Wells Fargo review: loan modification 58

There comes a time when you wonder why you try to be a good and faithful customer to a business. We have been great customers to Wells Fargo anent our home mortgage. In November of last year, my partner was laid off.

When January came round and the industry was not picking up, we thought we better contact Wells Fargo and let them know we might be having problems in a few months.

We contacted them and they told us to write a "hardship" letter and fax that along with all our financial information. We got it all together complete with a lovely spreadsheet with all our finance info laid out. Little did we know that the process would take over seven months! Then to our dismay and horror, they sent an overnight letter saying, "As we discussed..." Well, first off, "we" did not discuss anything! Their offer was to let us pay half our mortgage for three months then have a balloon payment of almost $8, 000.00. Then on the 4th month they "might" be able to do something for us. How the hell is that supposed to help?

I called them and said, "Hey, what's this? We have always been good customers who have been a payment ahead on the mortgage and you offer us this lousy deal?" They guy, "Derrick" went over our info and found that somehow they had lost my income information, and had my partners wrong. How, I'm not sure as over the seven months we faxed all the info at least 3 or 4 times! He said, "Don't worry, we can get the updated info to the "negotiator" and they can re-work this. It is clear you have a surplus money at the end of each month." (By the way - you will NEVER get to speak to the negotiator.)

I dutifully faxed my pay stubs to them within the next few days. A few weeks later, they contact me and let me know everything was going fine. HA! What a load of horse pucky! I found out on that call that they set up the lousy deal we told them not to do and would have been expecting $8, 000.00 in three months. They did this without a signed document to do so. I told them what had happened on the last call and even though they admit they made a mistake, they told me that since we "declined" their "offer" we had to start from the beginning all over again.

After seven freaking months of work! I was so angry I thought my head would explode like a frikin cartoon character! No matter what they would not budge and I would not be allowed to speak to the negotiator who worked on our loan modification request.

My solution: I am going to find others like me in the state of Maryland and we will, as a group contact not only our elected Representatives, but the Attorney General's office. If need be, this may turn into a class action law suit. I am so sick and tired of companies like Wells Fargo treating good customers like crap.

We have never missed a payment and we were always a payment ahead until they started delaying our process. Stay tuned for more on this. We will become Wells Fargo's nightmare.

We are good customers and we deserve to be treated better!

Our story is almost identical. We sent in all of our financial information, including a projection on what else we would do to reduce our expenses and increase our income in the future. Soon, we received a packet from WF telling us what we "must do immediately", giving a general description of the terms of the HAMP program, a payment figure that was roughly .33% less (favorable to us), and 3 payment envelopes. We completed the information requested and sent it in with our 1st payment. When we first contacted WF to inquire about the LM, we specifically asked them if the LM would affect our credit as we have never been late on a payment in 21 years. "No sir, this information is not reported to credit agencies".

2 days later comes another packet. It looked nearly identical and I nearly threw it out. My wise spouse suggested we call and ask about it. The only difference to this packet was that the payment had changed, increased by $1.00 per payment. My wife called, the woman said "it's a mistake, just shred it". Smart wife kept the packet.

One week before our second reduced payment was due we received a 3rd packet. The payment was increased and only about $68.00 less than our original payment!

And thus has begun the endless runaround with WF. We have now begun asking for the name AND employee # of the person with whom we are speaking. We have been told that 1. we could choose which plan we wanted, 2. the Negotiator had recalculated our income based upon the information we sent, the first offer was based upon the income we quoted them over the phone before applying (we never gave them a verbal estimate of our income), 3. The Negotiator doesn't take inbound calls, he would call tomorrow, 4. There is no Negotiator, we need to talk to a Processor, he would call tomorrow... on and on, the excuses are endless.

Meanwhile, our monthly mortgage statements indicate that our payment is past due and a $96.00 late fee was being assessed! The story continues with much more detail.

We live in Montana, not Maryland, but I'm here to tell ya you're not alone! I intend to send a letter to the White House, our Senators and Congressman, our Governor and State Attorney General, our major newspapers, and the Montana Department of Labor and Industry requesting their investigation into what sure feels like fraudulent business practices and exploitation.

