I recently read a quote in an article over at bankrate.com from the manager of Wells Fargo and he mentioned that as soon as you know you’re going to miss your first mortgage payment, that’s when you need to call them. They can explain to you what to expect throughout the process.
He explained that if you lost your job or suffered from some other type of hardship, then you can give them time to help get your life back in order.
“The longer that you go — and if you’re going into a foreclosure process, there are other fees and costs involved in that — it does make it more difficult to ultimately get the problem solved.” says John Lawrence, manager of borrower counseling services with Wells Fargo & Co.’s mortgage division.
I’m going to do my part and let consumers know that banks will do a loan workout with you and modify terms in order to avoid foreclosure.
{ 52 comments… read them below or add one }
We have attempted a loan modification with AMC. We began the process in July, and recently received a letter with a sale date for our house. Our AMC rep seems very helpful, but there is always some delay in submitting our file. He has reassured us that the sale date will be cancelled, but the attorney’s office says it has not been cancelled.
We have come to believe that AMC has no intention of completing our modification, and is deliberately stalling to “run out the clock” and foreclose.
We are planning to file CH 13 this week.
Don’t BK yet! When is your sale date? They always never stop the forelosure process until they “know” that things can be worked out. If your sale date is not for a while, then be pateint and wait and keep bugging AMC. These reps are so busy and to have a nice one that is helpful is HUGE! Don’t give up on your loan modification!
Sale date Sept 4. Not much time.
We would much rather do a workout than BK. According to our AMC rep with a BK there would be no modification.
We let our rep know of our reservations about AMC’s intentions. He seemed annoyed by this.
Our appt with the atty is Thurs.
Dorothy and I spoke on the phone about her loan modification issue and her pending sale date. I’m not an attorney nor is this legal advice but I would look into protecting yourself with a Chapter 13 Bankruptcy when a sale date is this close. You must be working and have the ability to repay. This will buy you time.
The foreclosure sale was canceled!
We got the news at 11:30 AM EDT on Friday.(8:30 California time.)
We spoke with our AMC rep, and he expects it will be another few weeks before we get our modification package and make the down payment.
The past few weeks were a very anxious time for us, and Friday AM we were searching rental listings, not knowing if we would be out of our home on Tues/4th.
This is the first morning in weeks that I was able to wake from a sound sleep, without a stone of dread and uncertainty in my stomach.
I will write down the story of my modification with Ac in full, and post it on the forum.
Thank you Moe!
Awesome news Dorothy! Congratulations! Please come to the forum and post it when you get a chance. That’s such great news for you and your family! I’m sure it’s nice to have a little piece of mind and I’m glad I played a small role in helping you.
You quite welcome and thank you for taking the time to say that
It means a lot to me!
Wells Fargo/dba America’s Services co.
This is sure strange, they want to help and want you to let them know as soon as you know you can’t make the payments.
I have been trying to get a modification on my loan with America’s Service Co/dba Wells Fargo. I thought I was getting somewhere, sent in all my financial statement and pay vouchers. I was late on my mortgage, but not delinquit yet. Asking for help because I could not afford the payment increase effective 11-07. I paid my payment on the 30th, they sent a letter saying I was not caught up and closed my case.
When I called back today and asked why I do not qualify, they said you are not deliquent, you just pay late. It does not matter to them if I can’t pay $500 extra in 11-07.
What do they mean call them and ask for help as soon as you know you might not be able to make a payment?
All I got was the run around.
They did tell me since it is the 15th of the month, therefore I am late again, I could resubmit the information and start over. If I pay on the 30th again this month, my case will be closed again if I start a new one.
I know none of it ever makes sense to me or anyone. Crazy how this is all organized. There is no conformity or logic.
Dorothy,
I live in MI, and my situation is IDENTICAL to yours!! We have been stalking the loan mod. dept. of AMC/ Citi Residential for a LONG time. I have a constant knot in my stomach, and have also watched sale dates come and go. We have checked out rentals, attorneys ect. as well, and we are just trying to sit tight. It has been a HORRENDOUS experince.-Melissa
AMC is what I would call a predatory servicer. Now CITI bought their very profitable servicing portfolio because now they can profit from foreclosures.
polomurinureon 90 post
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Moe,
You situation is all to common. And I have it also with American Home Mortgage who Wells Fargo is the master servicer of my loan.
Here is the reason: The big dirty secret is that all loans are insured. The lenders buy mortgage insurance premiums on entire pools of loans.
They get reimbursed up to 35% losses. They are insured for the original loan balance.
They are not losing money when they foreclose. They are simply getting reimbursed.
The nmagic number is 35%. If they will loss less than 35% they want to foreclose. If it is greater they will work with the borrower.
Straight from the horses mouth.
Ameriquest Will! Steal your home if you let them…I have been Fight them since 2004. I have been hit by Predatory Lending and Mortgage Servicing Fraud.
They never paid off my truck, Insurance The cash out changed and they changed the interest rate. Lots of things on the contract changed after the signing.
I live in Florida, Ameriquest Cashed insurance check from the hurricanes and are in violation of RESPA and MANY other laws. It’s been a Nightmare!
