Wells Fargo mortgage modification delay tactics is a shell game

Issue not resolved
Feb 09, 2010
review #170681

Wells Fargo Mortgage is a joke when it comes to Obama's mortgage modification program.Why doesn't our wonderful government crack down on their delay tactics.

They are playing a shell game. We get calls saying they have everything and we will be hearing something soon, then a week later we get a letter saying we are rejected because they don't have everything. I call them, they say we have been reinstated but need more info, over and over. It is like the movie Groundhog Day.

They are stalling with every transparent, flimsy excuse they can think of. You never get to speak with the same agent twice- they should have one person handling a particular persons account.

Instead you call and get Joe Blow from Iowa one call and Jane Doe from Texas the next.I am going to contact the Federal Trade Commission and my state's attorney general- I think everyone should do the same!

be08a13
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Alan

Oct 28, 2012

You may not want to hear this, but your perception of what a rebsonaale rate is and what your lender thinks is a rebsonaale rate are completely different. While you are looking at your rate for your 20% loan and comparing it to your first, your lender is pricing your second mortgage to adjust for the increased risk of lending out 100% of the value of your home. If you are looking to replace your current second mortgage, understand that there are no real deals out there for stand-alone second mortgages and there are not very many lenders (especially now) that offer stand-alones. Your best bet would be to look at a HELOC (Home Equity Line of Credit) to pay off your second mortgage which would be priced at the Prime Rate plus or minus up to one percent and would have minimal or no closing costs. If it makes you feel better though, you are still not in a bad loan structure considering the blended rate that you currently have of 6.05% (5.25*.8 + 9.25*.2) which is not currently available for 80% financing let alone 100%. Also you should be looking at a worst case blended rate of around 6.65% based off of what I am assuming is a 6% lifetime cap on your second mortgage adjustments.

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blame it on the president moro

Oct 03, 2012

The President has nothing to do with a home that you inherited . Instead of being on pissed consumer you should be finding ways that you can keep the house ./ First step you need to assume the loan . You will be responsible for being the account current . And once you assume the loan they will be able to assist you with receiving a modification , since the other party is deceased .

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whohasthe answer

Oct 03, 2012

i am in california, i just inherited the house i grewup in. i cant afford it. for the last 12 months i have been trying to contact WF. Delay tactics?...I get calls from WF and no one talks on the other side. Everyday, i get a call from WF. My atty says they are building a case, they now have phone records saying they called me daily. They tell me to fax my 86 page trust, so they can talk to me about the mortgage. I have sent it to atleast 20 different pohone numbers. I finally bought my own fax machine. They still say they cannot talk to me. Bankruptcy is the only answer to stop the foreclosure. OBAMA says he was going to help us. If the banks get thier money even if we don't get help, WE WON'T GET HELP. WHO HAS THE ANSWER? I have to pay a mortgage that i can't afford, just to keep the house that was GIVEN to me. I am trying to get the UMA and HAMP, but it seems as though all the KEEPYOURHOME>COM company's have thier hand out. Does anybody have a company or entity name that actually does what the president wants them to? PLEASE somebody HELP US KEEP OUR HOMES!!! :x :upset