I've been trying for 3 months to know if I qualify for a loan modification with Wells Fargo and ever since I have been lied and cheated on.
The first time, I was denied because they supposedly never received a fax with the additional information they were looking for. I still have the confirmation page from Staples...
So, what I was told after this fiasco was to send the information by mail (which I did; registered) and call a couple of days later to make sure it was received. I did and I was told the information was received and that "they were working on my case". Two weeks later, I receive a letter saying "we are unable to adjust the terms of your mortgage" because "we have been unable to reach you to discuss your situation". BS! I was never contacted. No phone calls, e-mails or letter.
So I call again, pretty pissed off at that time. Same story: I need to pre-qualify again. I spent an hour to try to talk to the person's supervisor without success.
I'm trying again and I think this time I will call everyday to make sure that "they are working on my case".
Something is telling me I won't be successful but I'm unemployed, I will spend the time to bug them.
Bottom line, I got 6 mortgages with Wells. There won't be a 7th and I will make sure my family and friends know about their non-respectful and dishonest practices when it comes to helping people in distress.

I live in Las Vegas and can pretty much sign my name to your letter. I am having the same exact experiences. I have been given the run around for a whole year now. I am now filling out my 5th package that they called and said they wanted back in 40 hours not even 48 LOL. I am on the phone with them 2 to 3 times a day and not one of them has the same information for me. I am told by one I am approved for the remodification and they are waiting for me to send them the official documents notorized umm that I never received then they look harder and say oh yeah it wasn't mailed, then told I am on a new trial period (that I never received paperwork for or approved)and then that they can't review my account because they need updated financials and a new hardship letter. I burst into tears at least twice a week due to the stress of this full time remodification job that I don't get paid for. The stress is overwhelming. It bothers me to read all of these same stories knowing that something I have work so hard to maintain my home is ultimately going to blow up in my face. I keep doing what they ask and cross my fingers. There has to be someone that can help. PLEASE...

I have been trying to get Wells Fargo to correct my loan modification papers for three months. I have sent countless emails to a John Stump. I did receive a response from Thomas Linderman who was unable to answer my questions. I am still receiving calls from the Wells Fargo Loss Mitigation department requesting that I send in the signed paperwork to finalize my loan modification. When the representative calls and I answer the call, they advise that they are on an automatic dialer and they can't see who they are calling or what is going on with the account until they are connected to the customer. This is ridiculous. I have repeatedly advised that the principal balance is wrong and broken it down in the simplest mathematical form and still I am getting no where. But in the meantime I am making monthly modified payments and my mortgage is being reported to the credit bureau as delinquent. This is a nightmare, had I known that this is the way Wells Fargo handles loan modifications I would have tried to refiance with another bank. WHAT A HORRIBLE EXPERIENCE!

We contacted Wells Fargo Home Mortgage on July 1, 2009 for assistance with our monthly mortgage payment. My wife, Jennifer, had just lost her job of six years when her real estate brokerage was forced to shut down, and we were facing financial hardship. We had forced to become a one income family, and our monthly medical expenses had drastically increased due to a recent Autism Spectrum Disorder diagnosis for our son. Although Jennifer had been granted Unemployment payments, her income was less then half of her normal salary, and we were struggling just to make ends meet. I am a police officer with Baltimore County, MD. I often could depend on additional income from secondary employment. However, with the struggling economy many of those secondary employment opportunities became few and far between. We were suddenly faced with the possibility of losing our home, that we had worked so hard to have. Over the past ten years we have been homeowners, we had NEVER been late or missed ANY payments. We had been doing some research on the programs available to homeowners that President Obama had developed, and decided to reach out for assistance. That is when we contacted our mortgage lender, Wells Fargo, and inquired about any available programs. It has always been our best intentions to work towards fixing the challenges we were faced with, and getting back on our feet as soon as possible. We simply didn't want to lose our home without trying everything possible.

We spoke with a Wells Fargo Representative who explained there was indeed programs that would help us with our sudden hardship. We were given instructions on starting the process of obtaining a “loan modification”. We were told this process could take 90-120 days, but most likely 45-60 days. We were told as long as we were in this program our credit would not be effected. We prepared all the necessary paperwork and documentation and faxed it to Wells Fargo. Shortly after submitting necessary documents we received a letter congratulating us on a reduction of monthly mortgage payments from just over $1700 to $862.41 for the next three months. When those three months had expired we contacted Wells Fargo and were told to keep making those same payments until our loan modification had been granted. This was just the beginning of our nightmare. After faxing documents, mailing letters, submitting income verifications, eleven months later, we just received notification that we do not qualify for a “loan modification”. We were told “investor guidelines” was the reason. Apparently, they believe our debt to income ration is too high. Isn't that ironic? That is exactly why we were asking for assistance in the first place! Wells Fargo has informed us we must pay $11, 914.61 in back mortgage payments by 6/15/2010, or face foreclosure. If we had $12, 000 sitting in an account, why would we have asked for assistance in the first place? How can Wells Fargo do this? We are now in worse shape then we were back in July 2009! Had we known that this sort of “baiting and switching” could happen, we would have sold our house a year ago! Not only do we now face foreclosure, our credit is destroyed, something that Wells Fargo said would be prevented by being in this program. We were in a bad place, and faced with providing medical necessities for our Autistic son, or a roof over his head! Wells Fargo did the exact opposite of what they said they would do. They took advantage of hard working homeowners who were trying everything in their power to make ends meet! According to our research online, Wells Fargo is taking advantage of millions of people. How can a bank that was given millions of dollars to help homeowners in our situation not be responsible for their actions? They are promising solutions and brainwashing you the entire time.