Be VERY careful and Good Luck! you might want to check out the Rip-off Report they have thousands of people there talking about Ameriquest.
krimutinok 45 post
all about krimutinok and top news
ameriguest was bad then and is bad now,they
dont know what the hell they are doing and thats a fact
and they are greedy they will never help anyone they just talk
I need some immediate assistance. I was a customer with you about 5 years ago. I have a foreclosure sale date for may 9th,2008. Please help me.
melvin sullivan
3001 niles st.
bakersfield,ca.93306
661-324-0537
sullyimports@netzero.com
wells fargo will not help you. they put me on a load MOD. and told us everything was going to be ok. and of course it was a lie.
That is the biggest joke I have ever heard!
I wonder what he would have to say after hearing what has happened to me with Wells Hell.
In January of this year, I contacted Wells Fargo in an attempt to lower our monthly mortgage payment. At that point, WE WERE CURRENT on our loan & paid up to date. Our family business had been declining, and we felt it was necessary to get our monthly bills lowered until things were back to normal. I contacted Wells Fargo to see if we could apply for a loan modification.
The customer service representative advised me to:
1. Fax over a profit & loss statement, along with proof of income (or 3 months of bank statements in our case).
2. To freeze our payments. When I asked about the payments, I was told that 1. It could take up to 90 days for my application to be processed, 2. Any balanced owed would be put back towards the principal of the loan, and my terms would be stretched out.
I did what I was advised. My fax apparently wasn’t received the first 7 times I sent it, but my 8th attempt was successful—finally WELLS FARGO’s loss mitigation department acknowledged receiving it. At that point, I was advised again, by another representative that it could take up to 90 days for a decision and to not make the payments-just to call every couple of weeks until a decision is made, or I receive something. I did this for over 3 months & they continued to tell me the same thing.
On April 15th, (3 months later) I got 2 letters in the mail from WELLS FARGO.
The first one said that unfortunately our application for a re-modification was denied & the decision was based on us not being able to ‘come to an agreement’.
Then it continued on stating that ‘there may be other options, however in our case there are no other options’
First of all, I was never given a chance to agree to anything.
Secondly, after taking over 3 months, and then realizing the information I gave is out of date due to the length of time it took to process my application, a follow up call, or a letter via US mail would have been helpful.
Now, our credit is shot because of the negative information submitted by Wells Fargo, which has also significantly affected the terms of our credit cards & raised our interest rates up to 30% and prevented us from being able to refinance anywhere.
I opened up the other letter & it was a statement reflecting the following information;
$17,000 due on or by 5/1 or foreclosure proceedings will begin.
I immediately called & got disconnected 3 times literally, and after not giving up, I spoke to a rep that informed me the reason for our request being denied was ’missing information’. Apparently a message was left just days before on our voice mailbox.
I never got a message & I check my machine daily.
To my surprise, About 30 minutes after my phone conversation, a woman shows up at my house trying to take pictures of the property, claiming that she is with WELLS FARGO, conducting a PROPERTY INSPECTION.
The following day I called to see what our options were & was told that I could:
1. try re-applying for the modification again, which would put me into the risk of an active foreclosure, however they would ‘freeze’ the sale of the home until a decision on their behalf was made.
2. pay the full balance to bring my loan up to date
3. Set up a forbearance plan, where I would need to pay 8k, and then 4,000 in addition to my 4,000 monthly payments for the next 2 months.
So what happens, when I am denied again for no reason?
- I wont be able to get a loan, since WELLS FARGO has ruined my credit
- I risk being forced out of my home.
I asked for time to get the money together, all into one account & a direct phone number/extension for the girl I was talking to. She said that they didn’t have direct extensions, but she could call me back to get the account info & we decided she would call at 4:30 PST. She never called & there is nothing wrong with my phone.
The following business day, I called to make the payment & to my surprise, I was told that WELLS FARGO can no longer accept payment from me at this time. I asked to speak to a manager, and the manager told me the same thing.
I hung up and called back 5 minutes later & was informed of the same thing. Apparently my finances/income needs to be reviewed before any payments will be accepted.
I am not understanding why I have to show anything when I JUST WANT TO MAKE MY LOAN CURRENT BEFORE I HAVE ALL OF MY RIGHTS AS A HOMEOWNER TAKEN FROM ME.
I have been forced into foreclosure by following the direction of WELLS FARGO, my lender. Our credit is shot, and they are refusing payment from us, but I will not let this happen without fighting for my rights, my home, and the equity I have in this property, that I am convinced this bank wants. I owe 360k and the est prop value is 1.2.
Orange County, Ca
Hi:
I hear everything you are saying. I am involved in the same thing you are. Let me give you a few ideas.
1.) Call your Attorney generals Office and ask for the Consumer protection department. Tell them the information you have shared.Ask if they can get invloved and tell them you are a victum of bad guidance.
