Comments on: Wells Fargo to Foreclose on 5,000 Homeowners http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/ Loan Modification & Home Loan News Sat, 20 Mar 2010 11:41:39 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Gabrielle http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13592 Gabrielle Thu, 02 Apr 2009 21:52:59 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13592 We have a loan with Wells Fargo Financial. What started out having a personal loan back in April 2006, and wanting to get a lower interest rate so we can it paid off quicker, turned into us refinancing our mortgage. In August 2006, we provided documentation to the rep at Wells,the previous W-2's for two years and pay statements. My husband was employed by two different employers at the time. I had a vehicle that was suppose to be listed in the loan, due to debt to income ratio, however, 10 days prior to signing the loan, the car was totaled in an accident. Asked to have the car removed from the home loan and was told no, due to debt/income ratio. The ratio would have changed anyhow since the car was a total loss and insurance would have covered the balance owed. Also, was provided a loan for $21,000 more than the value fo the home. Long story short, we were stupid to sign for this loan, we admit that! It was an interest only loan for 40 years with an 8.2% rate. Told that we would be able to refinance into a fixed rate in two years with lower payment. Oh yeah, we had no escrow included, actually told we would like it that way. In Dec. 2007, we contacted the office that had our loan, informed them we were starting to struggle to make the payment each month. We were taking money off the credit cards to keep up with the payments. After several times speaking to a rep, Home Preservation finally spoke with us and questioned why we were struggling. When we mentioned my husband's 2nd job was basically gone, we were asked "what 2nd job?". They finally did a modification which saved us less than $400 a month, but was still not enough. In Sept. we went late with the payments again, and never recovered. We have spoken to so many different reps who were rude and down right mean. We finally made that heart breaking decision to file for a short sale and listed the house. Since Dec. the house has been listed for sale and never heard from anyone at Wells Fargo since. Never received anything in the mail stating they were willing to allow us to do a short sale, or how one works. Now, we had an offer for $94,000 less than owed on the home. We turned it down since we just found out we would have to report that $94,000 as earned income on our taxes for 2009. Which means we would be in debt to the IRS for over $18,000! Through this journey, we have learned that this is a fraudulent loan to begin with and now we are losing our home because of it. We have tried time and time again to get help from this company and basically no one cares. My husband has tried for over 6 weeks trying to make contact with the guy that is overseeing our short sale at Wells and the guy would not call him back. When my husband finally spoke with him the other day, the guy was so arrogant and told my husband that we should accept the offer and "lets get this done and overwith". We are refusing to accept the offer until we have a written letter signed and notorized in our hand from Wells releasing us of ALL financial liabilities for the difference owed and the taxes that would have to be claimed as earned income for this property. Our tax guy said that the banks can grant a 1099 releasing the homeowner from the tax liability if they want, they have that power to do so. If they don't release that to us, then we will allow the house to go to foreclosure and just walk away. Either way, we get nothing from any of this when said and done. With the Mortagage Debt Tax Relief Act 2007 in place, with a foreclosure you are excluded from paying taxes on the foreclosed loan. If I had money right now, I would obtain an attorney and sue Wells Fargo Fianancial for providing us with a fraudulent loan. Hopefully someone will read this and think twice before EVER having a home loan with this company. We have a loan with Wells Fargo Financial. What started out having a personal loan back in April 2006, and wanting to get a lower interest rate so we can it paid off quicker, turned into us refinancing our mortgage. In August 2006, we provided documentation to the rep at Wells,the previous W-2’s for two years and pay statements. My husband was employed by two different employers at the time. I had a vehicle that was suppose to be listed in the loan, due to debt to income ratio, however, 10 days prior to signing the loan, the car was totaled in an accident. Asked to have the car removed from the home loan and was told no, due to debt/income ratio. The ratio would have changed anyhow since the car was a total loss and insurance would have covered the balance owed. Also, was provided a loan for $21,000 more than the value fo the home. Long story short, we were stupid to sign for this loan, we admit that! It was an interest only loan for 40 years with an 8.2% rate. Told that we would be able to refinance into a fixed rate in two years with lower payment. Oh yeah, we had no escrow included, actually told we would like it that way. In Dec. 2007, we contacted the office that had our loan, informed them we were starting to struggle to make the payment each month. We were taking money off the credit cards to keep up with the payments. After several times speaking to a rep, Home Preservation finally spoke with us and questioned why we were struggling. When we mentioned my husband’s 2nd job was basically gone, we were asked “what 2nd job?”. They finally did a modification which saved us less than $400 a month, but was still not enough. In Sept. we went late with the payments again, and never recovered. We have spoken to so many different reps who were rude and down right mean. We finally made that heart breaking decision to file for a short sale and listed the house. Since Dec. the house has been listed for sale and never heard from anyone at Wells Fargo since. Never received anything in the mail stating they were willing to allow us to do a short sale, or how one works. Now, we had an offer for $94,000 less than owed on the home. We turned it down since we just found out we would have to report that $94,000 as earned income on our taxes for 2009. Which means we would be in debt to the IRS for over $18,000! Through this journey, we have learned that this is a fraudulent loan to begin with and now we are losing our home because of it. We have tried time and time again to get help from this company and basically no one cares. My husband has tried for over 6 weeks trying to make contact with the guy that is overseeing our short sale at Wells and the guy would not call him back. When my husband finally spoke with him the other day, the guy was so arrogant and told my husband that we should accept the offer and “lets get this done and overwith”. We are refusing to accept the offer until we have a written letter signed and notorized in our hand from Wells releasing us of ALL financial liabilities for the difference owed and the taxes that would have to be claimed as earned income for this property. Our tax guy said that the banks can grant a 1099 releasing the homeowner from the tax liability if they want, they have that power to do so. If they don’t release that to us, then we will allow the house to go to foreclosure and just walk away. Either way, we get nothing from any of this when said and done. With the Mortagage Debt Tax Relief Act 2007 in place, with a foreclosure you are excluded from paying taxes on the foreclosed loan. If I had money right now, I would obtain an attorney and sue Wells Fargo Fianancial for providing us with a fraudulent loan. Hopefully someone will read this and think twice before EVER having a home loan with this company.