We, along with thousands of others, believe Wells Fargo is violating the TILA, Fair Debt and Collections Act, RICO, along with many other fraudulent activities. We need assistance in making sure Wells Fargo does not get away with causing so many families to lose their homes, while they sit back and collect their bonuses.

We have filed the same complaint with Wells Fargo, The Better Business Bureau, The Comptroller of The Currency, The Federal Reserve, and even forwarded a copy to President Obama himself. Please assist us with keeping our home and making sure Wells Fargo doesn't continue taking advantage of people who simply were strong enough at one of their weakest moments and asked for the only help they knew.

We have been working with Wells Fargo for a year and a half to get our loan modified ... we have signed papers many times .. only to find out when it is time to make the new payment the mod was rejected ...
Our negotiator which I wish I could give her name has stopped communicating with us .. I have gone as far as to withhold property taxes until this matter is cleared up .. and still no response besides we need to pay the taxes or the bank has to or they will lose the home to the state for unpaid taxes ... Like this is my problem .. they tell you they can not help unless you are behind in your payments ... they ruin you and then turn their backs on you all the while raping you of all the funds they can ... I am soooooo done ... I also do not care for Wells Fargo ... they are underhanded ...

I totally agree with the above complaint of WFSUCKS. I' am in the same situation. I asked for a loan modification back in October 2009, they gave me what the call a trial period of six months to pay $687.00 monthly paymnet of the original $1251.52 and was told at the end of this time to fax a hardship letter and a handwritten spreadsheet stating my household income and monthly debts that they would review and then give me a permanent loan modification which would not be the same or higher than the original monthly payments. Instead after few days I received a letter giving me another 3 months trial period at a higher montlhy payment of $1284.00. I was stunned, I couldn't believe that. Since then I called several times and been given the run arounds, each rep I talked to has a different story, they are saying they are still reviewing my file but to continue make whatever payment I can afford. I'm affraid they will come back later and tell me I owe so much money that I won't be able to pay so that they can foreclose on my house. I need help, can someone direct me what to do?
Sincerely,
Momsworld

Well Momsworld... you better prepare for that to happen! We had no idea being denied for a loan modification was even a possibility. After all, we just kept being told by Wells Fargo this was all just a matter of completing the paperwork on their end. In the past week we have written letters of complaint and sent them via email, fax, and certified email to all of the following... Wells Fargo Executives (even though it doubtful they really give a hoot), The Better Business Bureau, The Comptroller of The Currency, The Federal Reserve, all of our MD Legislatures, any website that we could possibly tell our story to, and even sent it to President Obama. We've been working on trying to find out how to join a class action lawsuit. I have discovered at least one already filed... in Illinois. If anyone has any information on getting that done, I would love the help! Its absolutely ridiculous and so unfair that a company of this calibur be allowed to treat people this way!

Thanks WFSUCKS for a quick reply and your input. If you ever find out about joining a class action lawsuit please let me know because I'm definetely interested. I'm not very experienced in writing all these type of letters you wrote because English is not my first language and I wouldn't know where to send them to, but I would like to write to President Obama explaining my problem, if you'll be kind and provide me the necessary information where to send the letter.
Thank you again.

You can email President Obama here http://www.whitehouse.gov/contact
I emailed our congressman yesterday am and by yesterday pm I had a request from their office for additional information. Hoping that means they really care!

Wells Fargo lies. They'll take every dime you have then FORECLOSE. I was told they'd work with me but I had to use every last penny I had to get my mortgage current. After I did everything they requested, I rececived the foreclosure notice.