2) Wells Fargo is a national bank and must anwer to the O.C.C office ( Office of Comptroller of the Currency). Call 800-613-6743 and request to file a complaint. When speaking with Wells Fago during your next call inform them you have filed a complaint with the O.C.C’s office. ALso contact Hope Now, the non profit credit counceling department. Threaten to file a suite against them for providing wrong information. Document EVERY conversation you have with them. Include the persons name you spoke with, what number you called from, the time,length of the call etc. keep a log of all information and if possible a history of what was discussed. Every person you speak with ask who their supervisor is and the contact info.
This can be a painful process but PUSH hard. Do not give up. Fight them. Also, if enough of us ban together maybe we can initiate a class action law suite.
I’ve had America’s Servicing Company as my mortgage handler for a little over 2 years; don’t expect rational thought from their ‘customer service’ department and, otherwise, don’t believe anything they say. If you want further illustrations of their attitude and treatment of clients go to “RipoffReport.com” and search for America’s Servicing Company.
You’ll be awakened to the reality of the mortgaging business. Wells Fargo no longer has a good reputation as they once did. Perhaps you’ll realize that rather than rely on their ‘intelligence and good graces’ (big mistake), you should begin to formulate a legal approach to dealing with this company. You could, possibly, end up living mortgage free for a number of years as your case makes it’s way through the court system. FIGHT THE BASTARDS!!
This isn’t just ‘empty bitterness’ on my part but based on experience with a company who seems to see their client base as ‘the enemy’.
Regards,
Dmactds
I am so glad to find this web site and have experianced the same and even had payments returned being just 31 days late and making up the next months payment a week latter. If you have any contact info for class action please let me know. I truley feel I personally have been wronged and my loan documents prove it but until just lately have not had the funds for legal help. Class action is the way to go!
WELLS FARGO RECEIVED 25 BILIION FROM THE FEDERAL GOVERNMENT AND DOES VERY LITTLE TO ASSIST THE STRUGGLING HOMEOWNERS.
I APPLIED FOR A LOAN MODIFICATION OR SHORT SALE LAST DECEMBER AND WAS ABRUPTLY TURNED DOWN. THERE WAS NO EXPLANATION AND WHEN I TELEPHONED AND SPOKE TO ONE OF THEIR REPRESENTATIVES, THEY WERE TERRIBBLY RUDE AND WERE UNABLE TO ANSWER MY QUESTIONS.
THIS IS A PROBLEM INITIATED BY THESE BANKS AND AIDED BY CONGRESS. THEY WILL GET WHAT THEY DESERVE! STAY AWAY FROM WELLS FARGO AT ALL COSTS!
Boy, am I glad to see these comments. I have gone through the same thing with Wells Fargo as Anya. In October, 2008 we were hit hard by the Hurricane Gustave and got a two month moratorium on on mortgage with WF. When I called in December to make arrangements to pay, I was told to apply for a loan modification. It is unbelievable what happened after that. I was given conflicting information from the WF reps and had to reapply for a loan mod. four times. I was denied because they said I never turned in information that I never received, or I did not answer their call, or my deficit is too high, or my surplus is not high enough. Today, I received a letter from an attorney and foreclosure has started. I am six months behind because I was told not to make any payments while in review. But I was continuing to be denied and told to reapply and not make payments. I now over 11,000 plus attorney fees. I had to apply again for a loan modification and was told that the sale of my home will stop until this fourth review is complete. I am mad as hell! I felt like I have been given the run around so that WF can have my home. We have over 30,000 equity in a home we have only been in for 4 years. Seems like WF wants to take back their home. I just don’t understand the process. I might just have to file Chapter 13 if I am denied again. I am sooo mad with WF, class action suit is what is needed. Everyone should send a complaint to the OCC
We are in the same situtation with Wells Fargo – a foreclosure judgment was placed against us on Feb. 3, 2009 and we have (as far as I know) until Aug. 3, 2009 to get out of our home. Wells Fargo has denied a loan modification for us, and they refuse to accept any payments unless it is for the amount that is due. If we try to send in a partial payment, they send it back.
Back in July, 2008, I contacted People’s First Financial out of San Diego, CA (STAY AWAY FROM THIS COMPANY)-they promised me that they could get a loan modification for us through Wells Fargo and save our home (we weren’t even delinquent at that time). They told us NOT to pay our mortgage payments and not to talk to Wells Fargo (we were to refer Wells Fargo to them). We paid PFF $2995 to start the process, only to find out that they did absolutely NOTHING with our file until January, 2009. By the time they decided to do something with our file, after I sent them numerous emails, and called them numerous times about the upcoming foreclosure judgment hearing (which was set for Feb. 3, 2009); it was too late. The foreclosure judgment was granted, and Wells Fargo denied the loan modification proposal (whatever that was). We never received anything from PFF that shows what the proposal consisted of; and Wells Fargo says that there is nothing they can do for us – there are no workout plans for us. I filed a complaint with the San Diego Better Business Bureau against People’s First Financial, and my complaint file ended up “closed-unresolved.” I am fighting to keep our home, or stop the foreclosure; however, it does not look good. I am looking for a good, reliable attorney that will help us take legal action against People’s First Financial and Wells Fargo; but especially PFF because they gave us BAD GUIDANCE and false hope that our home would be saved and foreclosure action would not occur. PFF LIE, resulting in us losing our home. I have requested 2-3 times to have our money refunded by PFF; however, we have not seen a dime yet.