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laura cachu

May 09, 2011

THIS LETTER IS IN REGUARDS TO ONE OF THE LARGEST, TOP RATED, HOME MORTGAGE LENDERS,
WELLS FARGO, AND THEIR DECEITFUL, FALSE REPRESENTATION IN DEALING WITH HOME
LOAN MODIFICATIONS/ REDUCTIONS.
PRESIDENT OBAMA PUT TOGETHER A $75B MORTGAGE RELIEF PROGRAM, WHICH PROVIDES
INCENTIVES(MONEY) TO LENDERS THAT HELP QUALIFIYING HOME OWNERS
ON THE *** OF FORCLOSURE , THE GOAL WAS TO LOWER MONTHLY MORTGAGE PAYMENTS
TO SUSTANIABLE LEVELS, BUT THE OUTCOME HAS BEEN THAT QUALIFYING HOMEOWNERS HAVE
BEEN SCAMED AND THROWN INTO FORCLOSURE MORE THAN BEFORE.
THE FACT IS THAT INCOMPETANT LENDERS ARE RECEIEVEING MONEIES BEFORE THE
COMPLETION OF THIS LOAN MODICFICATION / REDUCTION PROCESS. HOMEOWNERS ARE BEING
TOLD IN GOOD FAITH "THEY QUALIFIY " AND WHILE IN THE PROCESS OF COMPLETION ,
THEY ARE FORCLOSED ON ,
I KNOW THIS FIRST HAND, I TOO WAS FORCLOSED ON WITHOUT ANY EXPLANATION.
ON 07-2010 WELLS FARGO TOLD ME , I QUALIFIED FOR A LOAN REDUCTION/MODIFICATION
BUT I NEEDED TO PAY 2300.00 FOR APPROVAL. I WIRED THEM 2300.00 THAT DAY.
08-2010 WELLS FARGO PHONED ME WITH SOME QUESTIONS , THEY TOLD ME EVERYTHING
WAS COMPLETE AND APPROVED . I TOLD THEM THAT I WOULD LIKE TO HAVE MY
MONTHLY MORTGAGE PAYMENT DEDUCTED OUT OF BANK ACCOUNT, THEY WILL MAIL ME THE
FORM.
11-2010 RECEIVED THE FORM FOR DEBITING BANK
... Show more

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MPLGH

Oct 10, 2010

Exercise your first amendment...it is all about the numbers. The longer we are on hold the more money all these banks are making and still have our tax dollars. I am paying 7% for 15 year. The national average is 4.2. SPEAK-UP to ALL THE RIGHT PEOPLE.
*Your Attorney
*Congressperson and Senator
*President Barack Obama
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
*Mr. Timothy Geithner, Secretary of the Treasure
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
*Mr. John Stumpf, Chairman, President and Chief Executive Officer
Wells Fargo
420 Montgomery Street
San Francisco, CA 94104
Ms. Patricia R. Callahan, EVP Office of Transitions - Wells Fargo
Cynthia H. Milligan, Board of Director (Chair), Credit Com. Wells Fargo & Company
Mark C. Oman, SEVP, Home and Consumer Finance - Wells Fargo
Plus ABC, CBS, NBC, CNN, NEW York Times. They were all CC'ed on my letter

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Stephawf

Jul 30, 2010

I agree 100% with everyone about this issue except for the comment about, "you shouldnt have signed a mortgage you couldn't afford"...I signed a agreement to a loan that has gone up every year for the past 11yrs. Taxes go up, mortgage payments go up. I have since divorced and have had to take on the resposibility of a single mom. I also lost my job of 15yrs due to no fault of my own(film industry no longer useful). I got myself in a bind and was about 1 & 1/2 month behind(approximately 1,000 behind)...I received a letter from Wells Fargo Mortgage,( formerly known as Wachovia Mortgage, formely known as Southtrust Mortgage) stating that they are concerned about my finances and that they can help me with a loan modification. Finally, I thought, someone is there to help ME. I was so so wrong. In June 2009 i began sending paperwork that was requested. It was being requested so often, that I took it upon myself to send the same material every 30 days. In November 2009, I receive a call stating that I was approved for a 3 month trial period for the modification. I was told the interest rate reduction, how long it would be, I signed paperwork stating these reductions, under the impression that this was my new payment. So, 11/2009, 12/2009 & 1/2010 was my trial period, and I made the payments like I was told. Feb 2010, I called to make a monthly payment and was told my payment was the reduced payment, this went on until July. In July,I received a letter from Wells Fargo... Show more

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hatewellsfargo

Jun 23, 2010

I have been waiting for Wells Fargo to distrubute my funds from an insurance claim. In July of 2009 our property recieved damage from a hail storm. The property has been completely restored, but cannot get Wells Fargo to distribute the funds. Every time I speak with an employee they say we have everything we will issue a check in the next 48 hours. Then 24 hours later I recieve a call that says, "please call us." Everytime I call I am then informed that they are missing a "crucial form". After screaming at the employee and stating the form was not only received by WF, but that payment has already been issued, they state, "oh, I found the form, I will submit a request for your full payment within 48 hours". Then the next day the same routine. Anyone else having trouble getting their money?