Dear Wells Fargo Maryland,
I just got off the phone with Wells Fargo, and I am so sad to see that I too am in the same situation, and the same process of NO HELP went on for two years, and like you they are telling me that I have to pay $11, ooo or I will have to short sale my home. If that does not happen they will foreclose. In fact the woman that I spoke with asked if there was anyway I could just pay off the debt! Are you kidding me? Was my response, and I told her I would not be in this situation if it were not for Wells Fargo and there "help". I told her I could have borrrowed the two payments I was behind on two years ago, not $11, 000.
I am writing with the intention to email the president to the link given above, and I would like to know if anyone on this page has any idea how to file a class action law suit!?!
Wells Fargo did not tell me that while I was paying these "trial payments" that debt was occuring right under my nose. They did not tell me any of the right information, and when I ask to speak to supervisors they say I can not speak with them. I too do not want to see anymore people hurt by this HORRIBLE company.

I TO AM IN THE SAME BOAT AS ALL OF YOU WITH W.F. I CALLED PRIOR TO BEING LATE WITH MY PAYMENT BACK IN 8/09 AND I WAS TOLD I NEEDED TO BE 3 MONTHS LATE FOR THEM TO BE ABLE TO HELP ME WITH OBAMA'S SO CALLED HOME AFFORDABLE MODIFICATION PLAN AND WAS TOLD TO CALL BACK. I WAS TRYING TO BE PROACTIVE IN DEALING WITH MY QUICKLY APPROACHING FINANCIAL DOWN FALL. IT STARTED WITH A DIVORCE THEN I WAS IN AN ACCIDENT AT WORK (BROKE 2 RIBS 2 TOES HERNIATED 3 DISCS IN MY BACK ) WHICH I WAS OUT OF WORK FOR 7 MONTHS. THEN GOT BACK TO WORK FOR ABOUT 30 DAYS AND HAD A APPENDICITIS WHICH ALMOST KILLED ME WHICH I WAS OUT OF WORK FOR 3 MORE MONTHS. SO FOR THE YEAR OF 09 I WORKED APROX. 2 MONTHS. ALL OF THIS WAS STATED IN MY HARDSHIP LETTER AND SENT IN WITH PROOF ALONG WITH FINANCIAL WORK SHEET, W2, AND EVERY PAY STUB SINCE OCT OF 09 ( THIS WAS SENT IN EVERY 30 DAYS AS PER W.F. RULES FOR BEING CONSIDERED ). I JUST RECENTLY (5/10) WAS SENT MY H.A.M TRIAL PAYMENT OFFER WHICH WAS ABOUT $175.00 HIGHER THAN MY ORIGINAL MORTGAGE. WHEN I CONTACTED W.F TO SEE IF IT WAS A MISTAKE THE CS REP STATED IT SEEMED THAT THERE MIGHT HAVE BEEN A CLERICAL ERROR AND FOR ME TO WRIGHT AT THE BOTTOM " I DO NOT ACCEPT THIS OFFER DUE TO THE FACT THAT THE NEW TRIAL PAYMENT IS HIGHER THAN MY ORIGINAL MORTGAGE" IN DOING THIS I WAS TOLD THAT IT WOULD BE REVIEWED AND REVISED AND SENT BACK TO ME BUT IT WAS NOT. IN DOING WHAT THIS CS REP ADVISED ME TO DO I ENDED UP GETTING DENIED THE MOD. FROM THE H.A.M.P. I CALLED EVERY DAY SOMETIMES TWICE A DAY TO TRY TO GET SOME HELP AND GOT NOWHERE ONLY TO BE TOLD THAT I WAS STILL BEING CONSIDERED FOR A MOD. AND THAT I NEEDED TO KEEP SENDING IN THE UPDATED PAPER WORK EVERY 30 DAYS AND SO I DID. NOW JUNE ROLES AROUND AND I GET A LETTER STATING I HAVE OPTED OUT OF ALL MODIFICATION PROGRAMS AND THE NEXT DAY A LETTER FROM A LAWYER SAYING I'M IN FORECLOSURE I CALLED THE BACK AND THEY SAID I NEEDED TO PAY THE 14, 009.00 TO BRING THE MORTGAGE CURRENT AND TO CALL THE LAWYER TO DO SO I CALLED HIM FOR 2 WEEKS AND GOT NOWHERE FINALLY I GET SOMEONE FROM HIS OFFICE TO SEND ME THIS SO CALLED REINSTATEMENT LETTER WHICH IS NEED TO BRING THE MORTGAGE CURRENT, ONLY TO SEE THAT IN THE 2 WEEKS THAT I HAVE BEEN TRYING TO GET IN TOUCH WITH THIS LAWYER WHO JUST GOT THIS FORECLOSURE IS ASKING FOR $19, 758.48 TO REINSTATE MY MORTGAGE THE DIFFERENCE BETWEEN THE 14 THE BANK SAYS I'M BEHIND AND THE 19 THE LAWYER IS ASKING IS ALL BROKEN DOWN AND LOOKS SO MUCH LIKE A VERIZON BILL SURCHARGE AFTER SURCHARGE AND SERVICE FEE AFTER SERVICE FEE $6, 000.00 FOR THIS LAWYER TO BEGIN THE FORECLOSURE AND IT WAS ALL ACCUMULATED IN 2 WEEKS...THEY SAY THAT BANKS DON'T WANT YOUR HOUSE THEY WOULD RATHER HELP YOU STAY AND GET THERE MONEY... YA WELL I SAY ###...