]]> By: Randy http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13465 Randy Sun, 29 Mar 2009 01:01:33 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13465 The big problem is that too many people tried to buy what they could never afford. The federal programs are designed to make the banks look like they don't care. Read the actual requirements to get these "bail out" loans. It is nearly impossible. Think before you sign anything, if someone tells you to jump off the building and the street will turn into marshmallows while you fall would you believe that? The big problem is that too many people tried to buy what they could never afford. The federal programs are designed to make the banks look like they don’t care. Read the actual requirements to get these “bail out” loans. It is nearly impossible. Think before you sign anything, if someone tells you to jump off the building and the street will turn into marshmallows while you fall would you believe that?

]]> By: Deborah, San Diego, California http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13158 Deborah, San Diego, California Fri, 20 Mar 2009 18:57:21 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13158 Like the last repsonse we too have been dealing with the loss mitigation department and like his client you talk to a new person every time..or they transfer you to another department that can't help anymore than the first. We too have sent in a hardship letter and proof of income. What we were told that it would be processed and someone would be getting back with us within 10 days...that was back in January. Still waiting. When you talk to these people you have to devote hours on the phone because every department has something entirely different to say to you. My question back to them was didn't the previous customer service rep chrono this discussion? Obviously not because when I refer to my previous conversation(s) they say they know nothing....hopefully this can be resolved very soon! If not, we might become a statistic... Like the last repsonse we too have been dealing with the loss mitigation department and like his client you talk to a new person every time..or they transfer you to another department that can’t help anymore than the first. We too have sent in a hardship letter and proof of income. What we were told that it would be processed and someone would be getting back with us within 10 days…that was back in January. Still waiting. When you talk to these people you have to devote hours on the phone because every department has something entirely different to say to you. My question back to them was didn’t the previous customer service rep chrono this discussion? Obviously not because when I refer to my previous conversation(s) they say they know nothing….hopefully this can be resolved very soon! If not, we might become a statistic…