Our suggestion to homeowners who are facing foreclosure or unable to pay their mortgages: STAY AWAY FROM PEOPLE’S FIRST FINANCIAL in San Diego, CA — they are loan modification scam artists!!!
We are seeking justice and our lives back. If any other homeowners have had a similar experience with People’s First Financial, I would like to talk to you. I am also going to contact our Attorney General’s Office and file a complaint.
You should seek an attorneys help in recovering your money. Many lawyers will take this on contingency or possibly the AG may scare them into a refund. I do hope you keep on this and keep us informed. I wish you the best!
ASC aka Wells Fargo is just out to take your home. They gave me the run around just like I see posted here. Continuously losing paperwork or “never recieving it” but never calling to tell me and when I would call them they would tell me they were reviewing it. Wait I thought they never recieved it?! What a crock! They had me skip a payment just to get behind and do a loan modification with them. Since then I have found out that you do not need to be behind to do a loan mod no matter what a lender tells you. It is just a way for them to rack up ridiculous fees, which they did. If they say you need to do it…don’t. You can apply to remodify your loan without being behind. It is all a numbers game and you can be current and still recieve one. I had my property in short sale from Aug 07′ until the end of May 08′ at which time they foreclosed on my home even though they told me they “were still reviewing things” even on the day of the sale. They kept giving myself and the buyers the runaround. I have no doubt they had every intention of taking my home. Making us resubmit paperwork that they never recieved, or it expired etc. They would tell me that they had called to keep me up to date. I have caller ID and voicemail and a cell phone….they never called. I went through a foreclosure proceeding twice. One time I paid their attorney around 21,000 to bring the house out of foreclosure. This company is nefarious and I wouldn’t trust them with any loan mod, short sale or anything for that matter. I would refinance ASAP if your loan is with them. They prey on first time home buyers and people with sabpar credit. If there is a class action lawsuit against them I want to be part and would be more than willing to testify. I was a first time home buyer that moved out of state and this home became an investment for me. ASC bought my loan a few months after I owned the home without letting me know. I sent my payment to my original lender only to recieve a late notice from ASC. That is how this all started. Go to RIPOFF REPORT and look them up. Everything I have posted is common with ASC (wells fargo) and they should not be able to get away with it.
I am getting the same results from wells fargo. I have faxed my financial documents 5 or 6 times and they keep telling me they dont get them. The customer service dept is awful. I get a differn’t answer every time I call. I am calling the att. gen. office first thing tomorrow morning. They shouldn’t be able to get away with this!!!
Try sending them via Fed Ex….
Fed Ex won’t work either. I send paperwork to Wells Fargo Express Mail, have the signature delivery in front of me, and they “don’t have it”. I just got my home out of foreclosure with Wells Fargo, through no help from them. I was denied for a loan Mod due to being “uncooperative”. Meaning I called every 3 days instead of once every 7-10 days like they requested. One thing you might want to check-if you are currently paying PMI, contact that company. Tell them what you are going through with Wells. They don’t want to pay a claim, and will try to help you keep your house. My story with Wells Fargo was a nightmare, and I wish everyone luck.
Hi i am still current with my payments but stuggle every month to make my payments. My income isnt the same it was. I bought my house october 2007. The servicer’s of my loan are wells Fargo the actually loan is from Fannie May. I spoke to a loan Mod place there first thing is you need to stop paying or be late. I feel uncomfortable doing that until i must. I spoke recently to Wells Fargo Directly and they said that i should write a hardship letter and pay stubs etc….. But he also told me that sometimes unless i am late the computer might throw me out of the system or decline me right away because i am not an urgent case. What is the best way of going about this? Also is it to my benifit that my loan is own or guaranteed i forgot what is is called my fanny may.Idealy i want to modify y loan to a lower interest rate these modify places say they can get it down to 3.5% is that nonesense? Anyhow with any good advice please repond. Last piece of info since i have good credit i tried regular refinance with wells fargo they have a 123 free refinance program , they first told me i was accepted and then declined me because of my debt to income ratio. Anyhow thanks a lot to all the people who take time to post!
We are not late on are payment but my husband this summer will not work with out his job income we will not be able to make are payment he is 74 and get GMAC retiree payment and also Social security are payment is $1445 that is half goes to are house payment that is why he needs to work . also we owed $187,000 and are house is worth about $90,000 what do we do I’m scared we gave a downpayment of $23,000 when we bought we never dream that this economy would get this bad . I called ASC the servicing company I was tolded to send a hardship letter pay stub . I asked what plan can we get I got no answer it is April next month we will be able to pay but June Lord Have Mercy I don’t think we can we live in Arizona just the electic bill get to e about $300 what do you think we should do
I too am in Wells Fargo hell. We never had a problem with our mortgage until the Evil Empire took it over a year and a half ago and promptly told us that we were “five months behind” even though all our payments were current. They tried to trick us into signing a forebearance agreement to pay them $10,000 we did not owe. They were impossible to deal with, giving us conficting information and did not credit any payments we kept sending them. Finally they foreclosed. We got a lawyer and had a hearing scheduled in front of judge to show him that WF lied and that we have proof that we have been making payments that they never credited. Now they are backing down and getting postponements while they “search for documentation.” Fight these bastards. They are nothing but theives and will try to steal your home.