Oh my! This is same scenario for us...WF is certainly taking us all for a ride. The stories here all match...looks like WF is using a cookie-cutter process which = denial! This is sick!

I have the same scenario and would like to be a part of any class action suits against WF... please contact me if you know of any!

In a nutshell, we came to a loan modification agreement with Wells Fargo and agreed to have them automatically draft the first payment of our agreement on a specific date. During this time, we talked to a different customer service rep and they put us on a different loan mod program. However, Wells Fargo never deleted or voided the initial agreement, so we were charged for TWO mortgage payments in one day. It took several phone calls (we were hung up on during some of them) but we eventually straightened everything out. Unfortunately, 2 days later they sent another mortgage payment through! Every phone call has resulted in different answers from their reps and they don't seem to feel as if they need to resolve our situation immediately or that they've wronged us in any way. Our account is now overdrawn by $800 dollars and we've had to borrow money from friends and family to put food on the table and provide for our children. We're a middle-class working family that pays our bills, we pay our mortgage every month and we work hard for what little we have. This has caused undue stress and hardship on our family and if I was a different person, I would retain a lawyer and start a lawsuit. But I am choosing to take the higher ground and remain hopeful that WF takes responsibility for their actions with our situation.

I HAVE BEEN TRYING TO DO LOAN MODIFICATION SINCE AUGUST OF 2009 WITH THE HELP OF AN ATTORNEY BECAUSE I DIDN'T WANT TO MAKE A MISTAKE OR NOT FILL THE PAPER WORK PROPERLY, BUT STILL WF KEPT SENDING ME LETTERS EVERY COUPLE OF MONTHS TELLING ME THAT THEY COULDN'T PROCESS MY APPLICATION BECAUSE THEY DIDN'T HAVE THE REQUIRED DOCUMENTS, AND MY ATTORNEY WOULD RESEND THESE DOCUMENTS WITH NEW CHECK STUBS, IN THE END THEY SENT ME A SUMMONS FOR FORECLOSURE, AND AFTER SIXTY DAYS THEY MOVED FOR SUMMARY JUDGEMENT, I HAVE CONTACTED ANOTHER ATTORNEY WHO IS WILLING TO AUDIT THE MORTGAGE LOAN DOCUMENTATION AND ASK THE JUDGE FOR DISCOVERY, WE WILL BE LOOKING INTO THIS SCAM CALLED LOAN MODIFICATION BY WELLS FARGO.

I WOULD BE HAPPY TO JOIN HANDS WITH ANYBODY THAT HAD A SIMILAR PROBLEM WITH WELLS FARGO LOAN MODIFICATION AND LOOKING FORWARD FOR A CLASS ACTION LAW SUIT AGAINST THESE PEOPLE, THEY WILL TAKE MY HOUSE OVER MY DEAD BODY.

YOU CAN EMAIL ME AT carolkazz@yahoo.com
MY HOME PHONE NUMBER IS [protected]
PLEASE LEAVE ME A MESSAGE AND I WILL CONTACT YOU

We definately need to look into some sort of legal action. They are screwing everyone! Not sure how class actions work but we gotta research it. If anyone else learns anything, please post.

Too long of a story to get into, but my husabnd and I have gone throught his mess with WELLS SINCE OCRTOBER 2009! Sad thing is, I had an attorney handle the loan modification process for us with Wells and they too got the run around. Now I am faced with forclosure and I was never late. How this happend is simple, fraud and lies and they never had any intensions on giving us a loan mod! IF ANYONE IS FROM MASS PLEASE CONTACT ME, I HAVE JOINED A CLASS ACTION SUIT HERE IN BOSTON AND I AM SURE THE ATTORNEY HANDLING THIS WOULD LOVE FOR YOU TO JOIN! call me at [protected]...

