I said I am not sure then. He said well it is showing that the loan is current. After that he said that every thin looked good. he said that I had to give him a check for $450 to start the process. Said that it was not refundable. I was not sure if I should do it or not. He said I would not take your money If I thought there was any reason you would not be approved.
Well guess what. I did not get approved and they are not giving me back my $450. He called me and told me. Oh, I am sorry but you loan was never reaffirmed so your loan can not be refinanced. If you get it reaffirmed you can start the process over. I will ask if you can get a refund. Please call and see if you can get your loan reaffirmed. I called the number he gave me. Even though I have always paid my loan on time every month, They said the only way to have the loan reaffirmed was for me to reopen my eight year old bankruptcy. I called him back and he said he never heard of anything like that. He even told me to call back and ask for a supervisor. I did and he told me the say as the first time. I called the loan officer back. He said that's crazy. Well I guess your only choice is to reopen. I asked about getting a refund like he said he would try to get me. He said he was going to submit it. He has not called me since. I have left him messages and no call backs.
Bottom line. I can under stand not getting a refund if I lied about something on the application or had some other bad stuff on my credit. But to not give me a refund because you don't even know your companies policy is absurd. He has been doing this work for over 10 years. Hell I could take peoples money all day long and then tell them sorry you were not approved. I wonder how many other people have lost there money because this guy does not know how to do his job. Thanks for screwing me over Wells Fargo.
I will never use wells Fargo again and will ask all my friends and family to do the same.
The loan officer I had explained to me how an inheritance I was getting could be used as "Gift equity". I never found out if that was true because WFHM also backed out on my loan after I signed the sales contract.
I received an email back in January 2017 from a real estate investment association I belonged to advertising an investment to purchase a hotel unit on Hilton Head Island. This investment came with a 3-year leaseback agreement for $74, 8000.00, $24, 933.33 a year for 3 years. The price to purchase this unit was $249, 000.00. I liked this investment and decided to move forward. I was put in touch with the developer’s business agent, who put me in contact with a loan office from Wells Fargo Home Mortgage. Wells Fargo was one of the lenders who were providing funding for many of these units.
After the loan officer contacted me, we did an application over the phone. This was actually convenient for me because I’m legally blind. During the application process, the loan officer asked a lot of questions about my personal finances. He also asked me what type of loan I was looking for to purchase this unit. I told him, a loan investment property loan. He said that he couldn’t help me with an investment property loan. He then told me that if I were to call it a second home, not only would I get into the deal with only 10% down payment, but I would get a better interest rate. I told him that it really was going to be used as an investment property. He thin asked me if I ever planed on using the unit. I said, since the leaseback agreement says that I can use it for 3 weeks out of the year, then yes, I would be using it. He then said, it qualifies as a second home. So, I put the application in as a second home. At know time did he ever tell me that calling it a second home would change how it was appraised. Instead of appraising it as a commercial property, (active hotel unit) using the net operating income and a capitalization rate, it would be appraise as a residential property using compatibles within the hotel itself. The developer had inflated the value by offering the leaseback agreement, creating a controlled market within the hotel, and that’s how they got it appraise for $250, 000.00. Wells Fargo used their company RELS, a residential appraisal management company to hire the appraiser.
After submitting my application, I waited a few days. When I didn’t here anything, I called my closing coach with the real estate association that advertised it to me. My coach told me that my mortgage had been declined. I immediately called my loan officer at Wells Fargo, but I could not reach him. I sent an email to the developer’s business agents assistant, but she never got back to me. Finally, I tried again and spoke with my loan officer and he confirmed that I had been turned down for the loan. He said it was because I didn’t make enough money. You see, I’m legally blind and I collect a small disability pension and social security disability. I asked him if I could use the leaseback money towards my income, but he said no, that the lease funds didn’t happen until after the closing. At this time my loan officer started looking over my application. After a few minutes, he started asking me questions, then he resubmitted the application, and about 10 or 15 minutes later, he told me I was approved.
Now we were moving towards closing. We were supposed to close in late February 2017, but I was hesitant to close because the interest rates were starting to move a little. I was hoping to catch the best interest rate possible, so I decided to wait. My loan officer was getting anxious and he offered me a special deal to gat me to close the deal faster. He said he would refinance me at no cost to me, any time I wanted in the following 12 months. I took him up on his offer. I told him to set up the closing. I signed power of attorney documents and they sign my closing documents at the closing table and we were closed.
After closing, I signed the 3-year lease and got my first years lease payment of $24, 933.33. After a few months went by and the Fed stated lowering interest rates, I decided to get in touch with my loan officer. I emailed him about refinancing me, but he said that although the Fed had lowered interest rate, they had not caught up with the mortgage market yet. He said he would get in touch with me after the rates dropped down. About 11 months into our agreement, I hadn’t heard from him. I called him and asked him about refinancing. He said, although the interest rates had dropped substantially, he was unable to help me because Wells Fargo was no longer servicing servicing these units. He said he would have to extend his offer out a few months until they started lending again. A couple months later, I called him, but he no longer worked there.
Here are the facts regarding this loan.
· This unit was always and still is an active hotel.
· The master deed says that it can only be used as a transient hotel. Yet Wells Fargo calls it a condominium
· I had been turned down, only to have my loan officer get me approved.
· . Right now I am currently in default because I couldn’t afford the payments.
· After the first year, the developer terminated our lease agreement. Now I have a $224 K loan on a unit that worth $25 K. This was not due to the market conditions. The real estate market didn’t drop 90%. This property, if appraised as a active hotel unit investment property using NOI and CAP rate, would have never appraised anywhere near $250, 000.00 because it didn’t make that much money in income. It was only netting a few thousand dollars a year after all the expenses was paid. The South Carolina Appraisal Board said that the appraisal was ordered as a second home, but the appraiser was disciplined for not using the most recent sale in his analysis. The fact is, if my loan officer didn’t lead me into calling it a second home; I wouldn’t be in this situation. I certainly didn’t want to pay over 10 times what this unit is worth.
I’ve tried to negotiate with the bank to get this down where it should be. I’ve told the bank that I would take over the payments ate the current market value ant current market interest rate. They said no. I believe they want to get the property and the PMI insurance. This way they will make $25 K on the insurance (10%) and another $25 on the sale of the unit. Wells Fargo never did go back to servicing these loans, even at the lower price of $25, 000.00. They realized this is an arena where Wells Fargo Home Mortgage shouldn’t have been lending in the first place.
Wells Fargo has hurt me and many other investors in this project. So far they’ve been able to weather this mess without with out much difficulty. If there’s anyone out there who can help me with these issues, please contact me at jom718@aol.com. Whether it be legally or just to get this story heard, I’d greatly appreciate it. The media is a very powerful thing.
Thank you very much,
Joe
I've been working with WFHM for 4 months to refinance my home equity line of credit that is a balloon loan at maturity. It has been a ridiculous process. The loan is less than $15K and i havent missed a payment in 10 years. ImfFed up with WF and going to borrow from another source to pay it off.