]]> By: Greg http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13137 Greg Fri, 20 Mar 2009 08:52:43 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-13137 I have a client who just signed with us this week. He is three months behind on his payments and tried to work with his servicer ASC, who is a part of Wells Fargo now. He sent in a financial worksheet showing his income and expenses, and someone from loss mitigation (supposedly, thought I can't imagine this would come from someone who knows anything about loss mitigation and modification requirements) told him his expenses were too high and that he'd be denied a modification because he didn't show positive income. Either the person who gave that advice is blissfully stupid, or maliciously deceitful because that advice would cause my clients modification to be declined. You don't show financial hardship by having more income each month than expenses. That's the opposite of hardship, and ASC was sabotaging his efforts, hopefully not on purpose. Luckily he found my company and he definitely qualifies for a hardship modification, and should see a significant payment/rate reduction. If he had continued trying to 'work' with ASC, he'd have found himself in foreclosure, which would have hurt all parties involved since he is so upside down in his home. Be careful when dealing wth ASC. . My client then had to 'adjust' his true expenses to show a positive cash flow. I have a client who just signed with us this week. He is three months behind on his payments and tried to work with his servicer ASC, who is a part of Wells Fargo now.

He sent in a financial worksheet showing his income and expenses, and someone from loss mitigation (supposedly, thought I can’t imagine this would come from someone who knows anything about loss mitigation and modification requirements) told him his expenses were too high and that he’d be denied a modification because he didn’t show positive income. Either the person who gave that advice is blissfully stupid, or maliciously deceitful because that advice would cause my clients modification to be declined. You don’t show financial hardship by having more income each month than expenses. That’s the opposite of hardship, and ASC was sabotaging his efforts, hopefully not on purpose.

Luckily he found my company and he definitely qualifies for a hardship modification, and should see a significant payment/rate reduction. If he had continued trying to ‘work’ with ASC, he’d have found himself in foreclosure, which would have hurt all parties involved since he is so upside down in his home.

Be careful when dealing wth ASC.

. My client then had to ‘adjust’ his true expenses to show a positive cash flow.

]]> By: JDunham http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-12725 JDunham Mon, 09 Mar 2009 23:02:35 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-12725 Like all those above, I too, was run ragged by Wells Fargo. I bought my townhouse in Aug. of 06,and a year later, I lost my job and had to take one that paid $20k less. Shortly thereafter, I called Wells and tried to refinance. I "didn't make enough" to refinance to a lower rate, and was told I needed a co-signer!! I struggled along for 6-7 months, and had a child get desperately ill. I had to use monthly money to pay medical bills. Again, Wells was no HELP! I spoke to someone in loss mitigation, and each time it was someone different with different advice. I filled out all kinds of paperwork, wrote a hardship letter with documentation, and faxed it to thenumber given to me. I put my home up for sale, and for some reason, Wells NEVER RECEIVED my paperwork....so a short sale was never approved. They began foreclosure proceedings. I again sent all documentation, and sent it return receipt.....and here I am, a few months later filing Chapter 13 to protect myself. Wells said that they DID NOT RECEIVE my information!! Every time I called, it was yet another person, and at one point, an employee was yelling at ME telling me to "stop yelling at him." That was the kicker. I am filing bankruptcy....they can have my property and I will move on with my life. They are criminal. Like all those above, I too, was run ragged by Wells Fargo. I bought my townhouse in Aug. of 06,and a year later, I lost my job and had to take one that paid $20k less. Shortly thereafter, I called Wells and tried to refinance. I “didn’t make enough” to refinance to a lower rate, and was told I needed a co-signer!!

I struggled along for 6-7 months, and had a child get desperately ill. I had to use monthly money to pay medical bills. Again, Wells was no HELP! I spoke to someone in loss mitigation, and each time it was someone different with different advice. I filled out all kinds of paperwork, wrote a hardship letter with documentation, and faxed it to thenumber given to me.

I put my home up for sale, and for some reason, Wells NEVER RECEIVED my paperwork….so a short sale was never approved. They began foreclosure proceedings. I again sent all documentation, and sent it return receipt…..and here I am, a few months later filing Chapter 13 to protect myself.