My husband and I are going through what all of you are with Wells Fargo giving us a loan modification and now asking for $7, 200 down on the paperwork they sent us and when we called them today the guy on the phone Matthew Turk stated there paperwork there shows $8, 216 down. When we asked why the change in money down he could not answer us and stated he will look into it. My husband asked for the copy of the papers he was looking at and he stated it is not available for him to send it to us. I did write Obama but will probably not get a response. So like many of you I will probably be on the streets too with our 4 children. The sad part is no one out there wants to help us stop Wells Fargo from doing this to honest hard working people.

Charlene

It sucks that we all have to join suits state by state. WF is screwing people all over and it would be nice if we could all join together. I guess here in MD we can just google class action lawyers? Anyone have ideas on how to get started on a class action suit?

What is the status of the class action suit? I too have had a terrible experience here in Alabama! Very similar to those listed above, involving the HAMP program. I am a single parent and my mortgage went UP with this program!
renmak

MY NAME IS SOPHIA
ABOUT 8 MON AGO I SIGNED UP WITH MY MORGAGE COMPANY WELLS FARGO
modification of my loan. I provided all my monthly information including all expenses and incomes and was told that I qualified for a modification and was quoted a new monthly payment that was within my budget. i'm still on ssa
due to my ptsd and major depression
...they put me on 2 mon program then a 6 mon program then i resived a called stating i cant get it...after almost 13 yrs in my house i ready 2 be in foreclosure i can short sale it bc now i owe 4, 000
i never owed them at all until they signed me up for this program so after all this mons i owe 4000 and i just talk to them they said i can try for another program but i need to make more money...i told them i get ssa they said with i new program i would pay 563.00 for 3 mons ...that was almost the same as my morage payment to start! now in 4, 000 in debt and im back where i started and they keep saying they will take my house ..i feel like they set me up for failer 2 take my house ..i called hemp program they said call naca they told me to get started i have to pay 2, 500 for there laywer i have no money for that, im scared to lose my home and me and my 3 childern will have no place to go HOW CAN WELLS FARGO KEEP DOING THIS TO GOOD PEOPLE!

Same thing happened to us except they sold our house while in the process of the loan modifacation they took our money and all the paperwork over and over and said everything was fine next thing we know our house was sold never could we have dreamed of such a thing. We are in a law suite with them now they are offering us to pay less than what we owed and them pay the rest for the house (what the new owners want) I dont feel we should have to pay anything they wronged us we have a court date this week in summary judgement he said it was a breach of contract and misrepresentation by reprisenative . we are both very ill after fighting for our home for over a year now but we are not giving up I cant believe they are getting away with this by the federal government they recieved their bail out now what about the people who made them one of the biggest banks? feel free anyone who wants to contact us denlisa121203@yahoo.com 10/11/10

We were contacted about a refinance on one of our rental properties where we would combine a first and second motage whikle saving approximately $400.00 a month. This started back in late July or early August. The requested we pay for the appraisal up front which was different that other loans I had made where the apprisal was included in the loan fees. We paid the appraisal fee and started the loan process. We kept receiving requests for additional information and we supplied. Everytime I asked how the loan was progressing I was asked for additional documentaion sometime the same as I had furnished. I finnaly had enough and pressed for the status of our refinance and guess what I was told "There are two things that are causing this delay. One, it our massive volume of loans.. We are funding over 750 mortgage loans just in the my area of San Jose. And second, your loan was selected for random audit. So it went to a special dept for review." "Our policy states that we can only use 45% of your income to qualify for a mortgage loan. Currently you are at 49%."

In speaking with her I asked why was this now an issue when we are reducing our monthly outlay by over $400.00 with this new refinance and what were they going to do to make us whole on the money they already took from us for the appraisal?

She could not answer these questions and stated most likely our refinance would be turned down but she had not received a definite word as yet and if I had an issue I could speak with her Manager.

I have been with Wells Fargo for over 20 years, have my savings and checking along with two mortages through Wells Fargo. Have never missed a payment and am working full time with two rental properties yet I do not qualify! This all seems like a big sceme to nickle and dime people who are trying to take advantage of the lower interest rates. The fact that they charged me in advance for the appraisal should have sounded some alarms with me. Well Fargo has crossed the line with me and I caution anyone from starting any loan processes with Wells Fargo because they will lead you on while making promises they will not keep.

I also would join in on any law suits that may take place against these type of banking issues. I can be reached at eandm47@sbcglobal.net. I am in California.

Yes, Wells Fargo (and other Servicers) are making a lot of money by drawing out defaults much longer than they would have been, increasing the balance on the loans, of which they are paid a percentage.

Furthermore, in cases where they determine the borrower is not underwater, they also profit by "equity-scimming" if they foreclose so they may actually take steps to increase the chance of foreclosure. Of course, in this scenario, the servicer (who has little to no risk) is profiting on both ends while the investor pays uncessarily high fees and the borrower loses their home.