OK, so I forgot to add that just a few months prior to the sheriffs sale on my home ASC picked the PMI company of their choice and charged me for PMI (they picked a rather expensive that no doubt is tied to them). I have no doubt they plan on taking your home out from under you. DO NOT TRY TO WORK WITH THEM ALONE! Trust me, you will end up frustrated and get nowhere. You will be tossed around, nickled and dimed to death and then your home will be stolen from you. Google ASC (the servicer for Wells) and Wells Fargo home mortgage company. See what you find. People going through the exact same thing…verbatim. I just wrote an article for our local paper about loan modifications and protecting yourself. I decided to help other people avoid the same fate so I am using my law degree to help others fight for their home and avoid being taken advantage of. I would go with a professional when dealing with ASC. If you must do this on your own. Document each and every conversation that you have with them and know that you will be dealing with them for extended periods of time. They will be losing your paperwork so expect it. They will lie to you they only want your home. You will speak to a different person each time that will have no record of your previous calls so please be prepared. I still get very worked up over these SOB’s and what they are getting away with! As far as any documents you send them be sure to send them certified mail and most likely you will have to go through litigation if you do this yourself. I went to law school and and would offer any free advice I can to anyone interested. I will be Barred in May (still awaiting results) so I am not looking to represent anyone legally. I am not able to give legal advice since I am not barred but I can tell you of my experience a few years back. I must disclose that I currently am working as a loan modifier and although I am not negotiating (and have no plans to until I am barred). I will give you any all advice I can. Good luck and don’t give up because that is what they want. They want to exhaust you and make you feel helpless so you will just give up. Don’t do it! If I had known then what I know now I would still have my investment that they took!
JDRogers2032@aol.com
I would also recommend doing a “loan audit” with an attorney or CPA that is very familiar with what a loan audit consists of. The majority of loans (especially those made within the past few years) violate several key federal lending laws. I believe the percentage that violate is somewhere around 80%. Most likely your loan will fall into this category as well. If you submit this audit with your request for modification it does bear some weight and it can be significant. You can probably research some of the key things looked for in an audit and look through your loan yourself if money is a great issue. I would not pay more than 500.00 for an audit. There are people out there charging over 1,000.00 so be prudent and do your research! Good luck again!
We applied for a loan modfication December of 2008 because we had drained our savings keeping up with our mortgage payment. Our business has gotten hit badly by the current economic crisis. Hoping that things would get better, we continued to make our payments for the last 1 1/2 years with great difficulty. One of us was bringing in money from a salaried position and the other still trying to manage and keep our buisness above water. If we let our business fail; so many other families would be effected. Finally, in December of 2008 we realized that things were not getting better with our business. The salaried position is not enough by itself to sustain the mortgage payment we currently have.
We applied for the loan modification before we were late because we were foreseeing trouble. Wells Fargo told us that it would take 30 to 90 days for the process.As things got progressively worse with our business, our salaried position also got hit by a furlough. February 2009 we received a letter from Wells Fargo denying us for a loan modification. February 2009 was also the first month we paid our payment late because of the lack of funds due to the Furlough.We kept calling once a week hoping that we would get a positive answer. When 60 days went by and it did not look like we were getting anywhere with Wells Fargo; we contacted HUD. They took our financials over the phone and told us that if anyone qualifies for a loan modification it would be us because we live within a very reasonable standard and have one solid income coming in. At that time, HUD said that if Wells Fargo would lower our payments by just a little bit we would be able to survive this crisis.
HUD submitted a package on our behalf because we qualified for a loan modification under the criteria that they use. Wells Fargo began another review for a loan modification for us. When 117 days had gone by and we still were getting the run around; we contacted Community Housing Work, non-profit agency, to see if they could help us. We took our financials to them on March 19 and again they said that based on our financials there should be no reason why we should not qualify for a loan modification. We do not have credit card payments, we do not have car payments (because we drive older cars), we do not have any kind of unsecured debt, we live a modest life, we are hard working Americans, have credit scores above 750, own a small business, pay our taxes on time, were not sub-prime borrowers, have been responsible with our financial obligations….all which can be proven with our credit report;yet, even after government agencies have gotten involved and have recommend that our loan be modified,we have been denied for a loan modification by Wells Fargo again.
After receiving our package from Community Housing Works on March 26, 2009; within 24 hours of receipt of our 90 page package from the government agency recommending us for a loan mod, Wells Fargo sent a letter stating that “they were unable to come to an agreement”. When I called them to see who was not able to come to an agreement….they stated the “E-Trade”, who is the investor of our loan, does not participate in any loan modification programs and that there was nothing else that they could do to help us.They asked us to go over our financials once again because we may qualiful for some streamlined modification program…when we began to go over our financials; the rep started reading numbers that had been input by someone at Wells Fargo that did not make sense. i.e. $16,000 of revolving credit card debt….which is completely untrue. We do not carry any credit card debt.We believe that the modifier received our package, decided that she did not want to work with us, input some illegitimate numbers, and denied our request.
