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“I just want to let the my readers and the world know that Wells Fargo, Wachovia (who they now own) and their mortgage servicing arm that they “try” and hide behind, American Servicing Company (ASC) is one the absolute worst and predatory mortgage servicers that I and thousands of homeowners have ever experienced. I feel it is to the point where their operations are on the verge of criminal.
Yes, they are that bad.”
They screwed you coming and they will screw you going. First they charged you a bunch of BS fees when you got your home loan and then quickly sold you on Wall Street. Now that you need help, well, that will cost you too. Hell, nothing is foreclosure free. Especially when you are trying to save your home!
Here is a real world example from an actual Wells Fargo representative of actual loan modification fees being charged by Wells Fargo to a homeowner that is down and out.
Thank you for your patience. To follow is the breakdown of your contribution amount $1585.10:
10/22/08
Preliminary Title report – $125.00
Recording fee - $200.00
Funds in Suspense -($122.16)
04/30/08
Title policy - $266.00
(foreclosure process)
Statutory reg mail - $ 31.26
Attorney fee - $775.00
(set sale date 4/10/08)
*allowable by VA*
WFHM acquired loan 12/1/06 from Washington Mutual: Below costs assessed prior to WFHM servicing the loan.
1/12/06
(foreclosure process)
Title cost - $185.00
9/21/05
(modification process)
Title cost - $125.00
Total payment $1585.10
Any questions feel free to contact me. Again, sorry for the delayed response!
Welcome to the mortgage servicing business where millions of homeowners need help and they are paying dearly for it. Some may pay $2,000 in “loan modification help” fees a pop. Now multiply that by gazillions of loans that need a loan modification and you have a very lucrative gazillion dollar business that will last you into 2010.
If this business wasn’t so damn profitable, John Stumpf and Wells would have never bought Wachovia along with their hideously toxic and decaying mortgage servicing portfolio. In other words, if gouging homeowners in foreclosure wasn’t a great way to make money, Wells would have never bought a company like Wachovia, right?
I am sure anyone out there in the loan workout business will testify to the fact that the day Wells took over Wachovia, loan modifications became almost non-existent. There were quite a few times they even claimed to have stopped performing them intermittently over the last 6 months.
I think investors and maybe our State Attorney Generals should take a look at this. These are all facts that I and I am sure thousands of housing counselors and loan modification companies can verify.