Read this:
http://www.mfi-miami.com/?p=3636

...Sound familiar?

Law Suit? Sign me up because I have gone through the same scenario.

I am in the same boat, faced an economic hardship and was put on this same loan modification process. After 60 days I was denied simply because they stated they could not reach me via phone. At the time my phone was disconnected (had other bills besides mortgage) but I did write them and told them only to contact me via snailmail. They never stayed in contact other than to state I was denied.

Then like the original posting, my back balance was due, if I cannot make regular payments how can I make the lump sum? Logic is not a strong point of Wells Fargo. Finally I did manage to do the forebearance as it was the only option left they would let me go with. After the 3-month period the lump sum was due. During that time I lost my job so we no longer had income for about a month (no income at all) because I did manage to find a job but had to wait 4 weeks to receive a paycheck. This is when the foreclosure proceedings were threatened, I put the home up for sale, and is now in the process of short sale negotiations. However, the home has no offers since it was on the market of April 2010, it is listed half of what the payoff is and still no offers. It is slated to go to sheriff sale in December, but honestly if it isn't selling for half of the payoff now what makes them think it will bring any more money during a sheriff sale?

I feel your pain, Wells Fargo still sends me information about loan modification, but its far too late now and besides I tried it through their loan modificaiton three times and was denied for some trumped up reasoning on their part, I even paid them $2000 of a loan from my in-laws to qualify for this loan remodification, none of that money was ever applied to the mortgage at any time. I did manage to find a lease option home out of state due to a job relocation, it will be interesting to see what happens next month.

This is so horribly sad! My parents are going through the same thing. They as well have Wells Fargo, and have been trying to do a loan modification as they have had a loss of income and are having financial hardship as well. They filled out and sent over the required paper work. They were told in order for the modification to be put through they would need to make four payments to their loan with two of the payments to be made that day. They made two as to keep the paperwork going in hopes that they would get some help and planned to make another two the following week as requested from Wells Fargo!
They called Wells Fargo the following week to make the other two payments, which would put them in good standings and current with there loan. However, ironically they were informed that there was nothing that Wells Fargo could do for them and the home is now in foreclosure from the day that they made the two payments! They again, tried to make the two payments and Wells Fargo denied accepting the payments! They said it was too late and that an attorney now had their papers and information for the foreclosure and they would have to deal with this attorney from now on.
My parents asked whee the money was that they did give them last week, those two payments! They were told that the money was in some sort of "holding!" Why the heck was it not applied to the loan? Again, no one could give them any sort of answers and directed them to the lawyer.
They then called the attorney, and this attorney had no information on a foreclosure!
Since this point, they have tried to contact Wells Fargo as well as this so called attorney, every day, with no answers, and no one wanting to accept the second set of wo payments, and no answers as to why the first payments were not applied to the loan to keep them in good standings.
Unfortunately, my family is in a very hard place and they can not afford an attorney at this time to fight this. They are extremely beside themselves at this time and just don't know which way to go with this. Any help would be greatly appreciated.

We are a small business owner and have been very successful for 15 years. The past three years have been a financial struggle with the lack of new contracts. Our clients, which many are large corporation have been struggling also. So here we are in the same boat as the rest of America. The same stories that I have been reading is happening to us. Wells Fargo have actually sent a person to our house two times and charged us $45.00 a visit. The man never said anything to us, other than just to hand a sticky note with Well Fargo's number. I have been calling Wells Fargo twice a week since April. We have always been current with our house note until this year, we slipped one payment behind. I have been trying to get a loan modification or just trying to get the one house note that we are behind attached to the end of the note. I believe that this modification program does not exist, other than sending the same paperwork over and over. The customer service team sounds like they are reading from a script. They have no idea or do they care about our biggest investment. It needs to stop. I will join any class action suit against Wells Fargo. They need to be stopped. The things that they are doing to our account has to be illegal. Let's not let our tax dollars bail this bank out again.

After speaking with my family, they are as well willing to sign a class action suit against wells Fargo. Today we faxed over the same information requested as all the times before to four different fax numbers. As well they got a letter in the mail from asc/ wells stating how they are here to help etc etc! And that we should contact them right away so they can get my family into a program that will help them! The latter was dated 11/5/10! This is absolutely insane! As the above poster, we have always been on tine with payments and most times had even paid extra! And we are treated like we are the worst payees in the world and continue to get the run around!

