Words submitted by a homeowner/reader:
But then again, all the other banks are in that similar situation.
My stomach turns everytime i here that these banks are requesting more stimulus money…where is the accountability of the first millions handed to them, big bonuses i guess, i definitely know it wasn’t used to help the homeowners, as to credit cards, those percentages banks are charging are up the Roof!!!
i called to get my credit card interest down from a 29% to an 18%, paid my credit card on time, never 1 day late, was proactive in addressing that now the payment is too High, well guess what? customer service froze my credit line and told me that they are not required to lower my interest rate, i explained to them that i can understand if the interest rate went up gradually, but from a $95 dollar payment amount up to $160 was something unexpected.
Long story short – this was my comment to them -
Who is the brains behind all this, is it financial business for dummies? banks rather see you go into to bankruptcy then to adjust your rate, then blame you for your credit score, same applies to loan modification, banks or investors are willing to foreclose your home loss $100,000 of thousands of dollars and turnaround and sell it for half the price, then request more bailout money because of bad loans as they call it.
We are in a no win with banks, they tell you that in order for you to qualify for a modification you need to meet several criterias, which is..get your front-end which is your net earnings divided by your current mortgage payment and see at what percentage of high risk your in, then they will take your back-end which is all your revolving debt [credit card, car payment, etc] with that total also divide by your net earnings and obtain a percentage of that.
Well if we do the math which i did, my debt to ratio was under 40%, and under FHA this is not a high risk borrower, but either way i was rejected by American Servicing which is also afiliated with Wells Fargo.
Well this doesn’t stop here, not only was i rejected, a week later i got a letter in the mail letting me know that they were putting my house for short sale, i never requested a short sale, another thing to add…wells fargo had inspectors come to my home and take pictures of the condition of the property without my knowledge, o’k i said, because i acknowledge i owe the bank and they are entitled too, but it doesn’t stop there, i am being charged additional fees to pay for this inspector, the bank has been charging me.
There is no compassion, we are at an economical crisis, and unfortunately banks are taking advantage and hiking up interest rates, fees, and anything else they can think of to obtain money, this is very sad, this to me is WHITE COLLAR THIEVES!!!! AND NO ONE SEEMS TO TAKE THEM DOWN.
{ 6 comments… read them below or add one }
You are not alone with your issues with AHM Servicing and Wells Fargo.
Wells Fargo is master servicer of a lot of AHM loans and have the ultimate decision on a loan mod.
I tried for 8 months to get a loan mod thru them with my loan with AHM that is in a Wells Fargo trust.
There are people doing something about this – google – you may be pleasantly surprised to find law suits on their way down the pike.
My Mortgage is with Wells Fargo. I want to apply for a loan modification to reduce my rate and principal. Should I waste my time?
Peggy, it is never a waste of time, but you will need to do your homework, ask their criterias as i mentioned this is a double standard, they will mail you letters as to how they are actively involved in helping homeowners retain their homes, but when you speak to their loss mitigation office or customer service is a totally different ball game. They told me that an order to qualify i needed the following:
1. My debt-to-ratio had to be no higher than a 40% – I meet
2. I needed to have an income – I meet
3. Prepare a hardship letter – I did
4. Prepare a financial Budget – I did
5. Consult an approved HUD Financial counseling service – I did
Last Wednesday, I received a letter stating that my home was in a foreclosure status, that i needed to contact the paralegal handling my case, the offices of David Stern. I have left 5 messages to the paralegal, not once a call back, then what are my options i say? the letter states i need to contact my paralegal assigned to the case, always a voice mail never anyone LIVE, again i say… WHITE COLLAR CRIME AT IT’S BEST.
GOOD LUCK PEGGY AND FIGHT TILL THE END.
Living the wells fargo nightmare. Completed the trial mod and still nothing. They are blood sucking leeches. Parasites who feed on the very people that sustain them.
Have been trying to work with them for a year. Still nothing. This is ridiculous behavior. They are forcing common americans under economic slavery.
Wells Fargo refused to do anything to help me for over 10 months. Every time I called I got a different story. Wells Fargo finally sent me a loan modification approval letter and documents for my “New Loan”. I signed, paid fee and notarized. Paid on new loan for 4 months. Then after calling one day to verify that they had recieved my payment (as I did every single month), I was told that my “Loan Modification” had been cancelled months before. Now they show me 5 months late and are demanding all past due monies. Or they will foreclose. Right back to square one. HELP !!!!!
JC, have they BEEN taking those payments for all these months?
I hope you KEPT your copy of that final agreement they sent you. It is quite illegal, by the way for them to have CHARGED you ANY fees, if this was a HAMP modification.
You definitely need to get in touch with the Attorney General in your state, and find FREE legal help for people facing foreclosures in your state.