Wells said that they DID NOT RECEIVE my information!! Every time I called, it was yet another person, and at one point, an employee was yelling at ME telling me to “stop yelling at him.” That was the kicker. I am filing bankruptcy….they can have my property and I will move on with my life. They are criminal.

]]> By: b4its2late http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11980 b4its2late Fri, 23 Jan 2009 11:38:23 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11980 Anyone who has already lost their home with Wells Fargo or, who are having issues and have had issues since day one making payments, needs to get their loan documents out and review each and every line to see just what the loan officer did that you were not aware of. If you think you have a subprime loan, either review your own documents or do an internet search and find an attorney involved in a lawsuit with Wells on behalf of another homeowner and email them your story. If he/she feel you may have a case they will review the records for you. That's what I did for my kid and we have found that the loan office, when putting the application in front of them on settlement day, failed to include almost $700 worth of month debt that they had at the time. I couldn't figure out how the hell they got the loan and now I know. That makes a 10% difference in the debt ratio. If you have a subprime loan, chances are, someone somewhere did something in order for you to get it that you are not aware of, especially if you're dealing with a real estate firm that owns a mortgage company. Long and Foster owns Prosperity Mortgage and Wells Fargo is listed as the parent company to Properperity Mortgage. It is a marriage made in heaven for everyone but the borrower. These types of associations are supposed to by law be divulged in writing with signatures. I hope my advice helps someone keep their home. It's too late for my kid but trust me when I tell you, someone will be held accountable for this either criminally or in circuit court. When they give you hundreds of papers to sign at settlement table and amongst them is the application with wrong information, what are the chances of you noticing that? Anyone who has already lost their home with Wells Fargo or, who are having issues and have had issues since day one making payments, needs to get their loan documents out and review each and every line to see just what the loan officer did that you were not aware of. If you think you have a subprime loan, either review your own documents or do an internet search and find an attorney involved in a lawsuit with Wells on behalf of another homeowner and email them your story. If he/she feel you may have a case they will review the records for you. That’s what I did for my kid and we have found that the loan office, when putting the application in front of them on settlement day, failed to include almost $700 worth of month debt that they had at the time. I couldn’t figure out how the hell they got the loan and now I know. That makes a 10% difference in the debt ratio. If you have a subprime loan, chances are, someone somewhere did something in order for you to get it that you are not aware of, especially if you’re dealing with a real estate firm that owns a mortgage company. Long and Foster owns Prosperity Mortgage and Wells Fargo is listed as the parent company to Properperity Mortgage. It is a marriage made in heaven for everyone but the borrower. These types of associations are supposed to by law be divulged in writing with signatures. I hope my advice helps someone keep their home. It’s too late for my kid but trust me when I tell you, someone will be held accountable for this either criminally or in circuit court. When they give you hundreds of papers to sign at settlement table and amongst them is the application with wrong information, what are the chances of you noticing that?

]]> By: kellylhansen http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11957 kellylhansen Tue, 16 Dec 2008 21:14:32 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11957 Wells Fargo Bank stole my home, over $100,000 in equity. They finally wrote letters to acknowledge the errors they made on my escrow account. They credited over $12,000 to my mortgage loan they'd added negligently. They removed their negative reports to the credit repositories. Then, as I enjoyed the 1st stress free week in over a year, they sold my home. I am now homeless in Overland Park, KS. Service to Steal. Watch out for Wells Fargo. Foreclosure is Wells Fargo Banks specialty. Kelly L. Hansen, Newly Homeless in Kansas ctsmyhon@yahoo.com 504-579-2340 913-273-1448 Fax Thanks Wells Fargo Bank for Stealing My Home. You need some warm blood pumped into your veins. Wells Fargo Bank stole my home, over $100,000 in equity.

They finally wrote letters to acknowledge the errors they made on my escrow account.
They credited over $12,000 to my mortgage loan they’d added negligently.
They removed their negative reports to the credit repositories.

Then, as I enjoyed the 1st stress free week in over a year, they sold my home.

I am now homeless in Overland Park, KS. Service to Steal. Watch out for Wells Fargo.