FLgirl3690- we are Floridians also and detest Wells fargo. I've been trying to search for class action suites in FL but don't see one. We want to jump on that wagon and be included. Keep in touch if you know of one. For 16 months it's been nothing but a big farce with them. They use a 'cookie-cutter' no-win approach and we are sick of it. They have lied and re-neged on everything with us and destroyed our credit even though we were never late...they did 2 mandatory trial periods with us that were successful. We were instructed to send a specified amount that was less than the mortgage amount and promised the shortage would be of no consequence. We did that for 6 months. They lied, denied us the loan modif and then demanded the difference in mortgage payments $2, 600+ and late fees + reported the credit bureau 2 months in arrears. HAMP was useless, we used them twice. They have a bunch of drones representing WF that don't know their butt from a whole in the ground. I truly believe someone is making alot of money off this bailout and gov't programs that are useless. They are ruining us homeowners who are good and just people, are responsible citizens and pay on time everytime for 30 years. This is the thanks we get...Next stop short sale for us... :(

nsve- My family has been searching for something in the FL area too as far as a class action goes. My parents are just besides themselves with this mess. They have done every single thing asked of them to a T, just like it seems many other people are doing as well. And for what? Just to get strung along every single day. I feel the people that we do speak, don't know anything. The person my mother spoke to lastnight, told us the name of the lady that is handling the loan mod. My parents asked to speak to her and of course there is no contact info on this person. They just stated that they would send an email requesting for this so called person to call my parents. What a very sad mess for everyone. Last night, I emailed the govenor as well as the attorney general in hopes of something, anything, leading us in the correct direction. I did see on the today show just yesterday this: http://today.msnbc.msn.com/id/40222444 but I dont know what this meand for us! As well today they spoke about this: http://today.msnbc.msn.com/id/40213950/ns/business-real_estate/40216284

FLgirl3690 - this is very sad, isn't it! Let's keep in touch if either of knows a class action suit. WF needs to be kicked to the curb!

I read the two articles...but it may be too late for many of us. It will take them half a lifetime to re-do everyones modification because all our info is too old after 30 days. Don't wish to jump thru any more hoops with WF, besides, they have lied so much I wouldn't trust them now.

Dear WFSUCKS-
I hope you don't mind but I borrowed your profile name as it is so appropriate for this situation! I felt like I was reading our story as I read what you and your wife are going through. My husband has been unemployeed for 2 years so we took all the same steps as you. Well long story short he was just turned down for an insruance agent's job as we found out that Wells Fargo has our mortgage in default on our credit report, not modification and what I was told by the Rep. I am so furious I could spit! I need to know who I can write letters to and who I can talk to and if any of your letters have done any good? I wish you the best!

WFSUCKS #2

Class action attorneys in California and Nevada are investigating Wells Fargo in connection with its loan modification practices. If you feel you have been taken advantage of by Wells Fargo, feel free to contact me at [protected].

Anthony
Attorney Legal Directory

We have been trying to go through a "loan modification" with Wells Fargo for at least 3-4 months now. They send us paperwork to fill out and we sent it back. We never hear anything so we call to check status and they say that they never received the paperwork. This has happened 3 times. This paperwork is Fed-Exed back to them in an cardboard envelope so I dont understand how after sending it 3 times they NEVER receive it. To put the icing on the cake, I called them on January 19, 2011 to inform them that on February 1, 2011 we would be able to get the loan current and pay everything. Well, they sent us to foreclosure on January 24, 2011. Why would they do that if they were a good company that actually tried to help their customers. So, now instead of being able to get our loan current we have to pay lawyer fees. This is nothing that is new from what I am reading on this site. Somebody should really do something about this because it is extremely unfair to be taken advantage of when your down and that is exactly what they are doing. The problem is, they are so big now that nobody can do anything except for the goverment and lets face it, thats not going to happen.

I'm in the same boat, OMG I can't believe this is happening; I was recently approved to enter the HAMP program after months of sending in documentation ...over...and over again. Make a long similar story short; I made two trial payments before the due dates and received a call from a "NOW THIRD NEW PROCESSOR" telling me my loan was processed in the "WRONG" dept and I will be receiving a denial later. Sure enough I received a denial letter stating "I'm NOT AT RISK OF DEFAULT BECAUSE I HAVE NOT DOCUMENTED A FINANCIAL HARDSHIP THAT HAS REDUCED YOUR INCOME and I AM CURRENT ON MY MORTGAGE LOAN...I received a foreclosure notice from WF 06/2010, our household income decreased 50% (documented). Please keep me informed with any actions being taken against this company. tcsjamesjackson@comcast.com