Last week somebody called from Wells Fargo asking us if we wanted to put our house up for a short sale. They would rather short sale our home than reduce our interest rate so that we can keep it. This is why the economy is getting worse instead of better. Short selling our home would be worse for our neighborhood and economy than just reducing their profit in the interest that they are charging us.Even though our home has depreciated, we are not asking for a principal reduction…just a reduction in interest. We want to ride this out and keep our home.
If these thieves would not have immorally taken such senseless risks and made billions of dollars ripping people off in the subprime market, our business and so many other honest Americans’ businesses and the US economy would not have taken such a radical down turn that would cause us to not be able to afford homes. This is a sad reality for those of us that legally qualified for our homes based on credit and real income and are paying the price for someone else’s greed.
We have been directly affected by these thieves and now that they are receiving all this bailout money without accountability to help the people they directly effected by their greed and irresponsible decisions.
What are we to do now? Should we hire an attorney? Desperation is starting to kick in and although we want to fight….is there anyone who has actually been qualified for a loan modification?
Wells fargo is ridiculous. I have been trying to work with them for 6 months and no use. The agents lie outright. Different story everytime you call. John Stump should be sent to jail for abetting in this ponzi scheme and then not assisting howeowners.
I too have been trying to work out a plan with Wells Fargo/ASC for a number of years now. This company is ruthless and could care less to work things out. You would think that they would like to keep a paying customer instead of taking a loss. The government should tell the lends, if you take someones house their will be a limit of 10% write off. I filed bankruptcy twice to get some relief. Now I’m looking at a loan audit to pursue a lawsuit against WF/ASC for mortgage fraud.
Wow,
I tried and tried and tried and tried again.
Modification denied 6x, always a ridiculous fantasy of an excuse.
1. Could not contact(called once a week) BS
2. Missing financials(faxed in everything requested numerous times)
3. Investor denied(hmm Wells asked for everything and filed the foreclosure yet Investor denies)
4. Income is 1200 vs. Expenses of 20000(oh ok , guess I have alot of cash sitting around since I have been doingthe same business for 20 years)
5.This product cannot be modified
6.lawonda, Sheneika, Kay, and Kathy just want to string you along, give false hope then BOOM, house is sold to the note holder.
My home was sold , I have a 4700/month surplus yet could not qualify for a modification. My loan payment went from 2700 to 4300 in the repayment plan. I would of kept paying if I had not beed ADVISED BY WELLS FARGO TO S T O P in order to be considered for a MODIFICATION.
I made 18500.00 in payments to Wells during this “modification” process and not one dime seemingly went to interest. I have no idea what just happened but I am certain The Office of the Comptroller of the Currency will figure it out.
WHERE ARE THE LAWYERS to help all of these people being skewered by LOSS MITIGATION.
Cara K. Heiden I am truly saddened by your LACK of action, one person losing a home because of fumbled paper work is too many, looks like this happens to THE MAJORITY!!!
I had a similar experience with WF, thought I was going to lose my house. Didn’t have the 18k to catch up. I too was told to not make mortgage payments while I was trying to modify my loan myself. I found out later that because I had some equity left in my house that my house was one of the ones that WF wanted back because they could make a profit or at least break even. Days before my sale date I came across a guy by the name of Mr. Lassiter at Clear Image Financial Group out of Tampa, Fl…He told me about the tricks lenders try on people like us trying to do our own modifications. I didn’t have anything else to do but get ready to move my family. Mr. Lassiter emailed me the paperwork for his company, their fee is $2995.00 but he put me in for a hardship discount (remember to ask for it) and they cut their fee in half. I paid it (what other choice did I have)they got mt sale date pushed back for 3 weeks, to work on the modification…then another 3 weeks when Wells Fargo took to long….Well I ended up with my loan modified. 2% fixed for 5 years, then it goes up 1% per year until it caps at 5.5%. And I had 2months for my 1st payment. Half of the payments I was behind where forgiven, the other half rolled into the new loan, They even got them to cut 12k off of my principle balance. So I still have my house. My credit is shot so I can’t refi out of WF, I hope they sell my loan to another lender…Any other bank has to be better than this crap….If I had to refer a company I would refer Mr. Lassiter. They keep you informed every step of the way..877-940-1477 classiter@clearimagefg.com..Good luck to all who come up against WF alone with some equity still in your home.
I too have been trying for 8 months to get a loan mod from Wells Fargo with no luck. They sent a letter saying they could not contact me but they never tried. I even have a Loan Mod Company trying to help me with no luck. Doesnt Obama know what is happening!!! What loan mods!! Wells Fargo is a company of crooks!
