Wells Fargo/American Servicing – They are a joke!!

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.

Tagged as: american servicing company, asc loan modification, Wells Fargo, wells fargo loan modification