Foreclosure is Wells Fargo Banks specialty.

Kelly L. Hansen, Newly Homeless in Kansas
ctsmyhon@yahoo.com
504-579-2340
913-273-1448 Fax

Thanks Wells Fargo Bank for Stealing My Home. You need some warm blood pumped into your veins.

]]> By: bradw http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11799 bradw Fri, 19 Sep 2008 01:23:19 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-11799 I have found that contacting the Better Business Bureau and the Comptroller of the Currency for National Banks with complaints and disputes elicits and almost immediate response from Wells Fargo Home Mortgage. Please do just to keep them honest and help out others. I have found that contacting the Better Business Bureau and the Comptroller of the Currency for National Banks with complaints and disputes elicits and almost immediate response from Wells Fargo Home Mortgage. Please do just to keep them honest and help out others.

]]> By: carol s http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-6479 carol s Wed, 04 Jun 2008 04:32:23 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-6479 We are victims of Wells Fargo bait and switch mortgage. Adamant about having a fixed 30 year loan and being pre-approved for such, at the closing table, the documents revealed a 30 year loan with 1st 10 interest free. That means payments double in 10 years. It IS a subprime loan. Our FICO is rated A. Walking away was NOT an option as that week movers were showing up to pack us for the cross country trip. To not close meant losing the house, and the job/promotion we were moving across the country for. Now Wells Fargo won't let us refinance through them...they use Zillow online (don't have to tell y'all why that is wrong) for their appraisal, and our appraiser says the house is work 80k more than we owe. Wells Fargo insists it is worth 70k less than we owe. We are hoping a mortgage broker can help. There should be criminal repercussions for the bait and switch game. Wells Fargo insists it's the broker's fault, but they're the ones that did the change at the last minute ,when they knew we couldn't walk away. They had 2 months to let us know the terms were changed. We were told we qualified carrying 2 mortgages (our old house hadn't sold yet), just that our fixed interest rate would be lower if we sold the other house before closing. Nowhere at no time did they say they were going interest only until they snuck it into the paperwork. The truth in lending does not resemble what we were given at all. (umm....30 year fixed does not equal interest only in any definition). We are victims of Wells Fargo bait and switch mortgage. Adamant about having a fixed 30 year loan and being pre-approved for such, at the closing table, the documents revealed a 30 year loan with 1st 10 interest free. That means payments double in 10 years. It IS a subprime loan. Our FICO is rated A. Walking away was NOT an option as that week movers were showing up to pack us for the cross country trip. To not close meant losing the house, and the job/promotion we were moving across the country for.

Now Wells Fargo won’t let us refinance through them…they use Zillow online (don’t have to tell y’all why that is wrong) for their appraisal, and our appraiser says the house is work 80k more than we owe. Wells Fargo insists it is worth 70k less than we owe. We are hoping a mortgage broker can help. There should be criminal repercussions for the bait and switch game. Wells Fargo insists it’s the broker’s fault, but they’re the ones that did the change at the last minute ,when they knew we couldn’t walk away. They had 2 months to let us know the terms were changed. We were told we qualified carrying 2 mortgages (our old house hadn’t sold yet), just that our fixed interest rate would be lower if we sold the other house before closing. Nowhere at no time did they say they were going interest only until they snuck it into the paperwork. The truth in lending does not resemble what we were given at all. (umm….30 year fixed does not equal interest only in any definition).

]]> By: My home is not worth the stress anymore. I am getting a U-Haul and I am loading everything up. | Loan Modification & Home Loan News http://loanworkout.org/2007/09/wells-fargo-to-foreclose-on-5000-homeowners/#comment-6477 My home is not worth the stress anymore. I am getting a U-Haul and I am loading everything up. | Loan Modification & Home Loan News Sun, 01 Jun 2008 13:28:48 +0000 http://loanworkout.org/2007/09/30/wells-fargo-to-foreclose-on-5000-homeowners/#comment-6477 [...] Submitted by JB Lawerence - Soon to be an ex-homeowner  [...] [...] Submitted by JB Lawerence - Soon to be an ex-homeowner  [...]

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