Hi floks:
IF you are dealing with the following company’s ASC,PLS,SPS, don’t wait get an attorney NOW! These firms are all Owned or controlled by WELLS FARGO BANK, you can and will lose what money u have saved, and your home…My client had a fixed 30 yrs loan, and got approved for a new fixed rate loan that would have lowered her payment by $500.00 The current loan never appeared on the credit report,after Well Fargo’s ASC bought the loan.
The client was current on the loan, we were ready to fund( there was no pre-pay on the loan) and in escrow, when well’s reported the loan 60 days late…Well’s bought the loan in March 2006, and for the next 7 months never reported….To this very day Wells Fargo has refused to remove the error from her the credit report,I’ve gotten stonewalled from November of 06 until now… that right folks..and this is May 09….Don’t think I’m not Hot about this,it was’nt about the income I lost,it’s about…Fruad.. what are you willing to pay ” KEEP ” your home. Even as they take TARP FUNDS,and make promises they are’nt going to help unless you push ” FIGHT BACK ” I have no fewer than 15 different numbers, managers refuse to talk about this. Why pay wells $ 125.00 per month along with other garbage fees they charge for the modification….Which won’t get you off the foreclosure list until everything is paid.Being on the foreclosure list cost you $125.00 per month even after you enter the modification program they offer… So NOW YOU KNOW….
I am currently under a CH 13 Bankruptcy. I had gotten behind while in the 13 plan. Well Fargo filed a request to remove my home from the 13 plan so they can forclose some how I can up with the back payments and lawer fees. Since I have made my payments on time and all of sudden Wells Fargo stopped taking our payments. The explaination they are waiting on permission from thier lawyer to continue taking our payment’s. What to do at this point.
Wells Fargo is Doing Their Part to Help Stop Foreclosure, BIG JOKE! Blah, Blah, Blah.
So far i have gone through 2 modifications, first modification was approved lowering my mortgage payment just $50.00, so i rejected the offer. I want a long term payment, not a short fixed – setup for failure payment, you know…the same ones banks offered to make their millions. Well on the 2nd modification, i was told i did not qualify under any programs, because my front-end-ratio did not meet their approval standards. Wow! first i am approved, then i’m not. O’k, so i went and seeked help from a couple of lawyers [shop around] first lawyer’s advice – short sale or foreclose, i’m thinking you are a lawyer advertising yourself on tv informing homeowners to call you to stop foreclosure and save their home, but you are telling me otherwise. Anyways…lawyer #2, apparently an expert on modifications and so on… so i asked very simple questions like to look at my paper work the ones i submitted for modifications and what recommendations or possibilities do i have in getting it approved, well his answer was well…it will cost you up front $1,500 just for me to look at it and see if you qualify for a modification, i then asked..well all my paperwork is right in front of you, the work has been done, if you have years of experience and have worked with these banks many times then you know their criterias, you know why will they approve or not approve just by looking at my numbers “Simple Math” i said. Long story short…more blah, blah, everyone out to take money from struggling homeowners, adding more insult to injury, i see them as savengers who prey on people going through desperate times, Unbelievable, but true!!.
So i did some research, re-submitted my request for modification, called the bank and was told that my information was sent to a lawyer and it was in a foreclosure status, and that as soon as i receive letter in the mail i needed to contact the office to do a repayment arrangement with the paralegal assigned to my case.
I received letter, called office 10 times and counting it’s been 3 weeks since i received letter and still noone has contacted me, so my assumptions are, they have no intentions on doing so, it’s all a time game, until i get my final letter to foreclose, so as i see it Wells Fargo, American Servicing encourages homeowners to Foreclose!!!
Please stop the lies…statistics do not lie, i encourage that an audit be done in these banks, many homeowners do qualify and banks are stating that they do not.
My husband and I are experiencing the run-around for months. Now they say he doesn’t qualify for modification because he doesn’t make enough money. Now my intentions are to send letters to the President. I would like to have the frustrations of others experiences in home loan modifications from Wells Fargo emailed to me for send off to the President. I don’t know if this will get us anywhere, but i’m willing to do anything. Wells Fargo lies. They are out to help themselves only. I will never do business with them again.
Wokovia holds my mortgage and my home equity loan. I have calling twice sometimes every week since April. I was forced to quit after I injured myself at wwork a place I worked at for 10 years. Them I had to have back sugury. In the mean time my son who is drug attict was robbing me blind, lets not forget my daughter whom had a nervous breakdownafter i could not pay her rent in chicago. Now im two months behind in my mortgage and I gor a letterin the mail from wokiva for intent to forclose. Im ready to jump off a building I cannot get help of any kind. I got two letters last month from credit card co, who are suing me. After 31 years of marriage,Life looks pretty bleak
My stomach is in knots!
I am experiencing similar actions by Wells Fargo.
I am admittedly now 3 months behind (counting Sept) due to being laid off. I contacted Wells Fargo early on, got same treatment.
Now, they are doing the FAX everything to us again routine. We provided the wrong address to you, etc.
Forclosure set for Nov. 21…I am not feeling much hope. Before I was laid off and even hrough June, I made my payment.
Now I am unemployed – they seem to want me out, rather assist me through this temporary hardship!
I am single and that seems to be a red flag in their eyes, although they were happy to take my cash early on!