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moebot

Apr 29, 2010

Wells Fargo is Trying to keep everyone on the Trial payment plan as long as they can so no body forecloses and they collect money at the same time!

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Joe

Apr 23, 2010

Boo hoo. Why did you people take out a mortgage you couldn't afford. Blame yourself for the mess you are in.

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Anonymous

Oct 24, 2013

Well, don't you just have all the answers? Many home owners COULD afford their homes at the time of purchase. However, many home owners lost their jobs, or experienced reduced income because of the recession. If you've never dealt with reduced finances, consider yourself one of the lucky few. Meanwhile,you might try a little thing called,"compassion", instead of a rush to judgement.

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rh

Mar 07, 2010

I am experiencing the same delay tactics from Wells Fargo. Curious if you could post the letter(s) you sent to the FTC, attorney general, and congressperson?

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Rita

Feb 17, 2010

I have been *** around by Wells fargo since july 2009 they keep telling me we are working on it and in the mean time I keep getting phone calls from foreclosure lawyers and letters in the mail I have sent them the same paperwork every month for almost a year now I have 2 children and a 73 year old mother that I have to take care of my 2 year old can't use her Right arm and needs theropy twice a week and I can't provide it for her becuse I'm trying to keep a roof over her head and Wellsfaro and walk-all-over-u (wacovia)have been jurking me around for so long I wish they had never bought out my loan.

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madashellatwells

Feb 13, 2010

Dont give up. Ive been going through the same thing with Wells since Apr 09. (See my post. I sent that same letter to the CA AG, Fannie Mae, and my congressman)Last week, I got a call from Fannie Mae about that letter asking if they could talk to me about Wells. Then yesterday, I got a call from my congressmans office asking if I would sign a privacy release so they could start action against Wells. There you have it. At leaset SOMETHING is happening now. Keep at it. Dont give up.

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nrsrchd

Feb 12, 2010

Bev, now why not take them to task and see if they have defrauded you. They do not want to help and only want to remove you so they can collect the default insurance and do it all over again to someone else. Please read previous post and check out the site mentioned. You might find they owe you because when banks break the law they owe you money.

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bev

Feb 11, 2010

I asked for help, they gave me a modification. Now I owe an extra $1100.00 each month on my mortgage which I only found out after the 6 months of modification was over. So instead of helping me, they put me further into debt. So, now they will refinance me and add the extra money onto my loan..they just keep piling on the expense. I feel that they are after all our homes...an Obama's new law is a tool for them to use.

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nrsrchd

Feb 10, 2010

The obama plan has language in it that prevents a person from suing later if you find fraud in the paperwork. The only way WE the people will make the mortgage companies accountable is with the law. See the AG can only deal with the attorneys of that state and have no prosecutoral power. The power we have in numbers is to individually take the mortgage companies to task by auditing our mortgages. That is where the crimes can be found and from there complaints filed in court showing the court the violations of Federal, State and city code. endlessfrauddetection.com can provide just that. Once the audit is done, paper work will be created asking for more information or a letter demanding the return of ALL money paid in as the note has now been found to be void from the beginning. Then the complaint is created which when filed in court usually makes them start calling asking how much to make you go away. Then remind them your prayer for relief is in the complaint filed in court. When you have gone through the website and learn just what remedy you have contact steve@endlessfraudetection.com to start taking matters into your own hands as no one care more for you situation than you and only you know your situation best. Now lets take this country back one home at a time.

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