Guys its time for DRASITIC ACTIONS
We have to take control of our country again, its being OPERATED by a BOAT LOAD OF CROOKS.
I hired 2 Mortage modification attorneys, had to fire each one after 3 or 4 months of trying to get us a modification.
Banks have no intention of giving you a honest modification, it does not pay, nor is there any law to make them do so.
We finally got our Modification from wells fargo after they pushed us into foreclosure and we had to file bankruptcy.
To date we have spent more on attornrys than we owed these Crooks at Wells fargo.
Now they refuse to disclose all the fees they are tacking onto the modifivcation, ITS FLAT OUT HIGHWAY ROBBERY.
Pukes in DC are all getting bribes and kick backs from these Big banks etc, so there is little hope for the Public.
STOP PAYING TAXES, lets see how long thay can last without our SUPPORT.
Rally, protest, and sue them off the PLANET.
WAKE UP AMERICA, were are being ROBBED in Broad day light.
just like the rest talked to a mr.Grant at wells fargo got package sent it back nothing . they have no idea what happen to that package, or who Grant is.
story is arm goes up 2009,will not be able to afford it. like every thing else. over finance. lost hours at work . we are trying to hold on.
we tried to get them to help. was told (we be ok).by thier local office.
well we are not .we wre making half payments, now we fell behind
they give false info. they don t keep records who you talk to.
don t know but looks like chapert 13 or 7 for just to get peace of mindand stop harrasments for being month behind.
i onily think our presidant should gave all of us checks to pay our loans. and bills. that would be better than giving banks the money .
they just figured how to make us pay 2 or 3 times more in long run.
if at this time in life me paying bills , i would have more to put back in our ecconmy. may be our american dreams are not to go.
maybe me and my family ,will feel better after .we move to box
and stop bitching
Well Fargo from hell…
I have been trying to get a loan modification with WF for 1 years now. When I started I was only 2 months behind but after all the (don’t pay because of loan review and forbearance) I received a letter stating we have been place in forcloseure but I will been fighting them tooth and nail. After doing some research this week since I recevied the news of foreclosure I am be start to work with NACA and hud to get a reinstatment.
Their need to be a Class Act suit against Wells Fargo because they don’t help the problem but get you the run around or a payment plan you can not afford, then say foreclosure in the need. If a Class Act suit is start with Wells Fargo count me in.
For any attorney looking to start a Class Act suit, I received some information that would be great to start. I say let’s start calling, email and demand we get some help our tax dollars paid for. Since Wells Fargo received funds for the bail out money…. They took our tax dollars in the bail out then turn around take our homes..
I have located some direct contact information for Wells Fargo and Investor, I will list each and everyone… We need to call and email this contact information with our problem…Let rang their phones on the hook… Contact inforamtion below!!
Godman Sachs Mortgage company 212-902-5008 Nia Gandy
GS Mort Securites Corp 727-825-3800 Richard Lewellen
JP Morgan Master Service & Complaints Amy.Brinkman@jpmorgan.com Administor David.S.Veith@jpmorgan.com Wells Fargo 515-213-7071 Fax 515-213-7121 703-918-3546 W/F Adjustor: maria.gladney@wellsfargo.com 414-214-5159: Amy.Brinkman@bankofny.iom,-bank of ny master servicer julie.mcclure@bnymellon.com, kshitj.mittal@bnymellon.com, David.S.Veith@bankofny.com-bank of ny master services
bank of Ny Master Service Complaince
US Bank National Association as Trustee Attn: Structured Finance Department 617-603-6406
WFC is a fraud period. I have been trying to work with them on a workout option, for the last 12 months. The loan/mod representatives each gives a different story, even clearly lying. After speaking with 150 agents still getting nowhere. When you press them more, oh we cant do anything. And to see this manger give such crap in media after playing with lives of millions, is cruel. These banks are creating economic slavery of common unsuspecting americans. Isn’t that exactly what President Lincon and Martin Luther King fought against. We will need something like that against these banks.
They were a big part of this whole problem. They took bailout money will take servicing money (billions) and do nothing except some empty talk. I have removed all association with wells Fargo. Whatever the result, I will never have anything to do with this crap of a bank, in future.
OK,so we have found out that wfc are liars and thieves of the worst sort. I bought a property about 1.5 yrs ago that wfc appraissed at 1.2M. I went to refi this year and they hired an appraisser from another county and he could not find any comps so he guessed at 389K. I paid 890K for the property thinking good deal. Now that it is worth what it is they will not even talk to me about lowering the rate to keep me in the game. Business has been rough enough for all of us this last year and the banks seem to be doing great by nudging numbers from here to there so it looks like their doing good. I have used wfc for business and personal for over 20 yrs and at one time we were the biggest customer at the branch I use. Never had a problem,late fee or dissagreement. Now I am nothing and no-one can give me answers. This bank is the worst and I hope the gov.holds up NOT TO BIG TO FAIL. these are the first people i want to see going through what the rest of us our. I could go on about all the ways this bank has f,d me but i’d just get riled. Hope someone can take these people down.